Investment Rating - The report gives a "Buy" rating for Beike-W (2423.HK) [5] Core Views - Beike is a leading real estate transaction and service platform in China, having transitioned from a traditional real estate agency to a digital service platform [10][12] - The company has achieved profitability in 2023, with revenue growth from 46 billion RMB in 2019 to 77.8 billion RMB in 2023, reflecting a CAGR of approximately 14% [22][24] - Beike's platform has significant advantages, with over 48,000 stores and 476,000 agents, primarily serving high-tier cities [2][3] Summary by Sections Company Overview - Beike originated from the establishment of Lianjia in 2001 and officially launched Beike Zhaofang in 2018, becoming the first stock of residential services in China listed on the NYSE in 2020 and later on the Hong Kong Stock Exchange in 2022 [10] - The company has implemented a "one body, three wings" strategy to enhance its service offerings [10][12] Financial Analysis - Revenue has stabilized and increased, with a net profit of 5.9 billion RMB in 2023 and a Non-GAAP net profit of 9.8 billion RMB [22] - The company expects adjusted net profits of 8.7 billion RMB in 2024, 9.8 billion RMB in 2025, and 11.7 billion RMB in 2026, with corresponding P/E ratios of 17, 15, and 13 [4][3] Business Segments - The existing home business contributes significantly to revenue, with a gross profit margin of around 40%, while the new home business contributes about 25% [2] - The home decoration and rental services are rapidly growing, with the rental service contributing 15.6% of revenue as of Q3 2024 [24][30] Market Position - Beike holds a leading market share in the fragmented real estate brokerage industry, with a 9.7% market share based on transaction volume [54] - The platform's monthly active users reached 46.2 million, with a strong focus on high-tier city clients [3][55] Strategic Initiatives - The company is expanding its home decoration business and leveraging its platform to enhance service offerings, aiming for nationwide scalability [2][3] - Beike's cash position is robust, with a total of 81 billion RMB in cash and equivalents as of September 2024, allowing for effective shareholder returns through buybacks [38]
掘金优质中概系列：贝壳-W首次覆盖报告：最强中介的突围与回归