Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company's brokerage business revenue has shown impressive growth, and profit margins across various segments are steadily recovering [7] - The company has a strong market position in the brokerage sector, with significant increases in transaction volumes and active agents [7] - The company is expected to benefit from its diversified business model, including home decoration and rental services, which are projected to contribute to future growth [7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 77,777 million - 2024: 93,457 million - 2025E: 110,740 million - 2026E: 122,649 million - 2027E: 135,786 million - Year-on-year growth rates for revenue are projected at: - 2023: 28% - 2024: 20% - 2025E: 18% - 2026E: 11% - 2027E: 11% [3][8] - Net profit attributable to the parent company is forecasted as follows: - 2023: 5,883 million - 2024: 4,065 million - 2025E: 6,201 million - 2026E: 7,544 million - 2027E: 9,121 million - Year-on-year growth rates for net profit are projected at: - 2023: -524% - 2024: -31% - 2025E: 53% - 2026E: 22% - 2027E: 21% [3][8] - Earnings per share (EPS) estimates are: - 2023: 1.63 - 2024: 1.15 - 2025E: 1.77 - 2026E: 2.15 - 2027E: 2.60 [3][8] Business Performance - In Q1 2025, the company reported a total transaction value (GTV) of 843.7 billion, a year-on-year increase of 34.0% [7] - The breakdown of Q1 2025 transaction values includes: - Existing home transactions: 580.3 billion (up 28.1%) - New home transactions: 232.2 billion (up 53.0%) [7] - The company achieved a net income of 23.33 billion in Q1 2025, reflecting a year-on-year increase of 42.4% [7] - The number of active stores and agents has increased significantly, with 55,210 active stores (up 29.6%) and 491,000 active agents (up 23.0%) as of Q1 2025 [7]
贝壳-W（02423）：经纪业务收入增长靓眼，多元赛道利润率稳步修复