Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][70]. Core Insights - In Q1 2025, the company's revenue grew by 42% year-on-year, driven by a recovery in new home transactions and the development of rental services [8][70]. - The company's GTV (Gross Transaction Value) reached 843.7 billion yuan, up 34% year-on-year, with operating income of 23.3 billion yuan [8][70]. - The adjusted net profit for Q1 2025 was 1.39 billion yuan, flat year-on-year, with a net profit margin of 6.0%, down 2.5 percentage points [13][70]. - The company effectively controlled operating costs, with significant reductions in sales, management, and R&D expense ratios [13][70]. Summary by Sections Revenue and Profitability - Q1 2025 revenue was 23.3 billion yuan, a 42% increase year-on-year, with new home business revenue accounting for 35% of total revenue, up 5 percentage points [8][70]. - The adjusted net profit margin decreased to 6.0%, with a gross margin of 20.7%, down 4.5 percentage points [13][70]. Business Segments - The existing home business saw a transaction total of 580.3 billion yuan, a 28% increase year-on-year, but the contribution margin fell to 38.1%, down 6.4 percentage points [22][70]. - The new home business outperformed the market with a transaction total of 232.2 billion yuan, up 53% year-on-year, and a market share increase of 4.5 percentage points to 12.6% [38][70]. - The rental services segment reported a revenue of 5.1 billion yuan, a 94% increase year-on-year, although with a lower contribution margin of 6.7% [48][70]. Financial Forecasts - The company expects adjusted net profits of 8.2 billion yuan and 8.9 billion yuan for 2025 and 2026, respectively, with corresponding earnings per share of 2.28 yuan and 2.46 yuan [70][73]. - The projected PE ratios for 2025 and 2026 are 19.4 and 18.0, respectively [70][73].
贝壳-W(02423):一季度营收同比增长42%,经调整净利润同比持平