Investment Rating - The report initiates coverage with a "Buy" rating for the company [7] Core Views - The company is a leading integrated online and offline real estate transaction service platform, with a strong foundation in real estate brokerage and a strategic focus on three wings of growth [6][11] - The company is expected to achieve a total transaction volume of CNY 3.3 trillion in 2024, with net revenue reaching CNY 934.6 billion, marking a historical high [6][20] - The company emphasizes shareholder returns, with a significant cash reserve and a share buyback plan in place [27] Summary by Sections 1. Leading Integrated Real Estate Transaction and Service Platform - The company began operations in 2001 and has expanded its services to include second-hand and new home transactions, home decoration, and rental services [11] - The total transaction volume is projected to reach CNY 3.3 trillion in 2024, reflecting a year-on-year growth of 6.6% [20] 2. Real Estate Brokerage: Strong Leadership and Operational Advantages - The company holds a dominant position in the real estate brokerage industry, with a total transaction volume of CNY 3.3 trillion in 2024, significantly ahead of competitors [48] - The company has established a unique competitive advantage through its "True Source" standard and ACN network, addressing industry pain points [51] 3. Three Wings Business: Home Decoration and Rental Services - The home decoration segment is rapidly growing, with a projected transaction volume of CNY 169 billion in 2024, reflecting a CAGR of 329.7% from 2021 to 2024 [6] - The rental service has expanded significantly, with managed properties increasing from 70,000 in 2022 to 420,000 in 2024 [6] 4. Profit Forecast and Investment Recommendations - The company forecasts EPS of CNY 1.58, CNY 1.83, and CNY 2.11 for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 28.7, 24.8, and 21.5 [7] - The report highlights the company's commitment to shareholder returns, with a cash dividend of USD 600 million in 2023 and USD 400 million in 2024 [27]
贝壳-W（02423）：经纪为核根基深厚，三翼齐飞行以致远