Investment Rating - The report maintains a "Recommended" investment rating for the company [1][4]. Core Views - The company achieved a stable revenue growth with a 24.1% year-on-year increase in revenue for the first half of 2025, totaling 49.34 billion yuan, while net profit decreased by 7.3% to 2.16 billion yuan [4][7]. - The total transaction volume reached 1.7224 trillion yuan, reflecting a 17.3% year-on-year growth [4]. - The company has expanded its share buyback program, increasing the authorization from 3 billion USD to 5 billion USD, demonstrating confidence in its future development [7][8]. Financial Performance Summary - For the first half of 2025, the company's gross margin was 21.3%, down 5.4 percentage points year-on-year, but improved by 1.2 percentage points quarter-on-quarter in Q2 [7]. - The operating expense ratio decreased to 18% in H1 2025, down 3.7 percentage points year-on-year [7]. - The company reported a net income of 2.16 billion yuan for H1 2025, with an adjusted net profit of 3.21 billion yuan, both showing a decline compared to the previous year [4][7]. Revenue and Profit Forecast - The projected revenue for 2025 is 100.934 billion yuan, with a year-on-year growth rate of 8.0% [6][11]. - The net profit forecast for 2025 has been adjusted down to 4.962 billion yuan, reflecting a 22.1% increase from the previous year [6][11]. - The company is expected to maintain a stable growth trajectory with a projected net profit of 6.417 billion yuan by 2027 [6][11]. Business Segments Performance - The real estate brokerage segment showed a total transaction volume of 1.1638 trillion yuan in H1 2025, a 13.7% increase year-on-year, with net income of 13.59 billion yuan, up 4% [7][8]. - The home decoration and rental services segments have also shown significant growth, with rental service revenue increasing by 85.2% year-on-year [8][9]. Shareholder Returns - The company has committed to returning value to shareholders through an expanded share buyback program, which is expected to enhance shareholder confidence and support stock performance [7][8].
贝壳-W（02423）：收入规模平稳增长，回购扩大彰显信心