Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% within the next 6-12 months [1][6]. Core Views - The company's Q1 2024 performance showed a decline in both revenue and profit, with revenue at 16.4 billion yuan, down 19.2% year-on-year, and adjusted net profit at 1.39 billion yuan, down 60.9% year-on-year [1]. - The decrease in revenue is attributed to reduced income from existing and new housing businesses, although growth in home decoration and rental services helped mitigate the overall revenue decline [1]. - The company's gross margin fell by 6.1 percentage points to 25.2%, with gross profit decreasing by 35.1% to 4.1 billion yuan [1]. - The "One Body, Three Wings" strategy is being effectively implemented, with significant growth in home decoration and rental services, which now account for 35.0% of total revenue, up 21.7 percentage points year-on-year [1]. - Despite a challenging market environment, the company expects Non-GAAP net profits to grow from 10.79 billion yuan in 2024 to 11.62 billion yuan in 2026, with respective growth rates of 10.2%, 1.6%, and 6.0% [1]. Summary by Sections Performance Analysis - Q1 2024 revenue was 16.4 billion yuan, down 19.2% year-on-year; adjusted net profit was 1.39 billion yuan, down 60.9% year-on-year; net profit attributable to shareholders was 430 million yuan, down 84.3% year-on-year [1]. - The decline in revenue was primarily due to decreased income from existing and new housing businesses, while home decoration and rental services saw revenue growth [1]. Business Strategy - The company is focusing on its "One Body, Three Wings" strategy, which has led to rapid growth in home decoration and rental services, contributing significantly to overall revenue [1]. - Home decoration GTV reached 3.4 billion yuan, up 26.1% year-on-year, and rental income surged to 2.63 billion yuan, up 189.3% year-on-year [1]. Financial Forecast - The company maintains its profit forecast, expecting Non-GAAP net profits of 10.79 billion yuan in 2024, 10.96 billion yuan in 2025, and 11.62 billion yuan in 2026, with respective growth rates of 10.2%, 1.6%, and 6.0% [1]. - The stock's closing price corresponds to a PE ratio of 15.6x for 2024, 15.4x for 2025, and 14.5x for 2026 [1].
贝壳-W：一体业务承压，三翼业务快速成长