Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that intensive real estate policies are stabilizing the main business, while new business expansions are expected to drive secondary growth [6] - The company is experiencing pressure on property transaction growth, leading to a downward revision of non-GAAP net profit forecasts for 2024-2026 to 7.92 billion, 9.92 billion, and 11.27 billion CNY respectively, with corresponding year-on-year growth rates of -19.3%, +25.3%, and +13.7% [6] - The current stock price of 43.9 HKD corresponds to a price-to-earnings ratio of 18.1, 14.5, and 12.7 for 2024-2026 [6] Summary by Sections Financial Performance - In Q1 2024, the company reported revenue of 16.4 billion CNY, slightly above Bloomberg's consensus estimate of 16.3 billion CNY, driven by better-than-expected performance in the existing housing transaction segment [7] - Non-GAAP net profit for Q1 2024 was 1.39 billion CNY, exceeding expectations of 1.03 billion CNY, primarily due to better cost management [7] - The existing housing GTV (Gross Transaction Value) declined by 35.8% year-on-year, while revenue fell by 37.6% [7] Business Segments - The home decoration and furnishing segment saw revenue growth of 71% year-on-year, reaching 2.4 billion CNY, with 43% of the contracts in 2023 coming from this segment [7] - The rental business generated 2.6 billion CNY in revenue, marking a 189% increase year-on-year, with managed rental units exceeding 240,000 [7] Market Outlook - The company is actively expanding its store network and franchise brands to enhance market share, with a focus on improving service quality in the home decoration and rental businesses [8] - The report anticipates that the second-hand housing market transaction volume will stabilize in the short term, with a 14% year-on-year increase in transaction units in April 2024 [8] - The new business segments are expected to continue their rapid expansion, contributing to overall growth [8]
贝壳-W：港股公司信息更新报告：政策密集有助主业企稳，新业务扩张驱动二次增长