Investment Rating - The investment rating for the company is "Outperform the Market" [4][12] Core Insights - The company's revenue decreased by 19% year-on-year, with adjusted net profit margin remaining stable quarter-on-quarter. In Q1 2024, the company achieved a total GTV of 629.9 billion yuan, down 35% year-on-year, and operating revenue of 16.4 billion yuan, down 19% year-on-year. The revenue performance was significantly better than GTV, mainly due to the increase in the contribution of the "two wings" business to 35%, with home decoration and emerging businesses, including housing rental services, continuing to grow rapidly [1][5][10] - The main business segment is currently affected by industry downturns. In Q1 2024, the GTV for existing housing business was 453.2 billion yuan, down 32% year-on-year, and revenue was 5.7 billion yuan, down 38% year-on-year. The monetization rate for existing housing business dropped to 1.26% due to aggressive store expansion and the decline in the proportion of transactions from the Lianjia system [7][10] - New business segments are maintaining high growth rates. In Q1 2024, the home decoration and furniture business generated revenue of 2.4 billion yuan, up 71% year-on-year, with a monetization rate of 71% and a contribution margin of 31%. The newly disclosed housing rental service generated revenue of 2.6 billion yuan, up 189% year-on-year, with a contribution margin of 5.5% [10][11] Financial Performance Summary - The company expects adjusted net profits of 9.8 billion yuan for 2024 and 9.9 billion yuan for 2025, with earnings per share of 2.67 yuan and 2.69 yuan respectively. The corresponding PE ratios are 14.5 and 14.4 times [2][12] - The company maintained a strong position in the real estate agency industry, with a rebound in the number of agents. As of Q1 2024, the number of stores reached 44,000, up 7% year-on-year, and the number of agents was 443,000, up 2% year-on-year [11][12]
贝壳-W：新赛道业务成长平滑主航道收入波动，利润率环比持平