BEKE(US:BEKE) 阿尔法工场研究院·2025-08-29 00:14Core Viewpoint - The article emphasizes that long-term investment opportunities lie in undervalued companies with potential for growth, particularly in the real estate sector, which is undergoing structural changes and opportunities despite recent downturns [2][11]. Group 1: Structural Opportunities in Real Estate - The real estate industry still presents structural opportunities driven by population migration and capital flow, which maintain market confidence [3][4]. - The demand for "smart money" and genuine housing needs is crucial in identifying investment opportunities in the current market [3][4]. Group 2: Beike's Position in the Market - Beike is highlighted as a unique player in the real estate sector, achieving a total transaction volume (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, and a net income of 26 billion yuan, up 11.3% [4]. - The company has successfully adopted a light asset strategy, leveraging data-driven operations and network effects to enhance its business model [5][14]. Group 3: Investment Cycle and Business Resilience - The article discusses the cyclical nature of the economy, where long-term trends can lead to downturns that require a shift from growth-focused strategies to value-based investments [10][13]. - Companies that can adapt quickly and maintain strong cash flow will be better positioned to navigate these cycles [11][25]. Group 4: Growth Potential in Home Decoration and Rental Markets - Beike's home decoration business has seen significant growth, with net income reaching 4.6 billion yuan in Q2, a 13% increase, and a profit margin of 32.1% [17]. - The rental market is also expanding, with Beike focusing on service quality rather than price competition, resulting in a 78% year-on-year increase in rental income to 5.7 billion yuan [18][20]. Group 5: Long-term Viability and Market Validation - The growth potential of Beike as a technology-driven residential service company has been validated by market performance, similar to successful companies like CoStar in the U.S. [21][24]. - Beike's ability to create a sustainable business model through digital transformation positions it as a key player in the evolving residential service market [26][30].