利润增速

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贝壳-W:业绩保持平稳,扩店增员助力交易规模高增——2025年一季度业绩点评-20250516
China Securities· 2025-05-16 10:20
Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - In Q1 2025, the company achieved revenue of 23.33 billion yuan, a year-on-year increase of 42.4%, while the Non-GAAP net profit attributable to shareholders was 1.39 billion yuan, remaining stable year-on-year [2][3][14]. - The growth in revenue was primarily driven by new housing and rental businesses, while the profit growth was limited due to a decrease in the proportion of higher-margin existing housing business, leading to a decline in overall gross margin by 4.5 percentage points compared to the same period last year [3][4][11]. - The company continues to expand its store and agent numbers, with over 57,000 stores and nearly 550,000 agents on the platform by the end of Q1, contributing to a significant increase in Gross Transaction Value (GTV) [4][11]. Summary by Sections Financial Performance - Q1 2025 revenue reached 23.33 billion yuan, up 42.4% year-on-year, with existing housing, new housing, home decoration, and rental businesses generating revenues of 6.9 billion, 8.1 billion, 2.9 billion, and 5.1 billion yuan respectively, reflecting year-on-year growth rates of +20.0%, +64.2%, +22.3%, and +93.8% [3][14]. - The company's overall gross margin was 20.7%, down 4.5 percentage points from the previous year, primarily due to a decrease in the contribution of existing housing business to total revenue [3][17]. Business Expansion - As of the end of Q1, the company had approximately 57,000 stores, a year-on-year increase of 28.6%, and nearly 550,000 agents, up 24.3% year-on-year [4][11]. - The total GTV for Q1 was 843.7 billion yuan, representing a year-on-year increase of 34.0%, with existing housing GTV at 580.3 billion yuan (up 28.1%) and new housing GTV at 232.2 billion yuan (up 53.0%) [4][11]. Shareholder Returns - The company has a strong cash reserve of 12.77 billion yuan, an increase of 11.6% from the end of 2024, and repurchased shares worth 140 million USD in Q1, accounting for 0.6% of the total share capital at the end of 2024 [11].
邮储银行(601658):负债成本优化,拟降代理费率
HTSC· 2025-03-28 06:52
证券研究报告 邮储银行 (1658 HK/601658 CH) 负债成本优化,拟降代理费率 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 28 日│中国内地/中国香港 | 国有大型银行 | 2024 年归母净利润、营业收入、PPOP 分别同比+0.24%、+1.83%、+3.71%, 增速较前三季度+0.03pct、+1.74pct、+5.59pct。24 年净利润增速低于我们 的预期 1.75%,主因加大拨备计提力度,信用成本同比上行。24 年拟每股 派息 0.26 元,A/H 股息率 4.91%/5.53%(2025/3/27),分红比例 30%(23 年:30%)。公司五大差异化增长极成效显著,维持 A/H 股增持/买入评级。 规模持续增长,负债成本优化 24 年末总资产、贷款、存款增速分别为+8.6%、+9.4%、+9.5%,较 9 月末 -0.7pct 、 -0.1pct 、 -1.7pct 。 24Q4 零 售 / 对 公 / 票据增量占比分别为 35%/45%/20%。2024 年净息差为 1.87%,较前三季度-2bp。2024 年生 ...