Group 1 - The company *ST Dongyi (002713)* announced that the new signed contract amount for home decoration business in Q2 2025 is 127 million yuan, with a total of 205 million yuan in signed but uncompleted contracts [1] - The precision engineering business reported new signed contracts of 16.03 million yuan and 45.85 million yuan respectively [1] - The public decoration business recorded new signed contracts of 72.24 million yuan and 132 million yuan respectively [1] Group 2 - The total new signed contracts amount to 215 million yuan, with a cumulative total of 383 million yuan in signed but uncompleted contracts [1]

Investment Rating - The report maintains a "Buy" rating for the company and adjusts the target price to HKD 56.04 [2][4] Core Views - The company, as a leading real estate brokerage in China, continues to enhance platform value to strengthen market share advantage, showing significant upward elasticity during the real estate recovery cycle [2] - The first quarter of 2025 saw revenue of HKD 23.3 billion, a year-on-year increase of 42%, with Non-GAAP net profit remaining stable at HKD 1.39 billion [5] - The company is focusing on expanding its scale and improving operational efficiency, with expectations for profit margins to recover in the future [5] Financial Performance Summary - **Revenue Forecasts**: - 2023A: HKD 77.777 billion - 2024A: HKD 93.457 billion - 2025E: HKD 110.080 billion - 2026E: HKD 128.165 billion - 2027E: HKD 146.106 billion - Year-on-year growth rates: 28.2%, 20.2%, 17.8%, 16.4%, 14.0% [3][8] - **Profitability Metrics**: - Operating profit for 2023A: HKD 4.797 billion, with a significant year-on-year growth of 675.9% - Net profit attributable to the parent company for 2023A: HKD 5.883 billion, with a year-on-year growth of 524.5% [3][8] - **Earnings Per Share (EPS)**: - 2023A: HKD 1.63 - 2024A: HKD 1.13 - 2025E: HKD 1.36 - 2026E: HKD 1.93 - 2027E: HKD 2.76 [3][8] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio for 2025E: 33.2 - Price-to-Book (PB) ratio for 2025E: 2.1 [3][8] Business Segment Performance - **Existing Home Business**: - GTV (Gross Transaction Value) for existing homes grew by 28% to HKD 5,803 billion, but the contribution margin decreased to 38% due to increased fixed salary costs [5] - **New Home Business**: - GTV for new homes increased by 53% to HKD 2,322 billion, outperforming the market, with a commission rate increase reflecting the value of the company's channels [5] - **Home Decoration and Rental Services**: - Home decoration revenue showed steady growth, while rental income surged by 94% to HKD 5.1 billion, indicating a strong growth phase [5]

Investment Rating - The report maintains a "Buy" rating for the company and adjusts the target price to HKD 56.04 [2][4] Core Views - The company, as a leading real estate brokerage in China, continues to enhance platform value to strengthen market share advantage, showing significant upward elasticity during the real estate recovery cycle [2] - The first quarter of 2025 saw revenue of HKD 23.3 billion, a year-on-year increase of 42%, with Non-GAAP net profit remaining stable at HKD 1.39 billion [5] - The company is focusing on expanding its scale and improving operational efficiency, with expectations for profit margins to recover in the future [5] Financial Performance Summary - **Revenue Forecasts**: - 2023A: HKD 77.777 billion - 2024A: HKD 93.457 billion - 2025E: HKD 110.080 billion - 2026E: HKD 128.165 billion - 2027E: HKD 146.106 billion - Year-on-year growth rates: 28.2%, 20.2%, 17.8%, 16.4%, 14.0% [3] - **Profitability Metrics**: - Operating profit for 2023A: HKD 4.797 billion, with a significant year-on-year growth of 675.9% - Net profit attributable to the parent company for 2023A: HKD 5.883 billion, with a year-on-year growth of 524.5% [3] - **Earnings Per Share (EPS)**: - 2023A: HKD 1.63 - 2024A: HKD 1.13 - 2025E: HKD 1.36 - 2026E: HKD 1.93 - 2027E: HKD 2.76 [3] - **Valuation Ratios**: - Price-to-Earnings (PE) ratio for 2025E: 33.2 - Price-to-Book (PB) ratio for 2025E: 2.1 [3] Business Segment Performance - **Existing Home Business**: - GTV (Gross Transaction Value) for existing homes grew by 28% to HKD 5,803 billion, but the contribution margin decreased to 38% due to increased fixed salary costs [5] - **New Home Business**: - GTV for new homes increased by 53% to HKD 2,322 billion, outperforming the market, with a commission rate increase reflecting the value of the company's channels [5] - **Home Decoration and Rental Services**: - Home decoration revenue showed steady growth, while rental income surged by 94% to HKD 5.1 billion, indicating a strong growth phase [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company continues to expand its capacity, with significant improvements in fee management leading to enhanced potential profitability. The self-operated platform drives GTV growth, and both existing and new housing monetization ratios have improved sequentially. The company is expected to maintain a valuation premium due to its competitive advantages and potential earnings elasticity [2][6]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved revenue of 23.3 billion (up 42.4%) and a net profit attributable to shareholders of 0.86 billion (up 98.2%). Adjusted net profit was 1.39 billion (up 0.1%) [6]. - The company’s GTV for Q1 2025 was 843.7 billion (up 34.0%), with existing and new housing businesses growing by 28.1% and 53.0%, respectively [6]. Business Segments Performance - The revenue from existing housing and new housing businesses increased by 20.0% and 64.2%, respectively. Home decoration revenue grew by 22.3%, while rental revenue surged by 93.8% [6]. - The company’s gross profit margin decreased by 4.5 percentage points to 20.7%, but gross profit increased by 17.0% year-on-year [6]. Cost Management and Financial Health - The company effectively managed costs, with selling, general, and administrative expenses decreasing as a percentage of revenue by 7.0 percentage points to 18.1%. The tax rate also decreased by 10.3 percentage points to 38.1% [6]. - As of Q1 2025, the company had cash and cash equivalents totaling 54.8 billion, indicating strong liquidity. The company has prioritized shareholder returns, spending 1.39 billion on share buybacks [6]. Future Outlook - The company is expected to see adjusted net profits of 8.25 billion, 9.02 billion, and 10.03 billion for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20.2, 18.5, and 16.6 [6]. - The company has room for growth in brokerage business share, and home decoration and rental segments are anticipated to contribute to future growth [2][6].

Financial Report Key Information Review - Total revenue for Q2 2023 was RMB 20,204 million, representing a year-over-year increase of 21% [1] - Existing home revenue was RMB 6,050 million, up 49% year-over-year [1] - New home revenue reached RMB 8,404 million, a 42% year-over-year increase [1] - Gross profit was RMB 6,350 million, with a gross profit margin (GPM) of 25.5% [1] - Operating profit was RMB 2,978 million, showing a significant increase of 215.3% [1] - Non-GAAP net profit was RMB 3,561 million, with a net profit margin (NPM) of 21.6% [1] Management's Strategic Focus - The company is enhancing its home decoration business by improving product design and project management capabilities, with project managers achieving a 156% year-over-year increase in average monthly orders [2] - In the rental service sector, the company manages over 500,000 rental properties, focusing on improving default management and renewal rates [2] AI Technology Application - An AI-driven housing search system has been launched in two cities, capturing 40% of homepage traffic [2] - Over 200,000 agents are using tools that allow them to manage more than 2.5 million clients, improving efficiency metrics [2] - An AI property maintenance system has been adopted by 110,000 agents, servicing 400,000 homeowners [2] Market Outlook - The second-hand housing market showed strong recovery in Q1, with a 16% year-over-year increase in transactions, driven by policy effects that lowered purchasing thresholds [3] - In major cities like Beijing and Shanghai, second-hand home prices remained stable or slightly increased [4] - The new home market was stable, with a slight year-over-year decline of 0.4% in sales [4] - The company anticipates a typical seasonal slowdown in Q2, but expects a slight year-over-year increase in second-hand transaction volume [5] - The impact of international trade tensions on the real estate market is being closely monitored, with a focus on maintaining stable homeowner sentiment [5]

Core Viewpoint - The overall performance of Beike's latest earnings report is better than expected, with significant revenue growth, but the persistent issue of increasing revenue without profit remains unresolved [1][12][46]. Group 1: Existing Home Business - The GTV (Gross Transaction Value) of the existing home business increased by 28% year-on-year, outperforming the expected 24% growth, indicating the continued impact of policy benefits [1][15]. - Revenue from the existing home business grew by 20%, but this was lower than the GTV growth, reflecting a decline in the comprehensive commission rate [1][17]. - The comprehensive commission rate for existing homes decreased by 1.4 basis points to 1.18%, attributed to a higher proportion of non-self-operated business and potential commission discounts to stimulate transactions [1][17]. Group 2: New Home Business - The new home business saw a remarkable growth in transaction value, with a year-on-year increase of 53%, significantly exceeding market expectations [2][20]. - However, the revenue growth rate for new homes was lower than expected due to a decline in the comprehensive realization rate, which fell by 20 basis points [2][24]. - The new home business's revenue increased by 64% year-on-year, but the growth rate showed a deceleration compared to the previous quarter [2][24]. Group 3: Secondary Business Lines - The secondary business lines, including home decoration, rental, and home services, generated total revenue of 8.38 billion, a year-on-year increase of 39%, surpassing expectations [3][27]. - The rental business experienced a significant growth of 94% year-on-year, indicating a strong market position despite a generally weak rental market [3][29]. - The home decoration business, while improving, still underperformed expectations with a revenue growth of 22% [3][29]. Group 4: Profitability Issues - Despite revenue growth, the adjusted net profit remained nearly flat year-on-year, highlighting the ongoing issue of revenue growth not translating into profit [4][6][34]. - The overall gross profit margin decreased to 20.7%, down 2.3 percentage points from the previous quarter, primarily due to rising commission costs and a higher proportion of low-margin rental business [5][37]. - The operating profit margin fell from 3.2% to 2.5%, reflecting the challenges in maintaining profitability amidst rising costs [5][43]. Group 5: Market Outlook - The performance of Beike is significantly influenced by macroeconomic conditions in the real estate market, making future predictions challenging [12][13]. - Long-term prospects for Beike remain positive due to its dominant market position and execution capabilities, despite short-term volatility [12][13]. - Current valuation corresponds to an adjusted net profit multiple of approximately 16-17x PE, with potential for higher multiples if profit growth resumes [12][13].

Core Viewpoint - The company reported a strong revenue growth of 42.4% year-on-year in Q1 2025, reaching 23.3 billion yuan, although adjusted net profit remained stable at 1.4 billion yuan, slightly exceeding expectations [1] Group 1: Revenue and Profitability - The company's GTV (Gross Transaction Value) for Q1 2025 was 843.7 billion yuan, reflecting a year-on-year increase of 34.0%, which supported stable revenue growth [1] - Revenue from various business segments showed significant growth: second-hand housing at 6.9 billion yuan (+20.0%), new housing at 8.1 billion yuan (+64.2%), home decoration at 2.9 billion yuan (+22.3%), rental at 5.1 billion yuan (+93.8%), while emerging and other businesses generated 0.3 billion yuan (-50.0%) [1] - The company's gross margin decreased by 4.5 percentage points to 20.7%, primarily due to a lower proportion of high-margin existing housing business and an increase in fixed salary costs relative to existing housing revenue [1] Group 2: Business Segment Performance - The second-hand housing business saw a total transaction value increase of 28.1% year-on-year to 580.3 billion yuan, supported by an expanding number of active stores and agents [2] - The number of active stores reached 55,000, a 29.6% increase year-on-year, while the number of active agents grew by 49,100, representing a 23.0% increase [2] - The new housing business transaction value surged by 53.0% year-on-year to 232.2 billion yuan, with the commission rate improving by 0.2 percentage points to 3.5% [2] - The home decoration business showed steady growth, with contribution margin increasing by 2.0 percentage points to 32.6%, indicating improvements in customer experience and efficiency [2] Group 3: Future Outlook and Valuation - The company is positioned as a leading player in the domestic brokerage industry, with potential for future earnings growth driven by increased turnover rates in the second-hand housing market and higher penetration rates in new housing brokerage [3] - The adjusted net profit forecasts for 2025-2027 are 9.7 billion yuan, 11.6 billion yuan, and 13.6 billion yuan, respectively, with corresponding EPS of 1.83 yuan, 2.36 yuan, and 2.91 yuan, and adjusted PE ratios of 16.3X, 14.4X, and 12.3X [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 23.3 billion yuan in Q1 2025, representing a year-on-year growth of 42.4%, with adjusted net profit of 1.4 billion yuan, slightly exceeding expectations [8] - The company's GTV (Gross Transaction Value) reached 843.7 billion yuan, up 34.0% year-on-year, indicating stable revenue growth [8] - The report highlights a decline in gross margin by 4.5 percentage points to 20.7%, primarily due to a decrease in the proportion of high-margin existing home business revenue and an increase in fixed salary costs [8] - The number of active stores and agents has expanded significantly, with active stores increasing by 29.6% year-on-year to 55,000 and active agents growing by 23.0% to 490,000 [8] - The new home business saw a transaction value of 232.2 billion yuan, a substantial increase of 53.0% year-on-year, with commission rates improving by 0.2 percentage points to 3.5% [8] - The home decoration business is steadily growing, with profit margins increasing by 2.0 percentage points to 32.6% [8] - The report projects adjusted net profits for 2025-2027 at 9.7 billion, 11.6 billion, and 13.6 billion yuan respectively, with corresponding EPS of 1.83, 2.36, and 2.91 yuan, and adjusted PE ratios of 16.3X, 14.4X, and 12.3X [8] Financial Summary - Total revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 77.8 billion, 93.5 billion, 109.6 billion, 127.5 billion, and 147.4 billion yuan respectively, with year-on-year growth rates of 28.20%, 20.16%, 17.30%, 16.30%, and 15.60% [1] - The company's net profit for 2023A, 2024A, 2025E, 2026E, and 2027E is projected at 5.9 billion, 4.1 billion, 6.6 billion, 8.5 billion, and 10.5 billion yuan, with year-on-year growth rates of 524.45%, -30.91%, 62.10%, 28.96%, and 23.48% [1] - Non-GAAP net profit estimates for the same periods are 9.8 billion, 7.2 billion, 9.7 billion, 11.6 billion, and 13.6 billion yuan, with year-on-year growth rates of 244.70%, -26.41%, 34.53%, 19.73%, and 17.23% [1]

注 1：公司不存在重大项目。 注 2：以上数据仅为阶段性数据且未经审计，供各位投资者参阅。 证券代码：002713 证券简称：东易日盛 公告编号：2025-041 东易日盛家居装饰集团股份有限公司 2025年第一季度装修装饰业务主要经营情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 3 号——行业信息披露》等相关规定，东易日盛家居装饰集团股份有限 公司 2025 年第一季度装修装饰业务主要经营情况如下： 单位：万元 | 业务类型 | 新签订单合同金额 [工程（含配套）、设计产值合计] | 截至报告期末累计已签 约未完工合同金额 | | --- | --- | --- | | 家装业务 | 13,723 | 21,809 | | 精工装业务 | 1,994 | 4,881 | | 公装业务 | 4,832 | 9,883 | | 合 计 | 20,549 | 36,573 | 二〇二五年四月二十七日 特此公告。 东易日盛家居装饰集团股份有限公司 董事会 ...