Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 58.3 / USD 22.4, indicating a potential upside of approximately 53% / 52% from the current stock price [1][2]. Core Insights - The company demonstrated strong operational resilience and financial stability amidst fluctuations in the real estate market, achieving a year-on-year adjusted net profit growth of 13.9% and a quarter-on-quarter increase of 93.5% in Q2 2024 [1]. - The total transaction volume reached RMB 839 billion in Q2 2024, reflecting a 7.5% year-on-year increase, while net revenue grew by 19.9% to RMB 23.4 billion [1]. - The company has expanded its share buyback program, increasing the authorization from USD 2 billion to USD 3 billion and extending the buyback period until August 31, 2025 [1]. Financial Performance Summary - Adjusted net profit for Q2 2024 was RMB 2.69 billion, with a gross margin of 27.9%, up 0.5 percentage points year-on-year [1]. - The existing home transaction volume increased by 25% year-on-year to RMB 5.707 billion, while new home transaction volume decreased by 20.2% to RMB 2.353 billion [1]. - The home decoration and rental services saw significant revenue growth, with home decoration revenue increasing by 53.9% to RMB 4 billion and rental services revenue soaring by 167.1% to RMB 3.2 billion [1]. Revenue and Profitability Forecast - The company is projected to achieve adjusted net profits of RMB 7.7 billion, RMB 8.5 billion, and RMB 9.5 billion over the next three years [1]. - The report anticipates a revenue increase from RMB 77.8 billion in 2023 to RMB 102.9 billion by 2026, with a compound annual growth rate of approximately 10.1% [3][4].
贝壳-W：业务跑赢市场整体表现，扩大及延长回购计划