Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 93.46 billion yuan in 2024, representing a year-on-year growth of 20.2%. However, the adjusted net profit decreased by 26.4% to 7.21 billion yuan [7][8] - The company's gross transaction value (GTV) reached 3.35 trillion yuan, showing a positive growth of 6.6% year-on-year, which supported stable revenue growth [7] - The report highlights a decline in gross margin by 3.3 percentage points to 24.6%, primarily due to a decrease in the revenue share from the higher-margin existing home business [7] - The company expanded its market share in the new home sector, with a GTV decline of 3.3% but an increase in market share by 1.7 percentage points to 11.4% [7] - The home decoration and rental businesses experienced significant growth, with the home decoration GTV increasing by 27.3% to 16.9 billion yuan and the rental business expanding its managed properties from 210,000 to 430,000 units [7] Financial Summary - The company's total revenue forecast for 2024 is 93.46 billion yuan, with projected revenues of 109.63 billion yuan in 2025 and 127.49 billion yuan in 2026 [1][8] - The adjusted net profit is expected to be 6.59 billion yuan in 2025 and 8.50 billion yuan in 2026, with a forecasted EPS of 1.82 yuan and 2.35 yuan respectively [1][8] - The report projects a decrease in the adjusted net profit for 2025 and 2026 due to market fluctuations, with revised estimates of 9.70 billion yuan and 11.62 billion yuan respectively [7]
贝壳-W（02423）：2024年业绩公告点评：调结构提减值夯实基础，提份额稳费率迎接增长