BEKE(BEKE) 天风证券·2025-03-25 11:29Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6]. Core Views - The company achieved a revenue of 93.5 billion RMB in 2024, representing a year-on-year growth of 20.2%, while net profit decreased by 30.8% to 4.078 billion RMB [1]. - The fourth quarter of 2024 saw a significant revenue increase of 54.1% year-on-year, reaching 31.1 billion RMB, driven by total transaction volume growth and expansion in the rental business [1][2]. - The company's "One Body Three Wings" strategy is progressing steadily, with notable growth in both existing and new housing transaction businesses [5]. Summary by Sections Financial Performance - In 2024, the company reported a non-GAAP adjusted net profit of 7.211 billion RMB, down 26.4% year-on-year, with a gross margin of 24.6%, a decrease of 3.3 percentage points compared to the previous year [1]. - The fourth quarter of 2024 saw a gross profit of 7.2 billion RMB, a 39.4% increase year-on-year, with a gross margin of 23%, down 2.5 percentage points from the same period last year [1]. Existing Housing Business - By the end of 2024, the number of active stores increased by 18.3% year-on-year to 49,700, and the number of active agents reached 445,000, up 12.1% year-on-year [2]. - The net income from existing housing for the entire year was 28.2 billion RMB, remaining stable year-on-year, contributing a profit of 12.18 billion RMB with a profit margin of 43.2%, down 4.0 percentage points from the previous year [2]. New Housing Business - The new housing segment generated a net income of 33.7 billion RMB in 2024, a year-on-year increase of 10.1%, contributing a profit of 8.35 billion RMB with a profit margin of 24.8%, down 1.8 percentage points from the previous year [3]. - In the fourth quarter of 2024, new housing net income reached 13.1 billion RMB, a 72.7% increase year-on-year, with a gross transaction volume (GTV) of 355.3 billion RMB, up 49.3% year-on-year [3]. Non-Housing Growth Engines - The home decoration business generated 14.8 billion RMB in revenue for 2024, a 36.1% increase year-on-year, with a profit margin of 30.7%, up 1.7 percentage points from the previous year [4]. - The rental business saw a revenue increase of 135% year-on-year to 14.3 billion RMB, with a profit margin of 5%, turning positive from a negative margin in the previous year [4]. - Emerging businesses and others contributed 2.5 billion RMB in revenue, an 8.8% increase year-on-year, primarily due to increased net income from financial services [4].