BEKE(BEKE) 天风证券·2025-03-25 13:45Investment 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 yuan in 2024, representing a year-on-year increase of 20.2%, while net profit decreased by 30.8% to 4.078 billion yuan [1] - The company reported a significant increase in Q4 performance, with revenue reaching 31.1 billion yuan, up 54.1% year-on-year, driven by total transaction volume growth and expansion in the rental business [1] - The company initiated a cash dividend plan, proposing a dividend of 400 million [1] Summary by Sections Revenue and Profitability - In 2024, the company generated a total revenue of 93.5 billion yuan, with a gross profit margin of 24.6%, a decrease of 3.3 percentage points compared to the previous year [1] - The adjusted net profit (non-GAAP) for 2024 was 7.211 billion yuan, down 26.4% year-on-year [1] Business Segments - The existing housing business generated a net income of 28.2 billion yuan in 2024, remaining stable year-on-year, contributing a profit of 12.18 billion yuan with a profit margin of 43.2% [2] - The new housing segment reported a net income of 33.7 billion yuan in 2024, an increase of 10.1% year-on-year, with a profit margin of 24.8% [3] - The non-housing business, including home decoration and rental services, showed significant growth, with home decoration revenue increasing by 36.1% to 14.8 billion yuan and rental income soaring by 135% to 14.3 billion yuan [4] Future Projections - The company expects revenue growth to continue, with projected revenues of 106.7 billion yuan in 2025 and 126.4 billion yuan in 2026, reflecting growth rates of 14.21% and 18.39% respectively [5] - The forecasted non-GAAP net profit for 2025 is 8.221 billion yuan, with a growth rate of -8.82% [5]