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【Jefferies-2025研报】贝壳控股（BEKE）：考虑最新业务趋势.pdf

发布：2025-05-15约6.27万字共12页下载文档
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China(PRC)|Internet

EquityResearch

KEHoldingsMay15,2025

FactoringIntheLatestBusinessTrendsTARGET

CHANGE

RATINGBUY

BEKEreported1QresultswithGTV/revenuecameinaheadof

expectationswhilenon-GAAPearningsbeatonhighernon-opitems.GrossPRICE$20.23^

ProfitcameinbelowexpectationsduetoproductmixandincreasedPRICETARGET|%TOPT

$24.50($26.00)|+21%

fixedcompensationas%ofexistinghomerevenue.In2Q,wefactor52WHIGH-LOW$26.05-$12.92

inmoreprudentassumptioninGTVgrowthvsconsensusduetohighFLOAT(%)|ADVMM(USD)101.2%|169.62

baseofexistinghomeslastyearamidmacro-uncertainties.SequentialMARKETCAP$22.7B

improvementinnon-GAAPopmarginisexpected.MaintainBuy.TICKERBEKE

^Priortradingdaysclosingpriceunlessotherwise

noted.

1Q25resultshigh

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