智通财经APP获悉，建银国际发表研究报告，首次评级予贝壳-W(02423)“跑嬴大市”，基于2026年21倍市盈率，目标价为60.6港元。
报告指，贝壳2024年交易总额(GTV)的市占率约为23%。该行预计，集团将进一步提升市场份额。该行亦看好公司利用平台生态系统，进军房地产相关服务领域的策略，以实现长期增长。该行预计2024-27年收入复合年增长率将达到14%，主要由非房屋交易业务驱动。由于交易金额温和增长且佣金率下降，房屋交易服务收入将基本保持稳定。
该行预计，2025年非公认会计准则净利润率可能会受到房屋装修和租赁业务投资暂时拖累，但随着这些业务受益于规模扩张，到2027年将逐渐回升至8.5%左右，预期集团2024-27年非公认会计准则净利复合年增率将达17%。
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