Tiger Brokers

【券商聚焦】平安证券维持贝壳(02423)“推荐”评级 指规模发展存在支撑

金吾财讯
Nov 12

金吾财讯 | 平安证券研报指，贝壳(02423)发布2025年三季度业绩公告，2025Q3实现收入230.5亿元，同比增长2.1%；经营利润6.1亿元，同比下降16.4%，经调整经营利润11.7亿元，同比下降14%；归母净利润7.5亿元，同比下降36%，经调整归母净利润12.9亿元，同比下降27.8%；总交易额7367亿元，同比持平。Q1-3公司实现收入723.9亿元，同比增长16.1%；经营利润22.6亿元，同比下降18%，经调整经营利润39.3亿元，同比下降23.5%；归母净利润29.1亿元，同比下降16.8%，经调整归母净利润45亿元，同比下降23.3%；总交易额2.5万亿元，同比增长11.5%。考虑短期市场承压、公司持续提质增效需要时间，下调公司归母净利润预测至28.8亿元（原为49.6亿元）、44.6亿元（原为56.0亿元）、56.2亿元（原为64.2亿元），对应经调整归母净利润54.7亿元、70.2亿元、81.4亿元，同比分别下降24%、增长28.3%、16%，最新市值对应经调整归母净利润PE分别为25倍、19.5倍、16.8倍。公司作为领先的一体化房产交易服务平台，房产经纪优势明显，规模发展存在支撑，家装家居快速突破，房屋租赁及贝好家能力构建、未来可期，重视股东回报，积极回购股份彰显发展信心，维持“推荐”评级。

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