【券商聚焦】招银国际维持贝壳(02423)美股“买入”评级对其在核心业务领域的领先地位持乐观态度

金吾财讯

Nov 11, 2025

金吾财讯 | 招银国际研报指，贝壳(02423/BEKE)3Q25营收同比增长 2.1%达 231 亿元人民币，与彭博一致预期持平；季度non-GAAP净利润为 13 亿元人民币，同比下降 28%，但较市场一致预期高出 5%。尽管行业整体仍面临下行压力，但贝壳正持续扩大核心房产交易业务的市场份额并提升运营效率，同时着力推动家居家装业务与房屋租赁业务的盈利改善。该机构认为，这些举措均有助于推动公司 2026 年non-GAAP净利润实现回升。

鉴于行业下行压力超出预期，该机构分别下调 2025-2027 年公司营收/non-GAAP净利润 6%-16%/9%-11%；相应地将基于分部加总估值法的目标价下调 8%至20.7美元。该机构预计贝壳2025年non-GAAP净利润将同比下滑 24%，而到 2026 年该指标将同比增长 28%，达到 70 亿元人民币。公司致力提升股东回报，9M25股票回购支出达 6.75 亿美元，同比增长 15.7%，回购股数占2024年末流通股总数的 3%。在行业承压背景下，这一举措将有望为公司估值提供支撑。该机构对贝壳在核心业务领域的领先地位持乐观态度，且其新业务发展态势良好，有望为公司带来长期的营收与利润增长空间。维持 “买入”评级。

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