智通财经APP获悉，第一上海发布研报称，依然看好贝壳-W(02423，BEKE.US)在“一体”业务稳健发展和行业渗透率的提升、以及“三翼”业务巩固公司穿越房地产后周期韧性的能力。预计公司未来三年的调整后净利润分别为57.6亿、76.8亿及96.7亿元，给予2026年16倍PE，加上公司持有广义现金后得出目标价60.0港元/22.8美元，维持买入评级。
公司关注品质、规模、效率的正循环，降本增效带来的效率优化逐步显现。2025Q3，公司加大回购力度，斥资约2.8亿美元进行股票回购，同比增加38.3%。2022年9月以来，公司累计回购金额约23亿美元，回购股数占比约11.5%。在大力回购力度的基础上，公司的广义现金余额仍维持在人民币约700亿元，现金储备坚实。
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