金吾财讯 | 招银国际研报指，预计贝壳(02423/BEKE)4Q25收入为222 亿元人民币，受高基数影响同比下降 28.5%；考虑一次性降本措施影响后，non-GAAP净利润为4.27 亿元人民币，对应净利润率 1.9%。若剔除一次性降本措施影响，该机构对4Q25收入及non-GAAP净利润预测与彭博一致预期相符。该机构仍看好贝壳凭借强大的技术能力、优质的服务质量以及成熟的经纪人合作网络，有望在房屋交易业务中扩大市场份额。展望 2026 年，该机构预计核心房产交易业务的成本优化措施叠加新业务盈利改善将推动盈利复苏，预计non-GAAP净利润为70 亿元人民币（2025 年预测： 49 亿元人民币），同比增长 42%。考虑到成本优化举措有望带来长期经营现金流前景改善，该机构将基于分部估值法的目标价上调 5% 至 21.8 美元（前值：20.7 美元），对应 2026/2027年25.9x/21.6x non-GAAP PE。维持买入评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.