异动解读 | 贝壳-W股价盘中大跌5.05%，年报业绩"增收不增利"引发投资者担忧

异动解读

Mar 25

贝壳-W（02423.HK）今日盘中大跌5.05%，截至发稿报52.80港元。该股价下跌主要受到公司最新发布的2024年财报及分析师降级等因素影响。

贝壳近日公布的2024年财报显示，公司实现"增收不增利"的业绩。全年总交易额达33494亿元，同比增长6.6%；净收入为935亿元，同比增长20.2%。然而，经调整净利润为40.78亿元，同比下降30.8%。值得注意的是，贝壳毛利率进一步下滑至24.6%，相较2023年同期的27.9%下滑了3.3个百分点。公司将毛利率下滑归因于利润率较高的存量房业务净收入占比下降，以及固定薪酬成本占比提高。

此外，美银证券指出，贝壳第四季度收入虽然超预期，但盈利表现不及预期。第四季度实现净收入总额311.25亿元人民币，同比增加54.05%；归属公司普通股股东的净利润5.7亿元，同比减少14.88%。经调整净利润录13亿元，弱于市场预期的18亿元。瑞银更是将贝壳评级由"买入"降至"中性"，认为公司今年盈利上行空间有限，主要因为代理成本更高。瑞银还指出，贝壳今年可能因贝好家业务继续买地，这可能限制了公司估值的扩张。这些因素综合导致投资者对贝壳未来盈利能力产生担忧，从而引发股价大幅下跌。

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