贝壳-W（02423.HK）今日盘中大跌5.05%，引发市场关注。该公司近期发布的第四季度财报显示业绩表现不及预期，加上分析师下调评级，导致投资者信心受挫。
根据公司财报，贝壳第四季度实现净收入总额311.25亿元人民币，同比增长54.05%，但归属公司普通股股东的净利润仅为5.7亿元，同比下降14.88%。美银证券指出，尽管收入超预期，但盈利表现逊于市场预期。经调整后净利润为13亿元，低于市场预期的18亿元，主要受到毛利率下降及营运支出增加的影响。
此外，瑞银将贝壳评级由"买入"下调至"中性"，认为公司今年盈利上行空间有限。分析师指出，尽管公司年初至今现楼交易同比增长30%，但代理成本上升可能会限制利润增长。同时，贝壳计划通过其贝好家业务继续买地，这可能会限制公司估值的扩张。这些因素综合导致投资者对贝壳未来增长前景产生担忧，进而引发股价下跌。
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