贝壳(BEKE)今日盘前大跌5.19%,引发市场广泛关注。这与公司最新季报透露的一些重要信号有关,或让投资者对其商业模式的盈利能力和可持续性产生质疑。
贝壳2024年第三季度实现营收同比增长26.8%,但净利同比仅小幅增长1.13%。这表明公司正面临成本压力,营收增速难以完全转化为利润增长。
更值得警惕的是,贝壳整体收入仍高度依赖二手房经纪业务。而在三季度,二手房交易营收出现下滑。虽然新房销售和新兴业务收入保持较快增长,但基数较小,难以支撑整体业绩。
与此同时,为扩大规模支撑业绩增长,贝壳的总运营支出同比增长11%,大幅高于营收增速,给公司带来压力。由此可见,贝壳目前商业模式仍难摆脱对房地产行业周期性变化的依赖,缺乏弹性和抗风险能力。如果后续房地产持续低迷,或将再次给公司带来沉重冲击。
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.