贝壳(BEKE)昨日在夜盘大幅下跌超5%,引起了市场的广泛关注。
对于这一股价波动,市场分析人士认为,贝壳最新季报透露的一些重要信号,可能让投资者对其商业模式的盈利能力和可持续性产生质疑,从而导致抛售情绪加剧。
贝壳最新公布的2024年第三季报显示,虽然公司实现了营收同比增长26.8%,但净利同比仅小幅增长1.13%。这表明贝壳正面临成本压力,营收增速难以完全转化为利润增长。
更值得关注的是,贝壳整体收入结构目前仍高度依赖二手房经纪业务,而二手房交易营收在三季度出现下滑。虽然新房销售和新兴业务收入保持快速增长,但基数依然较小,难以支撑整体业绩。
而贝壳扩大规模以支撑业绩增长,也给总运营支出带来了较大压力,总运营支出同比增长11%,大幅高于营收增速。
由此可见,贝壳目前的商业模式仍难摆脱对房地产行业周期性变化的依赖,导致业绩增长缺乏弹性和抗风险能力。如果后续房地产行业持续低迷,或将再次给贝壳带来沉重冲击。
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