贝壳（BEKE）今日盘中大跌5.02%，引发市场关注。该公司近期发布的2024年及第四季度财报显示，尽管总交易额和收入超出预期，但盈利能力不及预期，导致投资者信心受挫。
根据财报，贝壳2024年净利润为40.65亿元人民币，同比下降30.91%。第四季度净利润为5.7亿元，同比下滑14.9%，环比下滑51.3%。虽然公司总交易额和收入实现增长，但利润率下滑明显，主要原因包括固定薪酬成本占比提高、分佣比重上升以及运营费用增加。
高盛在研报中指出，预期贝壳股价对其2024财年第四季业绩表现会有初步负面反应。花旗也下调了贝壳的目标价，预计今年首季财报同样会令人失望。尽管贝壳宣布了末期现金分红计划，但似乎未能有效提振投资者信心。市场对贝壳在行业复苏背景下增收不增利的表现表示担忧，这可能是导致股价下跌的主要原因。
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