金吾财讯 | 贝壳(02423)股价发力，截至发稿，涨4.05%，报46.25港元，成交额9061万港元。消息面上，汇丰研报称，今年初中国房地产市场迎来意外乐观情绪，今年1月中国内地新屋销量超出预期，考虑到今年农历新年较以往来得更早，这是一个了不起的成绩。此外，活跃的土地市场为整体房地产市场提供积极的先行讯号，有助于市场潜在转折点的早期阶段推动楼价稳定。民生证券发研指，平台优势显著，贝壳有超越市场的阿尔法能力。贝壳平台拥有门店超4.8万家，经纪人超47.6万名，全行业平台规模最大。从用户画像看，贝壳主要深耕高线城市。基本盘业务来看，存量房业务和新房业务均贡献收入30%以上，分别贡献毛利40%和25%以上。1)存量房业务：一线城市复苏快于大盘，公司更快受益于政策拉动带来的行情；2)新房业务：公司在行情较差时更易抢占市场份额，当前阶段为买方市场，贝壳易于获得更高议价权，从而提升货币化能力，持续提升盈利水平。
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