金吾财讯 | 国金证券发研报指，贝壳(02423)发布2024全年业绩：实现营收934.6亿元，同比+20.2%；经调整净利润72.1亿元，同比-26.4%。公司发布24Q4业绩：实现营收311.3亿元，同比+54.1%；经调整净利润13.4亿元，同比-21.6%。该行表示，一二手房收入均实现增长，新房货币化率上升明显。受益于政策利好，市场活跃度提升，2024年公司GTV同比：存量房+10.8%，新房-3.3%。收入同比：存量房+0.9%，新房+10.1%。货币化率：存量房1.26%，同比-0.12pct；新房3.47%，同比+0.42%。家装及租赁收入持续高增，非交易业务跑出第二增长曲线。2024年非房产交易收入占比已达到34%，同比提升9.1pct。家装家居GTV同比+27.3%，收入同比+36.1%。房屋租赁收入同比+135.0%，期末在管房源规模超43万套(23年期末超21万套)。该行续指，短期内公司增加对门店及经纪人的成本投入，谋求建立更好的生态，立足更长远更持续的发展；同时受益于行业β逐渐修复，公司α持续凸显，业绩有望逐步回升。该行预计公司2025-2027年的Non-GAAP净利润分别为86.5/98.8/109.6亿元，同比增速分别为+20.0%/+14.2%/+10.9%。公司股票现价对应2025-27年PE估值(对应Non-GAAP净利润)分别为23.1x/20.2x/18.2x，维持“买入”评级。
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