汇丰研究发表报告指，贝壳-W(02423.HK) (BEKE.US) 亮丽的收入增长反映了其领导地位日渐稳固，惟盈利增长或受压。该行继续预期公司在一手房市场会透过市占率扩张，迎来更多的上行空间。
该行维持公司评级“买入”，美股目标价由26.8美元降至26.3美元，H股目标价由69.68港元降至68.38港元。该行上调了其对今明两年的总交易额(GTV)预测分别6%及8%，并升收入预测介乎5%至6%，惟降今明两年毛利率预测分别1个及1.4个百分点，以反映由于代理人数及分店增加以及投资增加带来的固定成本上升。该行下调对其今明两年盈测各15%，并引入2027年盈测110亿元人民币，相当于按年升13%。
汇丰研究指贝壳去年末季在一手楼市的市占率及佣金均显著上升，表示其领导位置及定价能力，符合该行的预期，但速度更快。该行相信此举有助于缓解投资者对市场复苏后房地产中介受依赖度下降的担忧。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-03-19 12:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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