Guotai Junan Securities: Bullish on Beike-W (02423.HK) Profit Release Elasticity, Maintains "Buy" Rating

Smart Finance APP learned that Guojin Securities released a research report stating that Beike-W (02423.HK) has far outperformed the market this year, and is optimistic about the profit release of its non-real estate transaction business. It is expected that the company's adjusted net profit for 2025/2026/2027 will be 59.16/76.63/96.75 billion yuan. The company's current stock price corresponds to a PE valuation of 23.89/18.45/14.61 times, and the "buy" rating is maintained. In Q3 2025, the company's total revenue was 23.1 billion yuan, up 2.1% year-on-year; adjusted operating profit was 1.17 billion yuan, with an adjusted operating profit margin of 5.09%; adjusted net profit was 1.29 billion yuan, with an adjusted profit margin of 5.58%.