今年二季度业绩大幅改善。24Q2 公司营收同比+19.9%，环比+42.7%，主要受益于存量房、家装家居、房屋租赁业务均取得增长。同时毛利同比提升22%至65 亿元，毛利率同比提升0.5pct至27.9%，主要由于：①家装家居及房屋租赁的运营效率提升，贡献利润率提高；②门店成本占比降低。Brief performance review
On August 12, 2024, the company announced its second quarter and interim results for 2024:24Q2 achieved revenue of 23.37 billion yuan, +19.9% YoY; adjusted net profit of 2.69 billion yuan, +13.9% YoY. 24H1 achieved revenue of 39.75 billion yuan, -0.04% YoY; adjusted net profit of 4.09 billion yuan, or -31.1% YoY.
Management analysis
Results improved significantly in the second quarter of this year. 24Q2's revenue was +19.9% year-on-year and +42.7% month-on-month, mainly benefiting from growth in stock housing, home improvement, and housing rental businesses. At the same time, gross profit increased 22% year over year to 6.5 billion yuan, and gross margin increased 0.5 pct year over year to 27.9%, mainly due to: ① the improvement in the operational efficiency of home improvement and housing leasing, which contributed to an increase in profit margins; ② the share of store costs decreased.
The new housing business outperformed the market in the second quarter, and stock housing business transactions recovered. 24Q2's GTV for new homes was 235.3 billion yuan, -20.2% year over year, less than the -35% full-caliber sales volume of the top 100 real estate companies during the same period; GTV of stock housing was 570.7 billion yuan, +25.0% year over year. The company's revenue from the new housing business was 7.9 billion yuan, -8.8% year on year. The decline in new housing revenue was significantly less than the decline in GTV, mainly due to an increase in the monetization rate; revenue from the stock housing business was 7.3 billion yuan, +14.3% year over year.
The home improvement and housing rental business is growing rapidly. 24Q2's housing rental revenue was 3.2 billion yuan, +167.1% year-on-year, and the contributing profit margin increased from 5.5% to 5.8%. The company's home improvement contract amount was 4.2 billion yuan, +22% year over year, revenue 4 billion yuan, 53.9% year over year, contributing profit margin increased from 30.6% to 31.3%. The two wings of the business contributed to a significant increase in revenue.
Extend the repurchase period, increase the repurchase amount, and actively give back to shareholders. Since the repurchase began in September '22, the company has spent a total of 1.39 billion US dollars on repurchases, and the cumulative number of repurchased shares accounts for 7.51% of the total issued share capital before the repurchase. Currently, the company plans to raise the repurchase amount from 2 billion US dollars to 3 billion US dollars and extend the repurchase period until the end of August '25 to create and continuously enhance long-term value for shareholders.
Profit Forecasts, Valuations, and Ratings
Considering changes in the company's business structure and expansion of the company's investment, we slightly lowered the company's 2024-2026 non-GAAP net profit to 9.7 billion yuan, 10.2 billion yuan, and 11.3 billion yuan, with year-on-year growth rates of -1.4%, +5.6%, and +10.8%, respectively. The closing price of the company's stock corresponding to the 2024-26 PE valuation (corresponding non-GAAP net profit) was 13.5x, 12.8x, and 11.5x, respectively, maintaining a “buy” rating.
Risk warning
The recovery in real estate sales fell short of expectations; the risk of negative public opinion erupted; and rates continued to be lowered.
