Glonghui, May 27 | Jefferies reports that Shell's first-quarter revenue was in line with market expectations, but it was better than the bank's expectations. In particular, total transaction volume (GTV) beat expectations. The bank expects the total transaction volume for the second quarter to remain flat at 780 billion yuan year-on-year. Existing housing transactions are the main driving force for growth, while the decline in new housing transactions narrows. The bank estimates that the Group will reinvest in different fields this year to increase its market share, and its leading competitive position in the real estate transaction market remains unchanged. The bank expects seashell revenue for the second quarter to rise 8% year-on-year (5% increase previously forecast) to 21 billion yuan. Considering transaction project reinvestment and new business, it is expected that the overall gross margin will remain stable at around 25%, the non-GAAP net profit margin will be 7% (originally expected 9.5%), and the target price will be raised from $17 to $19.8, maintaining the “buy” rating.