> **来源：[研报客](https://pc.yanbaoke.cn)** # Ke Holdings (BEKE US) Summary ## Core Content Ke Holdings (BEKE US) reported its 1Q26 financial results, showing a revenue decline of 19.0% YoY to RMB18.9bn, which was inline with Bloomberg's consensus and the firm's forecast. However, non-GAAP net profit rose by 15.7% YoY to RMB1.6bn, significantly beating expectations. The non-GAAP net profit margin reached 8.5%, a 7-quarter high, highlighting the company's efficiency-driven transformation. Looking ahead, management guided for strong 2Q26 revenue with a non-GAAP OPM of ~12% and NPM of ~9-10%. This guidance implies a non-GAAP NP of ~RMB2.2-2.4bn. For 3Q/4Q26E, the company expects a non-GAAP NPM of 7-8%, leading to an estimated FY26 non-GAAP NP of ~RMB7.0-7.7bn and a margin of 7.9-8.7%, indicating a meaningful upward revision from the previous forecast of 7.0%. ## Main Points - **Revenue Performance**: - 1Q26 revenue declined 19.0% YoY to RMB18.9bn. - 2Q26E revenue is expected to be ~RMB24bn, with a strong growth trajectory for the full year. - FY26E revenue is projected to reach 7.9-8.7% non-GAAP margin, which is higher than the previous forecast. - **Profitability Improvements**: - Non-GAAP net profit margin hit a 7-quarter high of 8.5% in 1Q26. - Operating expenses declined 22.3% YoY to RMB3.29bn, reaching a 3-year low. - The company achieved cost optimization through AI-enabled marketing, staff streamlining, and increased designer efficiency. - **New Business Contributions**: - Home rental business managed ~750k units (+50% YoY), with CM rising to 14.8%. - Home renovation business achieved a CM of 36.2% despite a 20.6% revenue decline, with management aiming for breakeven in FY26. - Both new businesses are becoming significant contributors to profitability. - **Valuation and Investment Outlook**: - The target price was raised to US\$24.0, reflecting a stronger-than-expected profitability trajectory. - This translates into a 25.6x 2026E non-GAAP PE. - The firm maintains a BUY rating, citing strong growth and margin improvements. ## Key Information - **Earnings Summary**: - Revenue for FY24A to FY28E shows a fluctuating trend with a notable increase in FY26E. - Adjusted net profit is expected to grow significantly, reaching RMB10,564mn in FY28E. - The company's profitability has shown consistent improvement, especially in non-GAAP net profit margin. - **Valuation Metrics**: - The current P/E ratio is 23.9, while the diluted P/E is 24.9. - The target price is US\$24.0, with a potential upside of 22.9% from the current price of US\$18.72. - The SOTP valuation is US\$27,267mn, with a valuation per ADS of US\$24.0. - **Financial Highlights**: - The company's net cash from operations has improved significantly in recent years. - The net debt-to-equity ratio is negative, indicating strong liquidity. - The current ratio is above 1.5, reflecting good short-term liquidity. ## Forecast Revision - The company revised its FY26E forecast upwards, with non-GAAP net profit expected to reach RMB7.5bn, compared to the previous forecast of RMB7.0bn. - The growth in revenue and profit is expected to continue, with non-GAAP net profit margin projected to increase in subsequent years. ## Analyst Information - The report was prepared by Saiyi HE, Ye TAO, Miao ZHANG, and Wentao LU, with Shuyin GUO as a supporting analyst. - The firm maintains a BUY rating on BEKE US, based on the improved profitability and growth prospects. ## Risk and Disclaimer - The report contains forward-looking statements and is subject to market risks. - CMBIGM does not provide individually tailored investment advice and recommends consulting a financial advisor. - The report is for informational purposes only and should not be construed as an offer or solicitation to buy or sell securities.