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图表192025年加盟GTV的贡献利润率下降0.01pct
图表192025年加盟GTV的贡献利润率下降0.01pct
行业数据
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图片格式:PNG
图片大小:59KB
图片尺寸:1198*857
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所属报告:
贝壳~W-2423.HK-港股公司深度研究报告:贝壳为什么是红利股?-260430(24页).pdf
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行业数据
2026-07-21
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2026年1-5月累计民航业客座率同比+1.8pct
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行业数据
2026-07-21
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图52.2023Q1-2026Q1立邦中国和三棵树各季度营业利润率
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行业数据
2026-07-21
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2021-2025年HEICO飞行支持业务营业利润率持续提升
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行业数据
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乘用车企业分季度毛利率(%)及同环比变化(pct)
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行业数据
2026-07-20
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乘用车整车企业归母净利率(%)及同环比变化(pct)
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行业数据
2026-07-20
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2026年5月当月民航业客座率同比+1.0pct
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行业数据
2026-07-20
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乘用车整车企业研发费用率(%)及同环比变化(pct)
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行业数据
2026-07-20
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乘用车整车企业财务费用率(%)及同环比变化(pct)
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2026-07-20
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乘用车整车企业期间费用率(%)及同环比变化(pct)
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行业数据
2026-07-20
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乘用车整车企业销售费用率(%)及同环比变化(pct)
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行业数据
2026-07-20
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图11、2021-2025年安费诺分板块营业利润率
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行业数据
2026-07-20
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2024-2025年利润率逐渐修复
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2026-07-16
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国内电解铜杆周度开工率升2.45pct至68.06%
5pWw5o2u6KGo5qC877yaCgp8IOaMh+aghyAgICAgICAgICAgICAgIHwg5pWw5YC8ICAgICAgIHwKfC0tLS0tLS0tLS0tLS0tLS0tLS0tfC0tLS0tLS0tLS0tLXwKfCDlm73lhoXnlLXop6Ppk5zmnYblkajluqblvIDlt6XnjocgfCA2OC4wNiUgICAgIHwKCui1hOaWmeadpea6kO+8mldpbmTvvIzlm73ms7DmtbfpgJror4HliLjnoJTnqbY=
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2026-07-14
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图12.2020-2025年利润率情况
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2026-07-10
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本轮扩张难以带动营收同步提升,反映的是在成熟的存量房市场(基本为公司高市占率地区)扩张面临边界。1)市场认为本轮扩张难以带动营收增长的原因在于市场仍在下行。2)但营收大幅下滑的背后反应的是成熟的存量房市场里,公司触及了管理边界,2024 年扩张后,能够明显看到自营门店的 GTV 贡献利润率和加盟店抽成率在下降,更大的市场份额需要付出更高的成本获得。表现在高市占率区域,继续开门店或者增加贝联门店没有意义,只会分流当前成交单量。而高能级城市外围市场和低能级城市扩张的成本比较高。3)否则即使在行业下行期,公司也能如 2008 年的扩张一样,通过提升市占率来对冲行业下行对 GTV 的影响。以上海为例,2024 年门店数量翻倍,但并未带来市占率的明显提升。4)为什么高壁垒的贝壳也会面临一定边界,因为二手房交易为区域性行为,不同地区存在不同的竞争者,a)其他竞争对手也在做中央交易 ACN,如我爱我家、深圳乐有家、重庆到家了;b)区域内部分小机构联合共享信息;c)存在深耕片区/赛道型中介,如学区房专家、上海深耕社区的夫妻店等。
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贝壳~W-2423.HK-港股公司深度研究报告:贝壳为什么是红利股?-260430(24页).pdf
图表9美国二手房成交占比长期在85%以上
图表8ACN将二手房交易分为10个环节
图表7中央交易系统下信息传递效率极大提升
图表6二手房中介人效低是导致收入低、流失率高服务质量低的根源
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