5i5j(SZ:000560) Xin Lang Cai Jing·2025-05-01 06:40Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue growth but a significant decline in net profit due to high base effects from the previous year [1][2]. Financial Performance - The company achieved revenue of 2.823 billion yuan, representing a year-over-year increase of 2.5% [1][2]. - The gross profit margin was 10.28%, up by 1.75 percentage points year-over-year [2]. - The net profit attributable to shareholders was 6.2707 million yuan, down 75.3% year-over-year, primarily due to a high profit base from asset sales in the previous year [2]. - The non-GAAP net profit was 22.6018 million yuan, showing a significant year-over-year increase of 141.26% [2]. Business Segments - The second-hand housing market showed positive trends, with significant increases in transaction volumes in key cities: Beijing (43,700 units, +31.3%), Shanghai (58,300 units, +45.3%), and Hangzhou (23,600 units, +46.8%) [1]. - The total housing transaction value (GTV) reached 68.11 billion yuan, a year-over-year increase of 33.0%, with contributions from brokerage (56.79 billion yuan, +35.2%), asset management (3.62 billion yuan, +0.6%), and new housing (7.70 billion yuan, +37.5%) [1]. Asset Management and Risk Management - As of the end of Q1 2025, the company managed 310,000 units in its asset management business, an increase of 7,000 units since the beginning of the year [3]. - Accounts receivable from new housing decreased to 437 million yuan from 504 million yuan at the beginning of the year, indicating reduced operational risk [3]. - The sales expense ratio improved to 17.75%, down from 20.65% in Q1 2024, reflecting effective cost control measures [3]. Future Outlook - The company anticipates a positive outlook for the existing housing market, with continued growth in non-GAAP profitability [3]. - Revenue projections for 2025-2027 are estimated at 13.69 billion, 14.99 billion, and 16.46 billion yuan, with net profits of 22 million, 25 million, and 29 million yuan respectively [3]. - Corresponding price-to-earnings ratios are expected to be 33.5x, 29.6x, and 25.7x [3].