5i5j(SZ:000560) Xin Lang Cai Jing·2025-11-06 12:38Core Viewpoint - The company's non-operational impacts are gradually diminishing, and efforts to improve efficiency and reduce costs will continue, with strong sales performance in core cities expected to drive revenue growth and profit improvement [1] Investment Highlights - The investment recommendation is to maintain a "cautious accumulation" rating. The company is positioned as the second-largest player after Beike, with no larger competitors in the public market. Long-term growth potential in brokerage and leasing businesses is anticipated, with projected EPS of 0.06, 0.10, and 0.11 yuan for 2025-2027. A 50x PE valuation for 2025 suggests a reasonable value of 3.16 yuan [2] - The company experienced a significant increase in profit despite a 6.81% year-on-year decline in revenue to 8.165 billion yuan in the first three quarters of 2025, primarily due to the new asset management product "Xiangyu Youxuan" recognizing revenue using the net method. Net profit attributable to shareholders reached 42 million yuan, up 398.75%, with a non-recurring net profit of 54 million yuan, up 173.96%. The substantial profit growth is attributed to increased transaction volume in brokerage services and reduced operational costs [2] - The company continues to focus on first-tier and new first-tier cities, with a total of 2,549 operational stores by the end of Q3 2025, including 2,086 direct stores and 501 franchise stores. The total number of agents exceeds 31,000, and the total housing transaction amount reached 196.2 billion yuan, a 5.2% year-on-year increase [2] Business Performance - The brokerage business showed steady growth, with a GTV of 156.6 billion yuan in the first three quarters of 2025, a 5.1% year-on-year increase. The second-hand housing transaction volume reached 54,626 units, up 5.6% [3] - The asset management business recorded a GTV of 13.7 billion yuan, a 3.5% year-on-year decline, while the managed housing source scale increased by 8.9% to 330,000 units since the beginning of the year [3] - The new housing business achieved a GTV of 25.9 billion yuan, reflecting a 9.3% year-on-year increase, with a transaction volume of 8,150 units, up 0.4% [3]