5i5j(SZ:000560) Guolian Securities·2024-09-01 08:03Group 1 - Investment Rating: Maintain "Buy" rating [4] - Core View: The company has turned profitable with a net profit of 29.36 million yuan in H1 2024, despite a 7.2% year-on-year decline in revenue [2][6] - Revenue Breakdown: In H1 2024, the company achieved revenue of 5.815 billion yuan, with the brokerage business declining by 23.9% year-on-year, while the asset management business (Xiangyu) grew by 15.7% [6][7] Group 2 - Reasons for Profit Improvement: Key factors include strict cost control, a reduction in sales and management expense ratio to 14.27%, and the sale of assets from the Kunming New Era Hotel, expected to bring in approximately 80 million yuan in non-recurring gains [2][6] - Market Outlook: The second-hand housing market in key cities like Beijing, Shanghai, and Hangzhou is expected to recover, which may drive the company's brokerage business growth [6][7] - Financial Forecast: Projected revenues for 2024-2026 are 12.831 billion, 13.274 billion, and 13.963 billion yuan, with net profits expected to reach 860 million, 1.92 billion, and 3.59 billion yuan respectively [6][7]