5i5j(SZ:000560) KAIYUAN SECURITIES·2024-10-31 06:43Investment Rating - Investment Rating: Maintain "Outperform" [2] Core Views - The company's net profit has turned positive, with significant growth in asset management revenue, leading to a maintained "Outperform" rating [2] - The company has implemented cost control measures, resulting in a notable decrease in operational costs, which has positively impacted net profit [2][3] - The company has sold assets related to the New Era Hotel in Kunming, contributing positively to net profit during the reporting period [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 8.762 billion yuan, a year-on-year decrease of 3.42% [2] - The net profit attributable to the parent company for the same period was 8.4866 million yuan, a year-on-year increase of 112.49%, marking a turnaround from negative to positive [2] - The company's gross profit margin for the first three quarters was 7.36%, a decrease of 3.10 percentage points year-on-year, while the net profit margin was 0.11%, an increase of 0.75 percentage points year-on-year [2] GTV and Business Segments - The total transaction value (GTV) for the first three quarters of 2024 was 186.7 billion yuan, a year-on-year decrease of 17.8% [3] - The breakdown of GTV includes brokerage business at 148.9 billion yuan, asset management at 14.2 billion yuan, and new housing at 23.7 billion yuan, with respective year-on-year changes of -14.5%, +1.7%, and -32.3% [3] - In Q3 2024, the GTV was 64.1 billion yuan, a year-on-year increase of 2.3%, with brokerage business at 48.7 billion yuan, asset management at 5.4 billion yuan, and new housing at 9.9 billion yuan, showing positive growth in asset management and new housing segments [3] Financial Projections - The company is projected to achieve net profits of 120 million yuan, 212 million yuan, and 328 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.05 yuan, 0.09 yuan, and 0.14 yuan [4][5] - The operating revenue is expected to grow from 12.563 billion yuan in 2024 to 14.094 billion yuan in 2026, reflecting a compound annual growth rate [4][5]