5i5j(000560) KAIYUAN SECURITIES·2025-01-24 14:23Investment Rating - The investment rating for the company is "Outperform" (maintained) [6] Core Views - The company has turned its net profit from loss to profit, with a significant increase in managed properties year-on-year [6][8] - The expected net profit for 2024 is approximately between 0.7 billion to 1 billion yuan, indicating a substantial recovery compared to previous losses [7] - The company has implemented cost control measures and benefited from a recovery in the second-hand housing market, particularly in core first-tier cities [7][8] Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 0.8 billion, 1.6 billion, and 2.7 billion yuan respectively, with corresponding EPS of 0.03, 0.07, and 0.11 yuan [6][10] - The total revenue for 2024 is estimated at 12.563 billion yuan, with a year-on-year growth of 3.9% [10] - The gross margin is expected to improve to 14.6% in 2024, with a net margin of 0.6% [10][15] Operational Highlights - The company’s managed properties under the "Xiangyu" brand have reached 303,000 units, reflecting a year-on-year growth of 11.8% [8] - The company has successfully reduced operational costs, with significant decreases in sales expenses due to prior investments no longer impacting the current financials [7][8]