5i5j(000560) Xiangcai Securities·2025-02-14 10:01Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a significant turnaround in its financial performance for 2024, with a projected net profit of approximately 70 million to 100 million yuan, compared to a loss of 848 million yuan in 2023. The non-GAAP net profit is expected to be around 47 million to 70 million yuan, compared to a loss of 752 million yuan in the previous year [3][4] - The improvement in performance is attributed to several factors, including a strong recovery in the second-hand housing market, strict cost control, asset sales, the end of negative impacts from employee stock ownership plans, and a reduction in non-operating losses [4][5] Financial Performance Summary - The company forecasts a revenue of 12,769 million yuan for 2024, representing a year-on-year growth of 5.6%. The net profit is expected to be 95 million yuan, a significant recovery from the previous year's loss [9][12] - The projected earnings per share (EPS) for 2024 is between 0.0297 and 0.0425 yuan, compared to -0.3601 yuan in 2023. The price-to-earnings (P/E) ratio for 2024 is estimated at 77 times [3][9] - The company aims to maintain a focus on core cities to enhance operational efficiency, with a target of managing 303,000 rental properties by the end of 2024, reflecting an 11.8% year-on-year increase [5][6] Business Strategy and Market Position - The company is concentrating on core cities, closing underperforming stores in non-core areas, and enhancing market share in key cities like Beijing and Hangzhou. The second-hand housing market's recovery is expected to boost brokerage revenue [5][6] - A strategic partnership with JD Logistics is anticipated to create new revenue streams through community services and supply chain collaborations [5][6]