5i5j(SZ:000560) KAIYUAN SECURITIES·2025-04-10 14:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has turned its net profit from loss to profit, with a slight increase in overall GTV. The improvement in performance is attributed to cost reduction and efficiency enhancement, as well as a recovery in the second-hand housing market [5][6] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 160 million, 269 million, and 323 million yuan respectively, with corresponding EPS of 0.07, 0.11, and 0.14 yuan [5][6] Financial Performance Summary - In 2024, the company achieved operating revenue of 12,536 million yuan, a year-on-year increase of 3.67% - The GTV reached 287.6 billion yuan, up 1.2% year-on-year - The net profit attributable to the parent company was 73 million yuan, a significant increase of 108.65% compared to a loss of 848 million yuan in 2023 - The gross margin was 9.77%, an increase of 0.30 percentage points year-on-year, while the net margin was 0.56%, up 7.59 percentage points year-on-year [6][9] Business Segments - The brokerage business generated revenue of 4.1 billion yuan in 2024, with a gross margin of 20.3%, reflecting a year-on-year increase of 0.1 percentage points. The GTV for this segment was 2,315 billion yuan, up 4.2% year-on-year [7] - The asset management business achieved a GTV of 18 billion yuan, with operating revenue of 6.13 billion yuan, both showing a year-on-year increase of 6.5%. The number of managed rental units reached 303,000, an increase of 11.8% year-on-year, with a rental rate of 95.4% [8]