5i5j(SZ:000560) Guoxin Securities·2025-04-11 12:25Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Views - The company has turned profitable after two years, achieving a net profit attributable to shareholders of 73.41 million yuan in 2024, a significant improvement from a loss of 850 million yuan in 2023 [2][21]. - The company's revenue structure shows that the existing housing brokerage business, new housing business, and asset management business contributed 80%, 13%, and 6% to the total gross transaction value (GTV) respectively, while their revenue contributions were 33%, 9%, and 49% [7][3]. - The company is expected to benefit from favorable real estate policies and a stable housing market, with projected net profits of 300 million yuan and 380 million yuan for 2025 and 2026 respectively [4][60]. Summary by Sections Financial Performance - In 2024, the company achieved total housing transaction volume of 287.6 billion yuan, a year-on-year increase of 1%, and operating revenue of 12.5 billion yuan, up 4% year-on-year [7]. - The net profit margin improved to 0.6%, an increase of 7.6 percentage points year-on-year, with a gross margin of 9.8% [2][21]. - The company maintained a strong operating cash flow of 4.5 billion yuan in 2024 [7]. Business Segments - The brokerage business and new housing business had transaction totals of 231.5 billion yuan and 38.1 billion yuan respectively, with year-on-year changes of +4% and -16% [3][37]. - The asset management business generated revenue of 6.1 billion yuan, reflecting a year-on-year growth of 6% [51]. Market Position - The company operates 2,636 stores, with 81% being direct-operated, and has approximately 30,000 agents [3][37]. - The company focuses on enhancing market share in core cities while stabilizing its operational scale [3][37].