SFY(SZ:002572) ZHONGTAI SECURITIES·2025-05-06 12:54Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11] Core Views - The report highlights that despite revenue pressure in Q3, the company's profitability remains robust, and there is optimism for order improvement in Q4 [3][6] - The company has shown strong performance with an increase in average transaction value, significantly enhancing profitability [3][6] Financial Summary - Total shares outstanding: 963.05 million [1] - Circulating shares: 651.46 million [1] - Market price: 15.21 CNY [1] - Market capitalization: 14,647.95 million CNY [1] - Circulating market capitalization: 9,908.74 million CNY [1] Revenue and Profit Forecast - Projected revenue for 2023: 11,666 million CNY, with a growth rate of 4% [4] - Projected revenue for 2024: 10,494 million CNY, with a decline of 10% [4] - Projected net profit for 2023: 1,261 million CNY, with a growth rate of 19% [4] - Projected net profit for 2024: 1,371 million CNY, with a growth rate of 9% [4] Business Segment Performance - The Sofia brand is expected to generate 9.448 billion CNY in 2024, a decrease of 6.7% year-on-year, with an average transaction value of 23,370 CNY, up 19% [6] - The Milan brand is projected to achieve 510 million CNY in 2024, an increase of 8.09% year-on-year, with an average transaction value of 15,153 CNY, up 8.75% [6] - The integrated channel is expected to generate 2.216 billion CNY in revenue, an increase of 16.22% year-on-year [7] Strategic Insights - The company is deepening its whole-house strategy, which is driving a significant increase in average transaction value [8] - The brand matrix optimization has clarified positioning, providing momentum for future growth [8] - The company anticipates continued revenue improvement driven by national subsidies [8]