我爱我家（000560）：业绩表现同比大幅改善，多重举措助力业绩修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance has significantly improved year-on-year, supported by multiple initiatives aimed at performance recovery [6] - The company has achieved a turnaround in net profit, with a projected net profit of 1.6 billion, 2.7 billion, and 3.2 billion for 2025-2027, respectively [6] - The financial condition of the company is overall good, with a rapid adjustment in business leading to substantial net profit growth [6] Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 56.58 billion, a decrease of 2.69% year-on-year, and a net profit attributable to shareholders of 0.38 billion, an increase of 30.8% year-on-year [7] - The company achieved a non-recurring net profit of 0.50 billion, turning from loss to profit, primarily due to the recovery in the second-hand housing market in key cities [7] - The gross margin and net margin were reported at 9.87% and 0.83%, respectively, with year-on-year increases of 1.22 percentage points and 0.34 percentage points [7] Business Segment Performance - The brokerage business generated revenue of 20.32 billion, reflecting a year-on-year growth of 13.57%, with a gross margin of 22.82% [8] - The total transaction volume (GTV) for the brokerage business reached 1108 billion, up 10.5% year-on-year, driven by the recovery in the second-hand housing market [8] - The asset management business reported a GTV of 86.2 billion, a slight increase of 0.2% year-on-year, with a revenue of 27.03 billion, down 17.41% year-on-year [9] Financial Projections - The company forecasts operating revenue of 132.49 billion, 140.94 billion, and 144.50 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 5.7%, 6.4%, and 2.5% [10] - The projected net profit for 2025, 2026, and 2027 is 160 million, 268 million, and 322 million, respectively, with significant year-on-year growth rates [10] - The earnings per share (EPS) are expected to be 0.07, 0.11, and 0.14 for the years 2025, 2026, and 2027, respectively [10]