5i5j(SZ:000560) GUOTAI HAITONG SECURITIES·2025-11-06 14:29Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 3.16 CNY [6][13]. Core Insights - The report indicates that the company's non-operational impacts have gradually diminished, and efficiency improvements and cost reductions will continue. The sales performance in core cities is expected to drive revenue growth, leading to sustained profit improvement [2]. - The company has achieved significant profit growth, with a notable increase in net profit attributable to shareholders, which reached 0.42 billion CNY in the first three quarters of 2025, representing a year-on-year increase of 398.75% [13]. - The company focuses on first-tier and new first-tier cities, with a total of 2,549 operational stores as of the end of Q3 2025, including 2,086 direct stores and 501 franchise stores [13]. Financial Summary - Total revenue for 2023 is projected at 12,092 million CNY, with a growth rate of 3.6% [4]. - The net profit attributable to shareholders is expected to turn positive in 2024, reaching 73 million CNY, and further increasing to 149 million CNY in 2025 [4]. - The company’s earnings per share (EPS) is forecasted to be 0.03 CNY in 2024 and 0.06 CNY in 2025 [4]. Business Performance - The company reported a total housing transaction amount of 196.2 billion CNY in 2025, an increase of 5.2% year-on-year [13]. - The brokerage business achieved a gross transaction value (GTV) of 156.6 billion CNY in the first three quarters of 2025, reflecting a year-on-year growth of 5.1% [13]. - The asset management business managed a total of 330,000 housing units, showing an 8.9% increase compared to the beginning of the year [13].