SFY(SZ:002572) GUOTAI HAITONG SECURITIES·2025-12-01 06:58Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 17.85 CNY [6][13]. Core Insights - Yingfeng Group plans to increase its stake in Sophia by 10.77% at a premium of 28.85%, reflecting long-term confidence in the company's development [2][13]. - The report indicates that the company may face short-term pressure from the real estate sector, leading to a downward adjustment in profit forecasts for 2025-2027 [13]. - The acquisition by Yingfeng is seen as a recognition of the long-term investment value in the industry and the leading company, suggesting potential for future collaboration [13]. Financial Summary - Total revenue is projected to decrease from 11,666 million CNY in 2023 to 9,982 million CNY in 2025, before recovering to 11,080 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of 5.8% from 2025 to 2027 [4][14]. - Net profit attributable to the parent company is expected to decline from 1,261 million CNY in 2023 to 1,011 million CNY in 2025, with a recovery to 1,271 million CNY by 2027 [4][14]. - Earnings per share (EPS) is forecasted to be 1.31 CNY in 2023, dropping to 1.05 CNY in 2025, and then increasing to 1.32 CNY by 2027 [4][14]. Market Data - The current stock price is 13.97 CNY, with a 52-week price range of 12.51 CNY to 19.16 CNY [7]. - The company's total market capitalization is 13,454 million CNY, with a total share count of 963 million shares [7][8]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 10.67 for 2023, decreasing to 9.81 for 2024, and then increasing to 13.30 for 2025 [4][14]. - The price-to-book (P/B) ratio at the current price is 1.9, indicating a valuation that is slightly above book value [8][14].