Incident Yiju Enterprise Holdings released its 2019 semi-annual report. In the first half of 2019, the company achieved operating income of 4.33 billion yuan, an increase of 55.8% over the previous year, and realized net profit of 670 million yuan, an increase of 22.4% over the previous year. The increase in review revenue exceeded expectations, and the Housekeeper Platform contributed the most. In the first half of 2019, the company achieved operating income of 4.33 billion yuan, an increase of 55.8% over the previous year, and realized core net profit of 670 million yuan, an increase of 22.4% over the previous year. In terms of revenue, the revenue growth rates of the three businesses of agency services, real estate brokerage network services (homeowners), and data consulting services were 15.7%, 681.3%, and 15.4%, respectively. The market share of the agency business continues to increase. In the first half of 2019, the sales area of the company's first-hand housing agency business was 23.4 million square meters, an increase of 14.2% over the previous year; the agent sales amount was 320.03 billion yuan, an increase of 25.1% over the previous year. As of 2019H1, the total area of reserve projects that the company has signed but not yet sold is 283 million square meters, laying a solid foundation for the company's agency business revenue in the future. In the future, the company will strive to build a first-hand housing multi-point sales service platform (PMLS) to link upstream developers to downstream channel providers through this platform. Network services for the real estate economy have been upgraded again, and data and consulting services are growing steadily. As of 2019H1, the company's Easy Home Housekeeping Platform has covered 56 cities, successfully turning a loss into a profit in the first half of the year. In the first half of the year, 40,000 new homes were sold to developers through the Home Friends Platform, with a total amount of 50.2 billion yuan, up 742% and 395% respectively from the previous year. The data and consulting services of 2019H1 companies achieved revenue of 443 million yuan, an increase of 15.4% over the previous year. In the future, the company will continue to build a shared service platform for real estate agents for the entire industry, implement the “30000+” strategy, that is, 10,000+ stores, 10000+ channels, and 10,000+ communities, and build a B-side service platform that spans all fields of real estate. Investment suggestions: Yiju's three major businesses have developed collaboratively to form a closed-loop full-industry chain service. Strong shareholder backgrounds have enhanced the certainty and growth of the company's performance; the big data and housekeeper business have unique competitive advantages, effectively enhancing the company's authority and popularity. It is estimated that the company's EPS for 2019-2021 will be 0.88, 1.07, and 1.29 yuan respectively, and the corresponding PE will be 9.3, 7.6, and 6.3 times, respectively, maintaining the “increased holdings” rating. Risk warning: industry sales fluctuations; business risks due to policy adjustments (shed reform, regulation, tax policies, etc.); changes in the financing environment (mortgages, development loans, interest rate adjustments, etc.); business operation risks (personnel changes, construction, land acquisition, etc.); exchange rate fluctuation risk.