GLONGHUI, September 28 | CITIC Securities released a research report. From a static perspective, we estimate that Beijing Chainjia's commission fee reduction may affect net profit by about 5 percentage points; from a dynamic perspective, the increase in market share and the development of the new home and home improvement business are all factors where the company's ability endowment is sufficient to hedge against falling rates, and the market's recovery trend, which began in the third quarter, may have made the company's GTV performance clearly superior to previous expectations. Although the fee reduction was taken into account, considering that the real estate market performed better than expected and that the market share in 2024 may have increased further along with the fee reduction, the company's 2023/24/25 non-GAAP net profit forecast was raised to 87.9/98.4/10.94 billion yuan (the original forecast was 75.10/8698/9.51 billion yuan). Considering the positive changes in real estate policy and the position of seashells in the industry, the company was given a target valuation of 3.5 times PS in 2023. The target price was HK$76, maintaining the “buy” rating.