Investment Rating - The investment rating for the company is "Buy" [4][8]. Core Insights - The company reported its Q3 2024 results, which met expectations, with a revenue of 9.479 billion yuan for the first three quarters, a year-on-year decline of 2.7%, and a net profit attributable to shareholders of 732 million yuan, down 36.4% year-on-year [4][8]. - The "old-for-new" policy has entered the implementation phase, significantly boosting customer traffic in benchmark cities, with sales in Sichuan province increasing over 60% during the promotional period [4][8]. - The company is actively transforming its core business, exploring new business models, and enhancing its digital capabilities, which are expected to yield positive results in the future [4][8]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 9.479 billion yuan, with a net profit of 732 million yuan [5][9]. - The projected revenues for 2024, 2025, and 2026 are 13.853 billion yuan, 15.016 billion yuan, and 16.465 billion yuan, respectively, with corresponding net profits of 1.056 billion yuan, 1.138 billion yuan, and 1.227 billion yuan [5][9]. - The company's gross margin for Q1-3 2024 was 29.3%, with a projected PE ratio of 17 for 2024 [5][9]. Business Strategy - The company is expanding its presence in the pan-home industry chain, which includes design, home decoration, smart home, and logistics services, aiming to enhance operational efficiency and create value for consumers [7][8]. - The digital transformation efforts have led to significant growth in online platforms, with over 11 million merchants and 31.5 million registered users by mid-2024 [4][8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating a potential upside of over 20% within the next six months [8][17]. Core Insights - The company reported a revenue of 3.1 billion yuan for Q3 2024, a decrease of 6% year-on-year, and a net profit attributable to shareholders of 130 million yuan, down 55% year-on-year [1]. - The company plans to change its name to "居然智家" to better reflect its focus on smart home products and services, enhancing brand recognition [2][5]. - The AI design platform "居然设计家" has shown promising growth, with 17 million registered users and 36 million design cases as of September 30, 2024 [2]. - The company aims for a total transaction target of 25.1 billion yuan for the upcoming "Double 11" shopping festival, representing a 20% increase from the previous year [6]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 9.5 billion yuan, a decrease of 3% year-on-year, and a net profit of 730 million yuan, down 36% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 29.33%, a decline of 5.66 percentage points, while the net profit margin was 7.77%, down 4.29 percentage points [1]. - The company has adjusted its earnings per share (EPS) forecasts for 2024 to 0.16 yuan, with projected EPS of 0.17 yuan and 0.19 yuan for 2025 and 2026, respectively [7][10]. Business Development and Strategy - The company is transitioning its retail spaces into smart home experience centers, with 11 centers opened nationwide as of September 30, 2024, covering a total area of 443,000 square meters [4]. - The "居然智慧家" smart home service platform is rapidly developing, with over 300 cooperative brands and more than 300,000 connected devices [4]. - The company is investing over 20 million yuan in omnichannel marketing to enhance visibility and support manufacturers [3].

证券代码：000785 证券简称：居然之家 公告编号：临 2024-054 居然之家新零售集团股份有限公司 截至 2024 年 10 月 31 日，公司通过股份回购专用证券账户以集中竞价交易 方式回购股份 2,930,300 股，约占公司总股本的 0.05%，最高成交价为 2.86 元/ 股，最低成交价为 2.73 元/股，成交总金额为 8,264,369 元（不含交易费用），已 （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 居然之家新零售集团股份有限公司（以下简称"公司"）于 2024 年 7 月 18 日、2024 年 8 月 5 日分别召开公司第十一届董事会第十一次会议、第十届监事 会第十一次会议以及 2024 年第二次临时股东大会，审议通过了《关于公司以集 中竞价交易方式回购部分社会公众股份方案（第三期）的议案》，同意公司使用 自有资金通过深圳证券交易所交易系统以集中竞价交易方式回购部分公司 A 股 社会公众股 ...

Group 1: Company Transformation and Strategy - The name change to "居然智家" reflects the company's strategic shift towards digitalization, intelligence, internationalization, and sustainability [1] - Smart home products have become the most important category in the company's retail operations, with a focus on transforming traditional stores into smart home experience centers [1] - As of September 30, 2024, the company has opened 11 smart home experience centers with a total operating area of 443,000 square meters [1] Group 2: Smart Home Service Platform - The "居然智慧家" smart home service platform has rapidly developed, establishing partnerships with over 300 brands and connecting more than 300,000 devices by September 30, 2024 [1] - The company has opened 138 stores across 15 provinces, including 7 integrated stores that combine "people, cars, and homes" [2] Group 3: AI Design Platform - The AI design platform "居然设计家" was co-developed with Alibaba, providing AI design tools and services, achieving an 83% accuracy rate in model judgment [2] - As of September 30, 2024, the platform has 17 million registered users and 36 million design cases [2] Group 4: Sales and Marketing Initiatives - The company aims for a total transaction target of 25.1 billion yuan during the "Double 11" shopping festival, a 20% increase year-on-year [2] - Over 100 popular products will be featured, with 1500 offline events planned across more than 400 stores [2] - The first live broadcast for "Double 11" attracted 5.08 million viewers and generated 11,000 orders [2] Group 5: Government Policy Response - The company actively participates in the national old-for-new policy, organizing promotional activities and collaborating with local governments [2] - During the "Double 11" period, the average transaction volume in stores increased by over 20% [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 9.48 billion yuan for the first nine months of 2024, a year-on-year decrease of 2.7%, and a net profit attributable to shareholders of 730 million yuan, down 36.4% year-on-year. In Q3 2024, revenue was 3.13 billion yuan, a decline of 6.2%, and net profit was 130 million yuan, down 54.6% year-on-year [1][2]. - The home furnishing sector is awaiting demand recovery, with the company making progress in transforming into smart home experience centers. The company is implementing strategies to improve store operations and is actively transitioning towards smart home experience centers, which have shown steady improvement in customer traffic and sales [1][2]. - The company is leveraging its shopping center business as a second growth curve, with several "Zhongshang World" shopping centers already opened and expected to contribute to future performance growth [1][2]. Financial Summary - For the first nine months of 2024, the company's gross margin was 29.3%, a decrease of 5.7 percentage points year-on-year. The net profit margin was 7.7%, down 4.1 percentage points year-on-year. In Q3 2024, the net profit margin was 4.1%, a decline of 4.4 percentage points year-on-year [2]. - The company is projected to achieve earnings per share of 0.18 yuan, 0.20 yuan, and 0.22 yuan for the years 2024, 2025, and 2026, respectively. The closing price on October 30 was 2.78 yuan, corresponding to a price-to-earnings ratio of 16X, 14X, and 12X for the respective years [2][4].

□是 否 居然之家新零售集团股份有限公司 2024 年第三季度报告 证券代码：000785 证券简称：居然之家 公告编号：2024-006 居然之家新零售集团股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计。 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|------------------------ ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 证券代码：000785 证券简称：居然之家 公告编号：临 2024-051 居然之家新零售集团股份有限公司 第十一届董事会第十三次会议决议公告 居然之家新零售集团股份有限公司（以下简称"公司"）第十一届董事会第十 三次会议（以下简称"本次会议"）于 2024 年 10 月 29 日以通讯形式召开，会 议通知已于 2024 年 10 月 22 日以电子邮件的方式发出。本次会议应出席会议董 事 12 人，实际出席会议董事 12 人，公司监事会全体监事及全体高级管理人员列 席会议。本次会议的召开符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 本议案已经公司董事会审计委员会审议通过。 表决结果：12 票同意、0 票反对、0 票弃权。 （具体内容请见登载于《中国证券报》《证券时报》《上海证券报》和巨潮 资讯网 http://www.cninfo.com.cn 的《居然之家新零售集团股份有限公司 2024 年 第三季度报告》。） ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-052 居然之家新零售集团股份有限公司 关于拟变更公司名称、证券简称及 修改《公司章程》的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 居然之家新零售集团股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日召开了第十一届董事会第十三次会议，审议通过《关于拟变更公司名称、证 券简称及修改<公司章程>的议案》。现将具体情况公告如下： 一、拟变更公司名称、证券简称的说明 根据公司发展战略规划与经营发展需要，为进一步聚焦主业并提升品牌形象， 公司拟将中文名称由"居然之家新零售集团股份有限公司"变更为"居然智家新 零售集团股份有限公司"，证券简称由"居然之家"变更为"居然智家"，英文 名称"Easyhome New Retail Group Corporation Limited"和证券代码"000785"保 持不变。公司拟变更名称已经武汉市武昌区行政审批局确认予以保留，已经公司 第十一届董事会第十三次会议审议通过，尚需提交公司股东大会审议，并提交市 场监督管理部门审核及履行相关 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-053 居然之家新零售集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 经居然之家新零售集团股份有限公司（以下简称"公司"或"本公司"）第十一届 董事会第十三次会议决议，公司拟于 2024 年 11 月 15 日以现场投票与网络投票相结合 的表决方式召开公司 2024 年第三次临时股东大会。会议有关事项公告如下： （五）会议的召开方式：采取现场投票与网络投票相结合的方式。本公司将通过深 圳证券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向全体股东提供 网络形式的投票平台，在股权登记日登记在册的公司股东均可以在网络投票时间内通过 上述系统行使表决权。 一、召开会议基本情况 （一）股东大会届次：2024 年第三次临时股东大会 （二）股东大会召集人：公司第十一届董事会，公司第十一届董事会第十三次会议 审议通过了《关于提请召开公司 2024 年第三次临时股东大会的议案》。 （三）会议召开的合法、合规 ...

证券代码：000785 证券简称：居然之家 居然之家新零售集团股份有限公司 投资者关系活动记录表 | --- | --- | |------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关 系活动类 别 | 特定对象调研 ☐ 分析师会议 媒体采访 ☐ 业绩说明会 新 ...