Workflow
居然之家:与华为签署战略协议,数智合作深化

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 [4][15]. Core Insights - The company is positioned as a leader in the pan-home service ecosystem, with growth driven by digitalization and internationalization strategies [2][3]. - The company has signed a strategic cooperation agreement with Huawei to enhance its digital platforms and expand its smart home offerings [1][2]. - The company aims to establish a comprehensive furniture industry park in ASEAN countries over the next 3 to 5 years, leveraging overseas resources and cost advantages [1][3]. Financial Performance and Projections - The company’s projected net profits for 2024, 2025, and 2026 are estimated at 1.45 billion, 1.59 billion, and 1.74 billion yuan respectively, with corresponding P/E ratios of 10.53, 9.59, and 8.76 [2][8]. - Revenue is expected to grow from 13.51 billion yuan in 2023 to 17.94 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 9.11% [8][11]. - The company’s gross margin is projected to remain stable, with a slight decrease from 34.86% in 2023 to 33.59% in 2026 [11]. International Expansion - The company has accelerated its international strategy, opening stores in Cambodia and Macau, with high occupancy rates of 96% [3][9]. - Southeast Asia is identified as a key market due to its economic growth, demographic advantages, and favorable trade policies [3][9]. Digital Transformation - The company is enhancing its digital capabilities through partnerships with Huawei, focusing on integrating AI into its applications and services [1][2]. - The design platform "居然设计家" has over 14.77 million registered users, primarily from overseas, indicating strong international engagement [1][3].