EASYHOME(SZ:000785) Huachuang Securities·2024-07-30 04:31Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 3.6 CNY per share, compared to the current price of 2.47 CNY [2][3]. Core Views - The company's share buyback plan reflects strong operational confidence and steady progress in digital transformation. The buyback will utilize self-owned funds, with a total amount between 30 million CNY and 50 million CNY, potentially repurchasing up to 14.29 million shares, representing 0.23% of the total share capital [2][3]. - The company has established a strategic partnership with Huawei to enhance its digital transformation, focusing on smart home products and marketing empowerment. The digital platform "洞窝" is expected to achieve a GMV of approximately 46 billion CNY, with a break-even point anticipated in 2024 [3]. - The company aims to increase its revenue from the "人车家" business model and plans to open 50 integrated stores by 2024, enhancing profitability through a light asset model [3]. Financial Summary - Total revenue is projected to grow from 13.51 billion CNY in 2023 to 17.14 billion CNY by 2026, with a compound annual growth rate (CAGR) of approximately 6% [4]. - The net profit attributable to the parent company is expected to increase from 1.3 billion CNY in 2023 to 1.71 billion CNY in 2026, reflecting a growth rate of 9.2% in 2026 [4]. - The earnings per share (EPS) is forecasted to rise from 0.21 CNY in 2023 to 0.27 CNY in 2026, with corresponding price-to-earnings (P/E) ratios decreasing from 12 to 9 over the same period [4][10].