EASYHOME(000785) 中国银河·2024-10-31 10:32Investment 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].