居然之家：拟更名为居然智家

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].