EASYHOME(000785) 申万宏源·2024-11-05 09:40Investment 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].