EASYHOME(000785) 国投证券·2025-02-14 08:30Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 5.45 CNY, while the current stock price is 5.06 CNY [3]. Core Insights - The company is actively deepening its digital transformation by integrating its three major smart platforms with DeepSeek, enhancing AI design capabilities, marketing precision, and creating a unified smart living environment [2][6]. - The strategic focus is on digitalization, intelligence, internationalization, and sustainability, marking a significant shift from traditional home retail to smart home experience centers [3][6]. - Revenue projections for 2024-2026 are estimated at 137.16 billion, 149.63 billion, and 164.28 billion CNY, with corresponding net profits of 9.71 billion, 11.38 billion, and 12.62 billion CNY [6][7]. Summary by Sections Digital Transformation - The company has successfully integrated its platforms with DeepSeek, which enhances AI design responsiveness and marketing accuracy, providing personalized recommendations based on user data [2][6]. - The collaboration with major tech companies like Alibaba and Huawei is aimed at furthering digital and intelligent cooperation, with over 300 partner brands and 300,000 smart devices connected [5][6]. Financial Performance - The company reported a total revenue of 12.98 billion CNY in 2022, with projections for 2023 at 13.51 billion CNY and expected growth in subsequent years [7][9]. - The net profit for 2024 is projected to be 971 million CNY, with a recovery expected in 2025 and 2026 [6][7]. Market Position - The company is positioned as a leader in the domestic home furnishing industry, with a steady expansion of home furnishing markets and a supportive "old-for-new" policy [6][7]. - The stock has shown strong performance with a relative return of 43.0% over the past month and 79.5% over the past three months [4].