EASYHOME(000785) 华福证券·2025-03-21 12:26Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [18]. Core Insights - The company is leveraging AI technology to enhance its home decoration design platform, "居然设计家," which has gained significant traction with over 18 million registered designers globally, including more than 15 million overseas [2][3]. - The partnership with 优必选 aims to deploy 500 humanoid robots in retail stores by the end of 2025, enhancing customer shopping experiences and creating new smart consumption scenarios [3]. - The company is expected to see a gradual recovery in net profit from 1.02 billion yuan in 2024 to 1.19 billion yuan in 2026, with a projected growth rate of 8% in both 2025 and 2026 [4]. Financial Data and Valuation - Revenue is projected to grow from 13.74 billion yuan in 2024 to 16.60 billion yuan in 2026, reflecting a compound annual growth rate of approximately 10% [4]. - The net profit for 2024 is estimated at 1.02 billion yuan, with a significant decrease of 21.4% year-on-year, followed by a recovery in subsequent years [4]. - The company's price-to-earnings ratio (P/E) is expected to be 26x in 2025, indicating a premium valuation due to its leading position in the smart home industry [4]. Business Operations - The "居然设计家" platform utilizes advanced technologies such as AI, 3D modeling, and big data to provide personalized design solutions, aiming to integrate the entire home decoration process from design to supply chain and construction delivery [3]. - The company has established a cross-platform collaboration engine, allowing designers to work simultaneously on projects, enhancing efficiency and creativity [3].