EASYHOME(SZ:000785) Guotou Securities·2025-09-04 02:34Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 3.82 CNY [6]. Core Views - The company has shown significant results from its reform in the招商模式 (recruitment model) and continues to advance its digital transformation [2][3]. - The company is positioned as a leader in the domestic home furnishing industry, utilizing a "direct sales + franchise" light asset model for efficient growth [10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 6.445 billion CNY, a year-on-year increase of 1.54%. However, the net profit attributable to the parent company was 328 million CNY, a decline of 45.52% [1]. - For the second quarter of 2025, revenue was 3.133 billion CNY, down 2.40% year-on-year, with a net profit of 117 million CNY, down 53.95% [1]. Product Segmentation - Revenue from various segments in 2025H1 included: rental management (2.38 billion CNY, down 21.27%), merchandise sales (3.63 billion CNY, up 29.49%), franchise management (217 million CNY, up 3.85%), and renovation services (104 million CNY, down 14.94%) [2]. Digital Transformation - The company is accelerating its digital transformation across three main business segments, with significant results. For instance, the居然设计家 (Juran Design Home) saw a 47% increase in paid users and a 9% increase in active users [3]. - The居然智慧家 (Juran Smart Home) opened 14 new stores in the first half of 2025, leading to a 55.3% increase in sales [3]. International Expansion - The company is actively implementing its international strategy, with successful operations in Cambodia and Macau, and preparations for a store in Kuala Lumpur, Malaysia [4]. Profitability and Cost Management - The gross margin for 2025H1 was 23.85%, a decrease of 9.47 percentage points year-on-year. The net profit margin was 5.13%, down 4.46 percentage points [9]. - The company effectively managed its expenses, with a period expense ratio of 15.99%, down 5.10 percentage points year-on-year [9]. Future Projections - Revenue projections for 2025-2027 are 13.789 billion CNY, 15.225 billion CNY, and 16.412 billion CNY, with year-on-year growth rates of 6.34%, 10.42%, and 7.80% respectively [10]. - The projected net profit for the same period is 688 million CNY, 788 million CNY, and 938 million CNY, with corresponding growth rates of -10.54%, 14.46%, and 19.02% [10].