EASYHOME(000785) 光大证券·2024-04-26 12:02Investment Rating - The report has downgraded the investment rating to "Accumulate" [4] Core Views - The company's profit performance has fallen short of previous expectations, primarily due to pressure on leasing and franchise management businesses, and weak consumer demand related to the real estate industry [4] - The company has made significant progress in its digital transformation, with the launch of the cross-border e-commerce platform "New Nest" [3] Financial Performance Summary - In 2023, the company achieved revenue of 13.512 billion yuan, a year-on-year increase of 4.08%, and a net profit attributable to shareholders of 1.3 billion yuan, a decrease of 21.10% year-on-year [2] - For Q1 2024, the company reported revenue of 3.137 billion yuan, a year-on-year decrease of 3.38%, and a net profit attributable to shareholders of 349 million yuan, a decrease of 22.88% year-on-year [2] - The comprehensive gross margin for Q1 2024 was 36.73%, down 2.47 percentage points year-on-year, while the expense ratio increased by 0.43 percentage points to 20.60% [2] Business Development Summary - As of the end of 2023, the company operated 414 home furnishing stores, including 86 direct-operated and 328 franchised stores [3] - The digital transformation has seen the "洞窝" platform onboard 934 stores, a year-on-year increase of 173.1%, with over 100,000 merchants joining, a growth of 101.33% [3] - The platform's GMV reached 97.4 billion yuan in 2023, reflecting a year-on-year growth of 173% [3] - The company opened 57 new stores under "居然智慧家" in 2023, achieving sales of over 4.4 billion yuan, a year-on-year increase of 58.4% [3] Profit Forecast Summary - The profit forecasts for 2024 and 2025 have been reduced by 36% and 37% to 1.105 billion yuan and 1.167 billion yuan, respectively, with a new forecast for 2026 set at 1.227 billion yuan [4]