EASYHOME(000785) 海通证券·2024-05-13 01:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue increase of 4.1% year-on-year for 2023, achieving a total revenue of 13.51 billion yuan. However, the net profit attributable to shareholders decreased by 21.1% to 1.3 billion yuan, with a net profit margin of 9.6%, down 3.1 percentage points year-on-year [4][6]. - The company is undergoing a digital transformation, with significant growth in its online platform, achieving a gross merchandise volume (GMV) of 97.4 billion yuan, a year-on-year increase of 173% [7]. - The company has reduced rental and management fees for qualified merchants, leading to a temporary decline in high-margin rental and management fee income, which contributed to the decrease in net profit [4][7]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 13.51 billion yuan, a 4.1% increase from the previous year. The net profit attributable to shareholders was 1.3 billion yuan, a decrease of 21.1% [4][6]. - The comprehensive gross profit margin for 2023 was 34.1%, down 10.7 percentage points year-on-year. The expense ratio was 24.1%, a slight decrease of 0.4 percentage points [4][6]. - For the first quarter of 2024, the company reported a revenue of 31.4 billion yuan, reflecting a year-on-year change of -3.4% [4]. Business Segments - Revenue from leasing and management services decreased by 11.2% to 6.43 billion yuan, while product sales increased by 31.7% to 5.56 billion yuan [4][5]. - The company operates 414 stores, including 86 direct-operated and 328 franchised stores, with a total operating area of 1.357 million square meters [5]. Digital Transformation - As of the end of 2023, the company had launched 934 stores on its online platform, with over 100,000 merchants and more than 25 million registered users [7]. - The average monthly active users reached 3.9 million, a year-on-year increase of 316.67% [7]. Profit Forecast - The company is expected to achieve net profits of 1.67 billion yuan and 1.8 billion yuan for 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 10.97 and 10.24 [7][9].