EASYHOME(SZ:000785) Huachuang Securities·2024-05-06 12:32Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 4.1 yuan per share [2]. Core Insights - The company's performance in 2023 met expectations, with revenue of 13.51 billion yuan, a year-on-year increase of 4.1%. However, net profit attributable to the parent company decreased by 21.1% to 1.3 billion yuan [2]. - The company is focusing on growth opportunities in the home decoration market, with a dual-driven strategy from home furnishing stores and shopping centers. Revenue from leasing and franchise management, product sales, renovation services, and other businesses showed mixed results [2]. - The digital transformation is deepening, with significant growth in the company's digital platforms, including a 173% increase in GMV for the "洞窝" platform [2]. Financial Summary - Total revenue for 2023 was 13,512 million yuan, with a projected increase to 14,990 million yuan in 2024, reflecting a growth rate of 10.9% [3]. - The net profit attributable to the parent company is expected to recover to 1,430 million yuan in 2024, a 10% increase from 2023 [3]. - The company's gross margin for 2023 was 34.1%, with expectations for recovery as promotional policies are gradually retracted [2][3].