Fangzheng Securities: Maintains "Recommended" rating for Craftsmen Home, brand's overseas growth is promising.

Fangzheng Securities' research report pointed out that Craftsmanship Home has been deeply cultivating the field of smart electric home for over 20 years, and the brand's growth prospects in overseas markets are promising. The company's revenue is steadily increasing, and the optimization of product structure is driving profitability improvement. In 2024, the company's revenue reached 2.55 billion yuan, with a CAGR of approximately 16% from 2017 to 2024; in the first quarter of 2025, the revenue reached 770 million yuan, a year-on-year increase of 38%. The company is optimistic about using product innovation as the foundation, rapidly expanding the "store within a store" new model to effectively drive terminal sales, and the rapid iteration of high-end series and new products to increase the average product price. New quality customers are expected to continue to contribute incremental revenue, the customer structure continues to optimize, and it is expected that the company's net profit attributable to shareholders from 2025 to 2027 will be 890 million yuan, 1.12 billion yuan, and 1.39 billion yuan respectively. The company's "recommended" rating is maintained.