Zhongtai's Research Reports point out that Juran Smart Home (000785.SZ) core performance comes from home improvement store operations, and with the gradual introduction of home subsidies and real estate policies, performance is expected to improve marginally. The company's brand agency, AI+ design applications, and the former Wuhan Zhongshang Business operations may be underpriced by the market. Future stock prices are expected to resonate with the improvement of fundamentals. By 2024 H1, the company’s project layout has expanded beyond Hubei, with four shopping centers opened in Changchun, Hohhot, and Wuhan, achieving sales of 1.267 billion yuan, a year-on-year increase of 193.7%, and a total of 20.44 million visitors, a year-on-year increase of 156.3%. Excluding the Market Cap corresponding to the commodity sales business, the PE ratios for 2024/25/26 are 17.8/14.2/10.9 x, initiating coverage with a 'Buy' rating.