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Custom furniture industry research: whole house customization, assembly and information technology become the industry’s strength point (1)


2019-09-03


 

2017 is the first year of custom home, and many custom home furnishing companies are listed. Up to now, there are 9 custom furniture companies in the A-share market, namely Sophia, Hao Laike, Shangpin Home Furnishing, Piano, Ou Pai Home, Gold Cabinet, My Le Home, Zhibang Cabinet, Dinggu Jiechuang. In 2017, the performance of many listed companies maintained a relatively high growth rate, and the market attention was relatively high, and the overall performance growth rate has declined since 2018. We have carefully combed the entire custom furniture industry, the development status of the listed companies and the future layout, and explored the development path of the entire custom furniture sector.
First, short-term: real estate regulation, custom home sector competition is fierce
Since 2018, the growth rate of furniture enterprises has declined. In 2017, the main business income of China’s furniture manufacturing industry was 905.56 billion yuan, up 10.10% year-on-year. In 2018, the main business income of the furniture manufacturing industry was 701.19 billion yuan, a year-on-year increase of only 4.30%. Specific to each customized home enterprise, the growth rate of net income of revenue and return to home in 2017 and before has maintained good growth. Since 2018, the growth rate of net profit of all custom home furnishing enterprises and returning home has been declining year-on-year. Ou Paijia 2018Q3 single-quarter, Shangpin home delivery 2019Q1 single-quarter growth rate is at the lowest level since the two companies listed in 2017, Sophia 2019Q1 single-quarter revenue growth rate is negative, industry and individual stock company performance growth rate is mainly affected by downstream real estate Regulation and influence as the custom home sector continues to grow and industry competition intensifies.
(1) The real estate after-cycle industry is affected by real estate regulation in the short term.
The downstream of the custom furniture products mainly for the purchase of commercial housing, the renovation of the old house and the real estate enterprise that introduced the refined decoration housing, affected by the time difference between the sale, delivery and decoration of the house, the general furniture sales lag behind the house sales of 6 months to 12 Around the month.

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Since the implementation of the “930 New Deal” in 2016, most cities have adopted a series of control measures such as restricted sales, restricted loans, and restricted purchases. According to the statistics of Aowei.com, in 2016, a total of 13 cities were selected for provincial-level cities, and purchases and sales were restricted in 2017. The newly upgraded cities are 67 cities and 60 cities respectively. In the first half of 2018, the new upgraded cities were restricted to 11 cities and 20 cities. The restrictions on purchase and control restrictions have a relatively large impact on residential sales and completion. According to the National Bureau of Statistics, the area of ​​real estate completed in 2016 and 2017 was 10.61 and 1.015 billion square meters respectively, up 3.20% and 3.00% respectively. Similarly, the growth rate of residential sales area has gradually slowed down. In 2016 and 2017, the residential sales area was 13.75 and 1.448 billion square meters respectively, with year-on-year growth of 22.40% and 5.30% respectively. It was 1.479 billion square meters, an increase of 2.20% year-on-year. In 2019, the real estate market insisted on the housing orientation of “households and non-speculation”. Due to urban policies and classified guidance, the overall real estate market was stable, and the demand for household products in the post-real estate period was suppressed to some extent.
(2) The customized home sector continues to grow and the competition is fiercer
The custom home sector continues to grow. Up to now, there are 9 custom home listed companies: Ou Pai Home, Sophia, Shangpin Home, Zhibang Home, Hao Lake, Gold Kitchen Cabinet, My Le Home, Piano, Dingguji. 2017 is a big year for customized homes. All the major home furnishing companies have listed, and they will raise funds to invest in new stores, expand production capacity, brand building and information construction. The competition in terminal stores will further increase.

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In addition, compared to the Chinese furniture manufacturing industry, custom homes have high growth and good profitability. We choose the custom home industry leader, Ou Pai Home, and found that the growth rate of Ou Pai’s home business revenue and gross profit margin from 2013 to 2018. Both are ahead of the Chinese furniture manufacturing industry. The high growth and good profitability have attracted the entry of some finished home furnishing companies, home improvement companies, ceramic sanitary ware enterprises, flooring companies and home stores, such as Fu Anna, Del Future, Filminger, Red Star Macalline, etc. The increase in new entrants has caused part of the diversion and the industry competition has intensified.
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