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Custom furniture industry research: whole house customization, assembly and information technology become the industry’s strength point (9)


2019-09-03


 

The layout of the leading national production base, the production and manufacturing advantages are obvious
(1) The layout of the leading national production base, the production and manufacturing advantages are obvious
The volume of household products is large, and the long-distance logistics transportation costs are high, which affects the price competitiveness and product delivery time of the company’s products to a certain extent. In order to meet the demand of orders in major regional markets across the country, the leading companies in the custom home industry have set up multiple production bases across the country. Ou Pai Home has five production bases in Guangzhou, Qingyuan, Tianjin, Wuxi and Chengdu (under construction), forming a radiation south. National production capacity in the north, east and west; Sofia owns six large Sofia custom-made furniture production bases such as Zengcheng, Jiashan, Langfang, Chengdu, Huanggang and Lankao, and two large Smy custom cabinet production bases such as Zengcheng and Huanggang, as well as Qiqihar wooden doors. The production base and production base cover the whole country. Other companies have relatively few production bases, generally located in the city where the company is headquartered or in a production base in the north and south. The coverage area is weaker than the industry-leading enterprises. It can also be seen from the production volume that the production system of the leading enterprises in the industry is huge. The production capacity of Ou Pai Home, Sophia and Shangpin is far ahead of other custom home furnishing companies. The production volume is basically 1 million sets or more than 10 million square meters. The advantages are obvious.

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(2) The proportion of new production capacity is relatively large, and competition will be further intensified after production
In 2017, the customized home enterprises were listed intensively. From the perspective of fundraising projects, the funds raised by the companies were mainly used to expand production capacity, channel expansion, brand building and information system construction. The expansion of production capacity was the main investment direction for raising funds, and the investment was expanded. The general construction period of the project is 1.5 years to 2 years. Judging from the new capacity of the fundraising project, the industry’s leading enterprises have higher absolute value of new capacity. Overall, the new proportion is relatively high, and is basically concentrated in the overall cabinet, the overall wardrobe area. At the end of 2018 and 2019, Ou Paijia, Hao Laike, and Jinpai Kitchen Cabinets announced the issuance of public convertible bonds. They are expected to raise 1.5 billion yuan (originally planned 1.8 billion yuan), 630 million yuan, and 392 million yuan for manufacturing. The construction of the base. Sophia also disclosed the public offering of convertible bonds at the end of 2018. In May 2019, due to downstream demand and capital market conditions, the company terminated the matter.
We believe that with the completion of the IPO project and the convertible bond project, the new manufacturers will release more new capacity and the competition will be further intensified.

Under the trend of house customization, information systems play an increasingly important role
Customized furniture companies use modern information technology such as computer technology, Internet technology, and bar code technology in customer service, product design, product production, logistics and distribution, store sales management, etc. The information construction covers everything from front-end design to back-end delivery. Install the entire process. With the continuous expansion of the scale of customized home business, the whole house customization has gradually become the future trend. The information system plays an increasingly important role in improving the company’s management level and core competitiveness.

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The use of information technology in the custom furniture industry is more and more extensive, but the degree of informationization of customized furniture enterprises is still uneven. From the current point of view, Sofia, Ou Pai home, Shang Pin home delivery has a leading edge. Judging from the company’s financial data in 2018, Sofia, Ou Pai Home and Shangpin Occupancy are relatively large in business and relatively high in inventory. The inventory turnover rate of leading enterprises in the industry has also remained at a medium level and above; the total number of employees is also basically 10,000. More people than others, far higher than other companies, we believe that it is not easy to maintain a medium level in the case of large business volume. With the continuous expansion of business scale, information construction will play a role, per capita income and inventory turnover The rate is expected to increase further. In addition, Shangpin’s home-based information technology is not only used by itself, but also partially realized income. In 2018, O2O drainage services and software and technology services revenues were 194 million yuan and 154 million yuan respectively. The compound annual growth rates in the past three years were 48.04% and 21.72% respectively.

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