Throughout the valuation system of the home furnishing industry, the customized sub-sector has higher valuation (according to the consumption trend and higher penetration rate), and the valuation is higher than the finished home sub-sector; and the industry leader also has comprehensive competition due to channel + production + management. The advantage, while enjoying a higher valuation premium, is in line with our previous judgment. We expect the competitive landscape to become more stable in the future, and the leading competitive advantage of the leader will also become more stable.
First, the four major trends in industry development
We spent nearly two weeks visiting the custom home sector company to perceive the future trends of the customized industry from industry exchanges: 1. It is important to increase the share of scale growth. The custom industry is in a period of rapid development. For the decoration company, hand cabinets and finished cabinets, the replacement share will be increased. In the future, the industry will grow rapidly and competition will intensify. Leading companies need to accelerate their pace to ensure continued rapid growth in scale to increase market share. Before the formation of the Hengqiang pattern, it became the first echelon. 2, large home is an effective way to increase customer unit price. One-stop shopping is the post-85 or even post-consumer consumption trend. The large-home strategy of providing full-house customization and supporting homes can effectively improve the customer price and consumption experience, but also propose new capabilities for the company's flexible manufacturing capabilities and industrial chain resource integration capabilities. challenge. Sophia has formed a wardrobe, cabinets + wooden doors + curtains and other accessories, Ou Pai big home strategy, Shangpin home with full house customization, etc., which reflects the custom enterprise has been practicing this strategy. 3, information technology to protect the big home escort. Flexible manufacturing in the custom field is the core resource capability, and the informationization guarantees the smooth promotion of the big home. Informatization can effectively improve the production and operation efficiency of enterprises, but the investment is high. When combined with the big home, it can effectively reduce the marginal cost. Leading enterprises have continued to invest heavily in information technology. For example, the annual investment in information technology of the European Party exceeds 100 million yuan. 4, the channel expands a hundred flowers. Traditional distribution stores have first- and second-tier city encryption and third- and fourth-line channels sinking and driving. O2O is effective for offline diversion. Shopping malls have advantages in high passenger flow and stimulating random impulse consumption, opening big stores to try big home mode, etc. The tentacles of the drainage extend to each consumption situation.
Second, equity incentives drive performance
Recently, Meike Home announced the restricted stock incentive plan, Yihua Life Board of Directors changed the term and announced the new Dong Jiangao's increase plan. Changes in the finished home industry, management dynamics and subsequent execution will also lead to new performance-driven growth points.
Third, investment advice
From the perspective of long-term growth logic and performance growth, the following three stocks are recommended:
Sophia: The wardrobe is flexible and automated, leading to a relative cost competitive advantage; the expansion of the product line has led to an increase in the purchase of the number of cabinets per household; the expansion of the cabinet channels has been smooth, and the revenue has increased significantly; the new cooperation has been carried out to customize the doors and windows. Beginning in the second quarter of the 17th year, with the gradual landing of product price increases and the turnaround of the cabinets, the growth rate is expected to remain.
Gujiajiao: domestic software home furnishing, the main product sofa benefited from the industry concentration; gradually expand the category expansion, create a superior product matrix, the supporting product category achieved rapid growth in 2016; try to develop the big store model, around 2020 to the boutique IKEA Model transformation.
Da Ya Sheng Xiang: The proportion of solid wood flooring continues to increase and strengthen the profit level. In the future, it is expected to continue to invest in the increase of three-layer solid wood equipment, and at the same time introduce advanced technology and technology to improve the proportion of solid wood composite flooring; in the second half of the year, the Sumigate particleboard project will be put into production. The attributes of consumer goods are valued, and the continuous implementation of incentives to unify the interests of the team, the big home strategy can be expected.
(Original title: custom home sector: industry high growth leading advantage)
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