This week’s special topic: review the development process of furniture industry and explore the changes of mainstream consumption scenes: we believe that the development of home consumption scenes determines the aggregation of consumption flow to a certain extent. By reviewing the development process of China’s furniture industry, we find that from the 1980s to the 1990s, the rapid development of home building materials store channels has gradually dominated China’s furniture sales channel mode, making the originally scattered traffic gather effectively. After the 1990s, with the rapid development of hardbound houses, online e-commerce, designer channels and other emerging channels, the import of Chinese furniture consumption flow has become more dispersed, and the ability of stores to gather traffic has weakened. Leading enterprises in all links of the furniture industry chain have started the channel construction mode of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) coordination, all channel layout and multi category integration, so as to effectively occupy multiple traffic entrances and obtain traffic advantages. It is suggested to pay attention to the leading enterprises Oppein Home Group Inc(603833) , Jason Furniture (Hangzhou) Co.Ltd(603816) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) , etc. in the industrial chain. In addition, we believe that the brand influence of traditional home stores has been deeply rooted in the hearts of the people relying on years of development. With one-stop multi category coverage and Beijing Vastdata Technology Co.Ltd(603138) support, they still have outstanding ability to gather traffic under the current trend of decentralized traffic entrance, and will continue to dominate home retail in the future. It is suggested to pay attention to the leading domestic building materials stores in China Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) .
Investment strategy in 2022: seek “progress” in “change” and take the lead in subdividing leaders. Furniture: focus on domestic market channel reform opportunities. Among them, it is suggested to pay attention to Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) ; It is suggested to pay attention to Jason Furniture (Hangzhou) Co.Ltd(603816) , Qumei Home Furnishings Group Co.Ltd(603818) etc. in the finished furniture sector. Papermaking, packaging and printing: subdivide the track pattern and optimize the strong. It is suggested to pay attention to Shandong Sun Paper Co.Ltd(002078) , Shanying International Holdings Co.Ltd(600567) , Xianhe Co.Ltd(603733) , Quzhou Wuzhou Special Paper Co.Ltd(605007) , Chongqing Baiya Sanitary Products Co.Ltd(003006) , Hangzhou Haoyue Personal Care Co.Ltd(605009) , etc. Entertainment and jewelry sector: the consumption upgrading continues and the prosperity rises. It is suggested to pay attention to Shanghai M&G Stationery Inc(603899) and Chow Tai Seng Jewellery Company Limited(002867) etc. Retail of home building materials: professional home building materials stores are still dominant, and digital and high-frequency consumption empowerment have become the mainstream. It is suggested to pay attention to Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) , which are leading in digital transformation. Textile and clothing: the trend of national fashion continues, and there are good opportunities for sports shoes and children’s wear. It is suggested to pay attention to Anta sports, Huali Industrial Group Company Limited(300979) , Zhejiang Semir Garment Co.Ltd(002563) , Winner Medical Co.Ltd(300888) , Bosideng, etc.
Market review this week: this week, the Shanghai Composite Index fell 1.13%, and the light manufacturing industry fell 0.63%, slightly outperforming the market. The textile and garment industry fell 0.42%, slightly outperforming the market. Among them, the paper sector rose 2.01%, the packaging and printing sector fell 0.35%, the home sector fell 1.82%, the entertainment light industry sector fell 4.14%, and other light industry sectors rose 0.16%. The textile manufacturing sector fell 0.67%, and the clothing and home textile sector fell 0.7%. The top three gainers of light manufacturing industry this week are Mcc Meili Cloud Computing Industry Investment Co.Ltd(000815) (61.21%), Shenzhen Prince New Materials Co.Ltd(002735) (13.24%), Qumei Home Furnishings Group Co.Ltd(603818) (12.83%); The top three declines were Shanghai Xintonglian Packaging Co.Ltd(603022) (- 13.19%), Yaoji Poker (- 12.7%) and Xiamen Anne Co.Ltd(002235) (- 10.5%). The top three gainers of textile and garment industry are Shanghai Yimin Commercial Group Co.Ltd(600824) (22.51%), Modern Avenue Group Co.Ltd(002656) (9.56%), Hangzhou Nbond Nowovens Co.Ltd(603238) (9.18%); The top three declines were Huasi Holding Company Limited(002494) (- 8.97%), Luolai Lifestyle Technology Co.Ltd(002293) (- 8.35%), Top Score Fashion Co.Ltd(603608) (- 7.35%).
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
