Recommended target and beneficiary target of light industry
Household sector: the real estate policy is expected to be relaxed in 2022, and the valuation of household sector is expected to be repaired; Optimistic about home leaders, software is better than customization, mainly because the growth of software home leaders mainly comes from opening stores, and the renewal demand is better than customization. Recommended targets of software: Jason Furniture (Hangzhou) Co.Ltd(603816) , Xlinmen Furniture Co.Ltd(603008) , Minhua holdings; Beneficiary object: Healthcare Co.Ltd(603313) . Customized recommended targets: Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) . Recommended target of e-cigarette: smore international. Recommended object of packaging plate: Shenzhen Yuto Packaging Technology Co.Ltd(002831) .
The real estate policy continues to relax expectations, which is conducive to the improvement of the valuation of the home sector: on December 27, 2021, the central bank mentioned at the 2022 working meeting that “we should steadily implement the prudent management system of real estate finance, better meet the reasonable housing needs of buyers, and promote the virtuous cycle and healthy development of the real estate industry”. Comments: from the perspective of policy direction, the signal of maintaining stability in the real estate market is obvious. Under the guidance of policy, priority is given to meeting the needs of rigid demand and improved housing. In 2021, the overall prosperity of real estate is under pressure, but since September, the warm wind of real estate policy has been blowing frequently, and the policy margin has continued to improve. Looking forward to 2022, we believe that the policy environment of wide credit and stable growth is expected to continue, the real estate policy is expected to be relaxed, which is conducive to the improvement of the valuation of the real estate industry chain. Among them, the post cycle home sector suppressed by early real estate pessimism is expected to usher in valuation repair.
This week focuses on the company’s information update
Oppein Home Group Inc(603833) : from December 29 to 30, 2021, Star House held a national dealer training meeting. Zhang Xiaofeng, general manager of oupai decoration home business department, first put forward the concept of “new decoration” at the meeting, that is, “a retail service model to meet the lifestyle needs of consumers’ whole families through integrated design, one-stop product integration and a package of construction services”. The conference first released the “998 yuan / m2 integrated whole family package” of star house, which unified the sales model; At the same time, the meeting proposed two core points of “V8 operation system 2.0 + and integrated operation 1 + 8” to help the terminal refined operation and provide strong support for dealers to increase customer unit value and improve profitability. We believe that the whole customization is the future development trend of the home industry. Since its birth, star house has accurately focused on the integration of the whole customization. The multi-mode attribute of “retailable, packaged and platform” can meet all kinds of market needs. The cumulative order receiving performance in 8 months has exceeded 500 million yuan, which is expected to become a new performance growth pole of European school. Suofeiya Home Collection Co.Ltd(002572) : after the company launched the whole customization strategy, we learned that the response at the dealer level is to replace a certain proportion of products in different levels of stores within a limited time, and the higher the level, the greater the proportion of products required to be replaced. For example, dealers in some regions are required to replace 50% of products in class A stores by the end of February 2022 and 30% – 40% of products in class B stores by the end of March 2022, In mid April, 30% of the products in class C stores were replaced. At the same time, in the context of the whole customization, the proportion of supporting products in dealer stores will gradually increase, and it is expected to increase from the current 20% + to 40% + in the next three years. We believe that the dealers’ strong execution ability is conducive to ensuring that the customized schemes and playing methods of the whole family can be implemented 1:1. Through the replacement and upgrading of products, they can better meet the requirements of “7 categories and 8 spaces”, meet the one-stop shopping needs of consumers, and then promote the improvement of customer unit price, passenger flow and conversion rate.
Risk tip: policy supervision risk, rising raw material prices and repeated overseas epidemics.
