Home furnishing: the industry has entered the era of “whole family”, and the performance growth of leading enterprises can be expected. Head home furnishing enterprises have stepped up the promotion of the whole package at the 315 event gate, further realized the integration of customization and software and home appliance categories on the basis of the previous whole house customization, gave full play to the synergy of various categories, and promoted the improvement of enterprise customer unit price. The whole family model raises the industry threshold and puts forward higher requirements for household enterprises. The whole model requires furniture enterprises to have strong product design and R & D, brand cooperation, large-scale production and supply chain management capabilities, exclude middle and tail enterprises, and the market concentration will continue to improve. 315 the whole package realizes multi category coordination and helps enterprises improve customer unit price. While realizing multi brand cooperation, furniture enterprises make use of their own advantageous categories and the influence of cooperative brands to jointly drain the weak categories of enterprises and bind sales in package mode, so as to drive their rapid development. It is suggested to pay attention to: [ Oppein Home Group Inc(603833) ], [ Suofeiya Home Collection Co.Ltd(002572) ], [ Zbom Home Collection Co.Ltd(603801) ], [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] and [Minhua holdings].
E-cigarette: the new regulations of e-cigarette continue to ferment, and the long-term growth is still significant. The latest regulatory policies on e-cigarettes have made adjustments in taste and export. In terms of taste, the regulation prohibits the sale of flavored e-cigarettes other than tobacco taste, which will have an impact on terminal demand in the short term. In the long term, e-cigarettes will return to replace traditional cigarettes. China has the largest group of smokers in the world, and the penetration rate of e-cigarettes is low, so there is still broad space in the future. In terms of export, the regulation has relaxed the export regulations and deleted the requirement that export e-cigarette brands need to obtain monopoly licenses. The e-cigarette policy environment of various countries continues to improve, and the market demand grows steadily. China is the location of the world’s main e-cigarette industry chain, and will realize continuous expansion driven by the growth of overseas e-cigarette market in the future. It is suggested to pay attention to: benefiting from the broad growth space of new-type tobacco and relying on advanced atomization technology, it is a leading atomization enterprise [smore international]; [ Shenzhen Jinjia Group Co.Ltd(002191) ] Based on the large packaging business, comprehensively layout the new tobacco field and master the core technical resources.
Papermaking: the pressure on the industry has accelerated, the concentration has increased, and the leading performance of pulp and paper price rise is expected to be flexible. Waste paper: as of March 18, the reference price of waste yellow paperboard was 2261 yuan / ton, up 1.71% from last week; The price of corrugated box board was 3768 yuan / ton and 4833 yuan / ton, up 0.08% and unchanged from last week. Pulp and paper: as of March 18, the prices of broad-leaved pulp, coniferous pulp and chemical mechanical pulp were 6193, 6865 and 5300 yuan / ton respectively, with a change of + 39, – 436 and 0 yuan / ton compared with last week; The prices of double offset paper, double copper paper and white cardboard were 6225, 5680 and 6390 yuan / ton respectively, with a change of 0.81%, 0% and 0.16% compared with last week. It is suggested to pay attention to the integrated layout of Forest Pulp paper and the [ Shandong Sun Paper Co.Ltd(002078) ] of cost control promoting the optimization of profitability.
Packaging: the market is better controlled, the profit is restored, and the business is vertically expanded and integrated. Paper packaging: benefiting from the trend of environmental protection, the paper packaging industry is expected to expand, but the market concentration is low and needs to be improved; Leading enterprises began to transform from manufacturers to packaging solution providers, and their business achieved vertical development. Plastic packaging: the market scale is growing steadily and the market concentration is low; Ordinary plastic packaging is widely used downstream, with fluctuating demand and fierce competition; The technical barrier of special materials is high, and the leading enterprises can rely on the technical barrier to build a strong moat. Metal packaging: with the rise of raw material prices and the improvement of supply and demand pattern, the price increase of the industry will improve profits; Beverage and liquor are the main downstream applications of metal packaging, and the canning rate of beer is increasing, which is expected to promote the increase of demand. It is suggested to pay attention to: [ Shanghai Ailu Package Co.Ltd(301062) ], [ Org Technology Co.Ltd(002701) ] and [ Shenzhen Yuto Packaging Technology Co.Ltd(002831) ].
Risk tip: the risk that the economic growth is less than expected; Risk of sharp fluctuations in raw material prices
