Suofeiya Home Collection Co.Ltd(002572) 4-11 disclosed the annual report of 2021. During the reporting period, the company achieved an operating revenue of 10.407 billion yuan, a year-on-year increase of 24.59%; The net profit attributable to the shareholders of the listed company was about 123 million yuan, a year-on-year decrease of 89.72%. The company plans to distribute a cash dividend of 6 yuan (including tax) for every 10 shares to all shareholders.
The company caters to the changes of the consumer market, actively lays all channels of retail, bulk business (to big b) and packaging (to small b), and constructs multiple traffic entrances. In terms of main business revenue by channel, the retail channel revenue of dealers accounts for 80.33%, the direct channel revenue accounts for 3.29%, and the bulk business channel revenue accounts for 15.41%; In terms of products, the income of wardrobe and its supporting products was 8.269 billion yuan, a year-on-year increase of 23.38%; Cabinet revenue reached 1.42 billion yuan, a year-on-year increase of 17.25%; Wooden doors achieved a revenue of 458 million yuan, a year-on-year increase of 56.86%.
According to the current industry situation, the company’s share in the furniture manufacturing industry has steadily increased from 0.2% in 2011 to 1.3% in 2021. In recent years, the operating income of the main customized furniture enterprises represented by the company has continued to grow rapidly, which is significantly higher than the overall growth rate of the furniture industry, but the concentration is still relatively low. At present, finished furniture still accounts for the main share of China’s furniture market. In addition, there are hand-made cabinets in the second to fifth tier cities, and there is still a large room for the growth of the share of customized furniture in the furniture market.
In view of the seasonality of the customized furniture industry, the company pointed out that on the one hand, it is related to the purchase of commercial houses and the delivery time of commercial houses by Chinese residents, on the other hand, it is related to the secondary decoration of old houses or the purchase of furniture by Chinese Residents. From the development of many years, February to June of each year is the off-season of the industry, and July to January of the next year is the peak season of the industry. As a downstream industry of real estate, the household industry is deeply affected by the real estate cycle and prosperity. Household consumption has gradually shifted from the incremental market to the stock market.
