Investment strategy
Short term perspective: home furnishing is still in the game stage of expected improvement of steady growth and slowdown of fundamentals, and the sector valuation continues to fluctuate. However, in view of the fact that the valuation of leading home furnishing companies has fallen to the bottom area, there is no need to be overly pessimistic. In the short term, we can grasp window opportunities, closely follow the inflection point signal of fundamentals and increase allocation at the right time.
Medium and long term perspective: the contribution of real estate to the industry is expected to weaken, and the C-end renovation demand has great potential, which is expected to gradually become the main force of industry growth. At the same time, considering the prominent bottleneck of the old development model, we should pay more attention to the effectiveness of model innovation and new business expansion, and be optimistic about the development of home brands with comprehensive channel control ability and strong product power.
Investment suggestion: long term stability dimension, recommend Oppein Home Group Inc(603833) , and pay attention to Jason Furniture (Hangzhou) Co.Ltd(603816) ; For the short-term flexibility dimension, it is recommended to Suofeiya Home Collection Co.Ltd(002572) / Minhua holdings / Jiangshan Oupai Door Industry Co.Ltd(603208) , and it is recommended to pay attention to Zbom Home Collection Co.Ltd(603801) .
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