From January to March 2022, the sales area of residential commercial housing in China was 263 million square meters, a year-on-year decrease of 18.6%, an increase of 4.8pct compared with January to February 2022. According to the monthly data, in March 2022, the sales area of residential commercial housing nationwide was 128 million square meters, a year-on-year decrease of 23.2%.
The cumulative sales area of new houses in the first, second and key third tier cities from January to march was – 36.22% year-on-year, of which the transaction area in March was – 47.33% year-on-year. On the whole, from January to March, the transaction area of commercial housing in 30 large and medium-sized cities in China was 29.2 million square meters, a year-on-year decrease of 36.22%; In a single month, in March 2022, the transaction area of commercial housing in 30 large and medium-sized cities in China was 9.6989 million square meters, a year-on-year decrease of 47.33%. By city level, among the large and medium-sized cities from January to March 30, 2022, the transaction area of the first tier cities was 7.84 million square meters, with a cumulative year-on-year decrease of 31.42%; The transaction area of second tier cities was 14.67 million square meters, with a cumulative year-on-year decrease of 29.97%; The transaction area of the third tier cities was 6.69 million square meters, with a cumulative year-on-year decrease of 50.08%. Cumulatively, from January to March 2022, the transaction area of second-hand houses in 9 major cities was 13.62 million square meters, with a cumulative year-on-year decrease of 27.63%.
The newly started residential area decreased by 20.3% year-on-year from January to March, and decreased by 25.1% year-on-year in a single month in March. From January to March 2022, the newly started residential area in China was 216 million square meters, a year-on-year decrease of 20.3%. In March, the newly started residential area in China was 107 million square meters, a year-on-year decrease of 25.1%.
The cumulative completed area of commercial housing decreased by 11.30% year-on-year and 15.3% year-on-year in March. From January to March 2022, the completed residential area in China was 123.23 million square meters, a year-on-year decrease of 11.30%. In March, the completed residential area in China was 34.08 million square meters, a year-on-year decrease of 15.3%.
From January to February, the number of fine decoration opening sets decreased by 58.4% year-on-year. According to ovicloud, the cumulative number of newly opened hardbound rooms from January to February 2022 was 149000, a year-on-year decrease of 58.4%. The hardcover market has maintained high growth in the past few years. Under the pressure of high base, the hardcover market has shown negative growth this year. In the long run, the trend of hardcover penetration remains unchanged.
From January to march in 2022, the national furniture retail sales decreased by 7.1% year-on-year and 8.8% year-on-year in March. From January to March 2022, the national furniture retail sales reached 33.9 billion yuan, a cumulative year-on-year decrease of 7.1%, of which the national furniture retail sales in March reached 12.6 billion yuan, a year-on-year decrease of 8.8%. From January to March 2022, the sales volume of national building materials home stores was 290756 billion yuan, with a cumulative year-on-year increase of 46.8%, of which the sales volume of national building materials home stores in March was 107383 billion yuan, with a year-on-year increase of 38.6%. In March 2022, the national building materials and home furnishing prosperity index was 115.25, up 12.28 points year-on-year and 12.25 points month on month.
The prices of particleboard and MDF fell month on month, the price of MDI decreased by 5.93% year on year, and the ring on month ratio rebounded slightly. The price of TDI increased significantly year on year and remained stable month on month. From January to February, the average price of 18 cm particleboard was 68.83 yuan, a year-on-year increase of 2.59%, and the average monthly price in February was 63.63 yuan, a month on month decrease of 10.15%. From January to February, the average price of 15 cm MDF was 79.00 yuan, up 1.72% year-on-year, and the average monthly price in February was 72.63 yuan / piece, down 10.81% month on month. From January to March, the average price of MDI was 2259167 yuan / ton, a year-on-year decrease of 5.93%, of which the average price in March was 2345217 yuan / ton, a month on month increase of 2.47%. From January to March, the average price of TDI was 1882333 yuan / ton, a year-on-year increase of 24.53%, and the average price in March was 1929130 yuan / ton, a month on month decrease of 0.75%.
Investment suggestion: from January to march of the 22nd year, new residential construction, sales and completion are under pressure, and the pressure at the macro level may accelerate the reshuffle of the industry. The leading enterprises occupy the entrance of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) flow with strong channel and product strength, and the trend of increasing concentration is more obvious. They are firmly optimistic about the home retail sector dominated by domestic sales, and recommend [ Oppein Home Group Inc(603833) ], [ Suofeiya Home Collection Co.Ltd(002572) ], [ Zbom Home Collection Co.Ltd(603801) ], [ Xlinmen Furniture Co.Ltd(603008) ] [ Jason Furniture (Hangzhou) Co.Ltd(603816) ], [Minhua holdings].
Risk tip: the demand for decoration is low; The delivery is not as expected; Rising prices of raw materials; Exchange rate fluctuations; Accrued risk of accounts receivable.
