Recommended target and beneficiary target of light industry this week
The real estate policy is expected to be relaxed in 2022, and the valuation of the home sector is expected to be repaired. (1) Recommended targets of software: Jason Furniture (Hangzhou) Co.Ltd(603816) , Xlinmen Furniture Co.Ltd(603008) , Minhua holdings; Beneficiary object: Healthcare Co.Ltd(603313) . (2) Customized recommended targets: Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) . (3) Recommended object of packaging sector: Shenzhen Yuto Packaging Technology Co.Ltd(002831) .
Industry: the signal of maintaining stability in the real estate market continues, which is conducive to the valuation and repair of the home sector
Event: on January 10, 2022, according to Chinanet real estate news, the national development and Reform Commission and other 21 departments issued the "14th five year plan" for public services, which actively promoted the improvement of housing conditions. Large cities with net population inflow should vigorously develop affordable rental housing, mainly to solve the housing difficulties of qualified new citizens, young people and other groups. 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. Since September 2021, the warm wind of real estate policy has been blowing frequently, and the policy margin has continued to improve. We believe that the policy environment of wide credit and stable growth in 2022 is expected to continue, and 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) : in the context of packaged home furnishings, we learned that the regional dealers of the company actively responded to the playing method of "driving the sales of main products through supporting products". On the one hand, they adopted an independent team to undertake the real estate development and carry bag channels, and gradually strengthened cooperation with real estate developers to package sofas, beds, coffee tables, etc. and sell them together with cabinets and wardrobe; On the other hand, we will strengthen the integration and increase the styles of supporting products. In the future, the proportion of store display of supporting products is expected to increase and cross the border to the customization area. In addition, the company cooperates with well-known mattress and sofa brands to integrate high-end home accessories to maintain profit space. Under the guidance of the company, individual dealers have tried to open independent home distribution stores to create a better sense of experience for customers, so as to improve the overall customer unit value. The number of home distribution stores opened by dealers is expected to expand in the future. Suofeiya Home Collection Co.Ltd(002572) : on January 12, 2022, Suofeiya Home Collection Co.Ltd(002572) reached in-depth strategic cooperation with Haier Group, and officially signed a strategic cooperation agreement. Casati, a high-end household appliance brand, and three winged bird, a scene brand, were officially incorporated into the Suofeiya Home Collection Co.Ltd(002572) whole customized ecosystem. We believe that driven by consumption upgrading, the whole customization has become the development trend of the home industry. Suofeiya Home Collection Co.Ltd(002572) joining hands with Haier, the leader of household appliances, is a strong alliance, which is conducive to enriching the customized medium and high-end household appliances of the whole family; Meanwhile, in the future, the two sides are expected to empower each other in the dimensions of mutual brand building, ecological integration, product oriented R & D and joint store sales, so as to accelerate the development of Suofeiya Home Collection Co.Ltd(002572) whole customization.
Xlinmen Furniture Co.Ltd(603008) : from the perspective of the company's dealers, we know that the dealers are not only concerned about the new demand brought by real estate development, but also about the renewal demand brought by the transformation of old houses. The company has strengthened the support and cultivation of dealers through rebate and other means. At present, the gross profit margin of dealers with tens of millions of volume in some regions has reached 40% +, the net profit margin has reached 15% +, and the profitability is strong. The growth sources of the company in 2022 are mainly in three directions: first, vigorously develop stores, maintain a rapid increase in the number of stores, update and expand existing stores and improve the area of stores; At the same time, category integration is carried out to increase nested sales, improve product connection rate and store efficiency. Second, the channel sinks, enters the blank market through "happy sleep", and increases the density of stores that have entered the market to meet the needs of consumers in low-level cities. Third, tap the growth potential of extended categories such as sofa, including gradually opening sofa stores, developing engineering orders, and looking for sales increment in hardbound housing market and full decoration market.
Risk tip: the price of raw materials is rising, the epidemic situation is repeated, and the competition for bulk business is fierce.
