The value of the industrial chain is deposited at both ends: upstream resources and product manufacturing circulation. The forest planting industry in the upstream of the industrial chain is a resource endowment property. With 36.56%, 76.58%, 25.68% net profit margin, gross profit margin and return on net assets, all three indicators rank first in the whole industry chain. In addition, the three indicators related to the manufacturing process of the product sector are the highest.
Among them, the sector covering product manufacturing and sales circulation ranked first with a net interest rate of 12.46%, and the average net interest rate of the entire industry chain was 6%-12%; the Meike shares covering the entire industry chain had a gross profit margin of 48.31%. Ranked first in the industry, the gross profit margin of the entire industry chain is in the range of 13-30%; the highest return on net assets is 19.73% in the sector covering product manufacturing and circulation, and 6%-15% in the whole industry chain. between.
The industry is in the midst of an inflection point in the transformation of export manufacturing to domestic brand sales. After the reform and opening up, China's furniture industry started its OEM business with the advantage of labor cost. After 20 years of rapid development, it became the world's largest furniture manufacturing exporting country in 2006, forming the Pearl River Delta, the Yangtze River Delta, Beijing, Tianjin and Central China. Furniture industry cluster.
In 2009, the financial crisis ended export growth, and the external demand plummeted. China’s emergence of the labor cost of Lewis’s turning point, the evaporation of the appreciation of the renminbi export enterprises and the increasingly stringent trade policies have all dealt a huge blow to exports. Domestic sales have been boosted by domestic economic growth, urbanization and baby boomers have entered the age of marriage, and the construction of housing and furniture trade-in, the 10% tariff on imported furniture and other factors have stimulated, showing good development prospects. The transformation from the export manufacturing at the bottom of the smile curve to the high value-added brand domestic sales is the only way for China's consumer goods manufacturing industry.
The stone of other mountains can attack jade: the new trend of China's industry development. The market environment faced by furniture manufacturing enterprises can be summarized as the upstream weak, the downstream strong, and the competition in the same industry. Furniture manufacturing and retail companies have the power to extend upstream of the industrial chain, and “big manufacturing and big sales†is the future development trend. From the perspective of the development of the US furniture industry, the new business model will inject vitality into the traditional industry, and emerge a new modern large enterprise. The innovation model includes light asset operation, customized products, e-commerce, supporting design and entry into related categories.
Three major investment opportunities in the industry: custom-made furniture, medium and high-end solid wood furniture industry and small enterprises with brand advantages in the flooring industry. We are optimistic about the custom-made wardrobe industry, which has just entered the pre-growth period and has a compound annual growth rate of more than 25%. It is a high-growth company opportunity and optimistic about the custom wardrobe leader Sophia. The solid wood furniture industry is optimistic about the successful transformation, through the difficult brand channel cultivation period, and will soon enter the harvest of the Meike shares; and positioning the mass consumption, self-operated + dealer model to quickly cover the Yihua wood industry in the first, second and third line markets. In the relatively mature flooring industry, we are optimistic about the growth space of Del Home with the absolute brand advantage and the smallest volume.
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