The 2017 annual report is finished, and the customized furniture is handed over an excellent transcript. The industry revenue growth continued to maintain double-digit growth throughout the year. The annual revenue and net profit of the 8 listed companies increased by 30% over the same period, and the trend of high growth continued.
Looking forward to the future, in the context of the continuous decline of domestic real estate sales growth, the market is worried that it will be difficult to escape the custom furniture as a subsidiary industry. But at present, the logic of customized furniture has not changed. First, the permeability of the industry, in 2017, the permeability of customized furniture industry is less than 30%, and the European and American countries, Japan and South Korea still have a larger gap. Secondly, the concentration, revenue calculation CR7 is 22%, and the sales volume calculation CR7 is lower to 7%. From an enterprise perspective, product categories extend from mature cabinet and wardrobe to wooden door, bathroom and other fields, and growth space is also expanding.
Optima became the "double champion"
In 2017, 8 custom furniture listed companies accumulated 28 billion 400 million yuan, 34.6%, up 3.1 percentage points from 2016, and a total net profit of 3 billion 522 million yuan, a year-on-year increase of 38.06%. Overall, under the background of real estate pressure, it is not easy for the industry to maintain more than 30% of its revenue and profit margins.
From the perspective of individual stock, according to the scale of revenue, the level of customized furniture is still distinct. The first group (more than 5 billion revenue) of Optima home, Sophia and monk's house leading effect is obvious, the three revenue is up to 21 billion 200 million yuan, of which Optima is the most shipping and the most profitable enterprise. In 2017, the income was 9 billion 700 million yuan and the net profit was 1 billion 300 million yuan. Tens of billions of dollars, is the industry's first billion billion enterprises. Although Sophia ranked second, the gap between scale and Optima is widening, and the income and net profit in the period are only 6 billion 100 million yuan and 900 million yuan respectively. Shang pin home allocation followed closely, with 5 billion 300 million yuan of revenue and 380 million yuan net profit scale ranked third in the industry.
The three business has its own characteristics, the Optima is more comprehensive, the brand has the high-end positioning (the single store income is up to 4 million 500 thousand yuan), the cabinet and the wardrobe business go hand in hand, and the future has the potential to become the big blue chip. Sophia's wardrobe business is long, the cabinet business after 4 years of cultivation, is also getting better, just last year, a strategic error, leading to a slowdown in business growth, but after September through promotion and low price drainage, has been two consecutive quarterly recovery. The most of the straight stores, the highest gross interest rate in the industry, is 7-8 percentage points higher than the leading Optima, but the management and sales costs of the direct sales also seriously eroded the company's profit. In 2017, the net profit rate of sales is only 7.1%, and the whole industry is at the bottom.
The second group (1 billion -50 billion yuan) of Zhongbang shares, Holike and gold medals in 2017 revenue ranking position unchanged, in order to achieve revenue in order of 2 billion 150 million yuan, 1 billion 860 million yuan and 1 billion 440 million yuan in order, the growth rate is 37.4%, 30% and 31.1%, of which the revenue growth of Chi Bang stock is the highest in 8 companies.
But if the net profit was seen, only 234 million yuan, 166 million yuan for the gold medals and 348 million yuan for Holike, and the first place in the absolute scale of Holike, the main reason was that the Chi state and gold medals were active in the wardrobe field for two years, affecting the gross interest rate and the cost of the period. The hairy and period cost rate in 2017 was 34.9% and 21.56% respectively, which was 3.4% and 4.7% lower than that of Holike. The gold medals were mainly higher than the Holike, which was nearly 10 percentage points higher than that of Holike.
However, in the long run, the growth of Chi state shares and gold medals is obviously better than Holike. The former has become more mature in its wardrobe business. In 2017, the wardrobe dealer has developed to 314, and the store has also risen to 395. Revenue increased from 145% to 224 million yuan over the same year. In accordance with the company's plan, the size of wardrobe revenue will turn over again in 2018. It. The latter is a high-end brand, and the product enjoys a premium. The gross profit rate in 2017 is up to 39%. It is second only to the high quality of the house. The growth rate of up to 70% and the rate of 27.8% of the net assets are more than the other seven companies. Like Zhi bang, the wardrobe business of gold medals has been on the right track. In 17, orange wardrobe reached 120.
The third group (below 1 billion) is currently only in the family of pin and I, the former achieved revenue and net profit of 826 million yuan and 103 million yuan in 2017, while the latter was 915 million yuan and 83 million 770 thousand yuan. The two companies are not much better in channel expansion or single store performance. I have 1062 stores in 2017 and 860 thousand yuan for single store, while Piana has 1103 stores and only 740 thousand yuan for single store. The former is the bottom of the number of stores and the latter is the bottom of single store income.
The high view of the industry will continue
Since April 2016, the growth of housing sales in China has continued to decline. Under the background of real estate pressure, the market believes that the future growth of custom-made furniture enterprises may be damaged. But in my view, the Growth Logic of the industry has not changed.
First, the permeability has a huge growth space. The proportion of finished furniture and customized furniture is 3:7 in mature countries such as Europe, America, Japan and Korea. By the end of 2017, the product structure of the domestic furniture industry was on the contrary. Finished furniture accounted for more than 70% of the market share, and the proportion of customized furniture accounted for less than 30%. According to the data of the National Bureau of statistics, the main income of domestic furniture manufacturing enterprises in 2017 reached 905 billion 600 million yuan, up 10%. Even without considering the annual growth of the furniture industry, the domestic furniture market theory space is at least 630 billion yuan, and there is a lot of room for growth.
