中国耐用消费品行业：定制家具服务于家，对欧派家居首次评为中性，对尚品宅配首次评为卖出；维持买入索菲亚（摘要）.docxVIP

下载本文档

16
0
约9.82万字
约 41页
2019-01-03 发布于北京
举报
版权申诉

中国耐用消费品行业：定制家具服务于家，对欧派家居首次评为中性，对尚品宅配首次评为卖出；维持买入索菲亚（摘要）.docx

1、原创力文档（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。。
2、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击这里二次下载。
3、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
4、该文档为VIP文档，如果想要下载，成为VIP会员后，下载免费。
5、成为VIP后，下载本文档将扣除1次下载权益。下载后，不支持退款、换文档。如有疑问请联系我们。
6、成为VIP后，您将拥有八大权益，权益包括：VIP文档下载权益、阅读免打扰、文档格式转换、高级专利检索、专属身份标志、高级客服、多端互通、版权登记。
7、VIP文档为合作方或网友上传，每下载1次，网站将根据用户上传文档的质量评分、类型等，对文档贡献者给予高额补贴、流量扶持。如果你也想贡献VIP文档。上传文档

研究中国目录研究中国 HYPERLINK \l _bookmark1 PM Summary: Initiating on two customized furniture manufacturers; long-term opportunity from developer’s HYPERLINK \l _bookmark1 channel 3 HYPERLINK \l _bookmark2 Developers’ channel - The long-term growth avenue 6 HYPERLINK \l _bookmark3 Oppein: A kitchen cabinet leader and expanding into other segments, valuation seems fair, initiate at HYPERLINK \l _bookmark3 Neutral 10 HYPERLINK \l _bookmark4 Guangzhou Shangpin: High valuation not justified by differentiated business model, initiate at Sell 25 HYPERLINK \l _bookmark5 Suofeiya - Attractive valuation for an industry leader, reiterate Buy 39 HYPERLINK \l _bookmark0 信息披露附录 42 研究中国PM Summary: Initiating on two customized furniture manufacturers; long-term opportunity from developer’s channel 研究中国 Customized furniture manufacturers primarily sell through retail channels in China. Recently they have been paying more attention to the developer’s channel amid property demand slowdown and intensifying competition in retail channels. According to AVC, only 23% of new properties sold were furbished in China in 1H18. Per the 13th Five-Year Plan, the ratio is expected to rise to 30% in 2020E driven by a combination of favorable government policies and differentiated competition strategies especially from leading real estate developers. In our view, such penetration avenues will present a significant revenue opportunity and primarily benefit leading furniture manufacturers with better financial and distributor resources. We expect Suofeiya and Oppein, the two key players in the segment, to be the major beneficiaries of the trend given their continuous investment in manufacturing capabilities and established distributor network. Suofeiya (Buy; 12-m TP: Rmb24.4) We continue to favor Suofeiya as a major beneficiary of a structural growth in customized furniture industry, due to its leading manufacturing capabilities and distributor network. Although, industry is facing headwinds fr