2024Q1 Top 100 Home Furnishing Enterprises Performance List: It is difficult to say that it is a "good start"

A new paradigm in the home

2024-05-08 18:37Published in Guangdong

The first quarter report of listed companies in 2024 has been assembled, and the home building materials industry in the first three months is laying a "good start" for recovery, or is it still struggling to survive in the shadow of real estate? Following the previous interpretation of "13 major industries, 108 companies! After the 2023 performance list of listed home furnishing companies", the new paradigm of home furnishing has reviewed the first quarter financial reports of 100+ listed companies in the home furnishing industry in this issue to see what achievements, trends and growth opportunities have been answered by the 2024Q1 "listing camp" players?

Among the strong Hengqiang, there are also a few top students who buck the trend

The overall analysis found that the industry's revenue was mixed, and the average revenue growth of nearly half of the subdivided home furnishing fields was negative, covering six major industries: decoration, kitchen appliances, home furnishing stores, building materials, home textiles, and doors, windows and curtain walls. In addition to the average revenue growth of more than 10% in the soft home furnishing and finished furniture industries, the remaining positive growth industries are growing slowly at a single-digit average growth rate, such as ceramic sanitary ware, flooring, custom home furnishing and lighting industries.

In the custom home furnishing industry, Opai Home Flournment is still in the proper C position, with a revenue of more than 1.5 billion higher than that of Sophia, which ranks second. In the software home furnishing industry, the revenue of Gujia Home Furnishing exceeds that of Dream Lily, which ranks second, by 2.5 billion. In the decoration industry, the total revenue of Gold Mantis and Jianghe Group is 8.63 billion yuan, which is nearly twice that of the remaining 11 decoration companies. It can be seen that the Matthew effect of the home furnishing industry is prominent, and it is showing a trend of the strong and the strong.

From the perspective of 104 listed home furnishing companies, among the top ten companies in terms of revenue, only Dongfang Yuhong and Beixin New Materials have a revenue of more than 5 billion yuan in the first quarter, both of which belong to the building materials industry. Among the 3 companies with a revenue of more than 4 billion yuan in the first quarter, only 2 belong to the decoration industry, which shows that the high customer unit value in the decoration field still has a strong advantage. The total single-quarter revenue of Gujia Home Furnishing in 2024 slightly exceeds that of Opai Home, which is in contrast to the annual revenue of Opai Home Furnishing in 2023 being higher than that of Gujia Home.

For example, in the "top ten" in terms of revenue growth, Zhongyuan Home, which bets on overseas business, benefited from the timely layout of cross-border e-commerce business Zhongyuan Home, which achieved a year-on-year increase in revenue of 67.05% in the first quarter of 2024. With the implementation of the strategy of "continuous leading intelligent manufacturing capability + rapid expansion of production capacity in North America", Ingenuity Home Furnishing achieved a year-on-year increase of 106.06% and 339.52% in revenue and net profit respectively.

However, the situation in the first quarter is not optimistic. Ruihe shares, Jayne Design, Dongpeng Holdings, and Jiayu shares are all representative enterprises that have turned from profit to loss. The top 10 losses include Diou Home, Guangtian Group, Baoying Shares, Qumei Home, Piano, Shangpin Home Delivery, Arrow Home, Dongyi Risheng, Markor Home, and Red Star Macalline.

In fact, looking at the first quarter report, it is not difficult to find that the competition of enterprises in the domestic market is cruel, and the slow return of cash, the growth of sales expenses, and the pressure of goods have become the common characteristics of many "poor" enterprises in the first quarter. The following is a summary list of operating income and net profit of 104 listed companies in 13 major industries:

Customized Home Furnishings: Towards the Era of Rational Growth

In terms of breakdown, the average revenue growth rate of custom home furnishings in Q1 was about 5.07%, ending the previous double-digit high growth trend. Among the 9 major listed custom enterprises, 6 have a positive year-on-year growth in revenue and 6 have a positive year-on-year growth in net profit, and the overall results are acceptable. Among them, Sophia ranked first in revenue growth with a year-on-year increase of 16.98%. My Le Home Furnishing has achieved a good result of nearly 2 times the year-on-year increase in net profit.

In terms of rankings, the industry pattern continues to change, and Piano's Q1 revenue is at the bottom, falling into a situation of declining revenue and profit. The total operating income was 174 million yuan, a year-on-year decrease of 2.61%, and the net profit attributable to the parent company was -8.2001 million yuan, and the loss increased by 112.27% year-on-year. In addition, its gross sales margin decreased by 2.65 percentage points year-on-year.

It is worth noting that compared with 2023, the average revenue growth rate of the custom home furnishing industry is only 0.76% (refer to the article "13 major industries, 108 companies!"). In the first quarter, which is known as the off-season of the home furnishing industry, the custom home furnishing industry can achieve a growth of 5.07%, which can be regarded as a "good start". Among them, the development of multiple categories and channels, the improvement of the whole business, the strengthening of the dealer business, and the development of the retail end have become the general growth strategies of the current industry.

Finished furniture: ushered in the spring of "going to sea".

In the first quarter, the finished furniture bigwigs handed over a high-score answer sheet. Among the 11 listed companies, the average revenue growth rate was 15.26%, 7 had rapid revenue growth year-on-year, and 4 had net profit growth. Overall, the rapid growth of finished furniture revenue is inseparable from the development of overseas markets. For example, Henglin shares are deeply involved in Europe and the United States and other markets, and this year's operating income and net profit have increased sharply year-on-year, hitting the best level in history.

It should be noted that nearly half of the revenue growth enterprises failed to achieve net profit growth, and how to effectively reduce sales expenses and control the cost of raw materials will become the key breakthrough direction of these enterprises.

Soft Home Furnishing: The only company that has achieved double growth in revenue and net profit against the trend

In the first quarter of 2024, the "good start" and high harvesters are none other than enterprises in the soft home furnishing industry. Its average revenue growth rate was 14.6%, and the average net profit growth rate exceeded 35%, almost the only industry that achieved both revenue and net profit growth for all enterprises. From the standout of software home furnishing in 2023 to the strong dominance in the first quarter of this year, it is not difficult to see that the progress of intelligent and environmental protection technology is expected to continue to drive the growth of soft home consumption and promote the enhancement of corporate revenue capabilities.

Among them, Gujia Home Furnishing's revenue in the first quarter was 4.35 billion yuan, firmly in the position of the big brother of software home, thanks to the growth trend of overseas smart home, the revenue and net profit of Ingenuity Home Furnishing increased by 30.66% and 57.97% year-on-year respectively; Thanks to the continuous improvement of the popularity and influence of the "Shuford" brand in China, as well as the consolidation of relationships with major overseas customers, Qisheng Technology's sales in domestic and foreign markets have achieved stable growth, and its net profit in the first quarter increased by more than 87.95% year-on-year.

Ceramic sanitary ware: intelligent sanitary ware and overseas orders contribute to revenue

In the first quarter, the average revenue of the ceramic bathroom industry increased by 6.77% year-on-year, and intelligent bathroom products have become a new preference of consumers, and the whole bathroom is becoming a new growth point in the industry.

Among them, Keda Manufacturing, which is the top 1 in Q1 revenue, achieved a revenue of about 2.562 billion yuan, and its architectural ceramic machinery business orders have increased significantly, with overseas orders accounting for more than 65%. Jianlin Home Furnishing, which covers the top brand customers in North America, ranked first with a year-on-year increase of 42.68%, and its net cash flow from operating activities increased to 108 million yuan, a year-on-year increase of 147.59%; In the face of the increase in revenue but not the increase in profits, the company said that the decline in net profit was mainly due to the decline in the gross profit margin of the main business in the current period, the increase in depreciation and amortization of long-term assets and the increase in inventory price loss.

Kitchen appliances: the three-legged pattern is obvious

In the first quarter, among the 7 listed kitchen appliance companies, the three companies that achieved revenue of more than 1 billion yuan, Robam Appliances, Wanhe Electric, and Vantage Co., Ltd., achieved double growth in revenue and net profit. Among them, Wanhe Electric, which performed well, achieved a year-on-year increase of 23.53% in revenue and a year-on-year increase in net profit of 34.69%. The rest, including Martian, Zhejiang Meida, Yitian Intelligence, and Shuai Feng Electric, showed a dismal performance of a double-digit decline in revenue and net profit. In particular, the overall performance of Yitian Intelligence was poor, with revenue and net profit falling by 44.49% and 88.88% year-on-year respectively.

In the long run, the integrated stove can be described as a resilient category, and the logic and trend of its penetration rate increase remain unchanged. However, the overall Matthew effect of the industry is highlighted, and the head is almost a "fault" lead, leaving the opportunity for a counterattack at the end of the week to be smaller and smaller.

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