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Custom Furniture Manufacturers Befenit From The Outbreak Of The First Year

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With the internet development in recent years,internet has been changing the traditional furniture industry.In terms of home decoration and furniture,the internet+custom furniture are developing very quickly,gradually occupying certain market.This year,Oppein and Shangpinzhaipei and other custom made furniture manufacturers are listed on the stock market.2017 is the outbreak of the first year for custom made furniture manufacturers.

Customized furniture can be made according to personal preference,space.Each customized furniture is unique.Compared with hand made furniture and finished furniture,mechanized and large scaled custom furniture features in tailor making and individuation with the advantage of high space utilization rate,personalized design and easy installation.

In this situation, in recent years, the consumers accept the custom made furniture more and more,which makes customized furniture branch industry with highest speed.Compared with the 10% speed of the whole furniture industry,tailor made furniture industry keeps a increasing speed of 20%.Therein,Oppein Home,Sogal Wardrobe,Shangpinzhaipei,Holike and other custom furniture leading companies keep the revenue growth rate at a high interval 20-50%.

The main business revenue and growth speed for China furniture industry:

2017-2019,it is predicted that the customized furniture industry market size is 277/323.3/374.5 billion,an increase of 17.6%,16.7%,15.8%,a typical large scale growth industry.

The leading custom made furniture manufacturers revenue grow fast:

custom home furniture

custom furniture

The main factors driving customized furniture industry:

1.The level of urbanization continue to rise.

National Bureau of Statistics shows that the national urbanization rate(the proportion of urban population to the total population) increased from 36.22% to 57.35% with a average annual growth rate 1.32%.Assuming that the growth rate remain unchanged,the new urban population is at least 18.26 million each year in the future.Correspondingly 6.09 million sets of houses are needed.

2.High house prices make the proportion of small size houses increase and custom furniture saves space

This year with the execution of the restriction policy on sales and buying,house price has stabilized.But the high house price doesn’t loose.The average commercial residential area led by the first tier cities gets a trend of gradual decrease.More and more people choose small size houses.For example,in 2016,the proportion of small size houses of less then 90 square meters accounted for 49.1%,70.5% in Shanghai and Shenzhen.Small size house of less than 90 square meters occupied a mainstream position.

3.Average income leads the consumption updating and drives the market demand.

From 2000 to 2016,the disposable income of urban citizens increased from RMB6280 to RMB33616 with a composite growth rate 11.05%.With the income increasing,the citizens consumption concepts and consumption structure are changed.The factors that influence the citizens consumption behavior have evolved gradually from the pure price into brands,quality,reputation and other comprehensive factors,which lays a good foundation for tailor made furniture industry and drives the consumption updating of furniture industry.

custom wardrobe

Although customized furniture market size is small,the potential development is huge.It is roughly estimated that custom furniture accounts for 20%-30% of the whole furniture market.By 2014,custom kitchen cabinet market accounted for 60% of the whole kitchen cabinet market and customized wardrobe accounted for 30% of the whole wardrobe market.With the citizens income increasing,it is predicted that market scale of customized furniture will increase continuously.With reference to market participation rate 60%-70%,the custom made furniture has a wide market space.

Related listed companies:

Oppein Home(603833):This company is the biggest custom home furniture enterprises with a obvious advantage of channel and brand.It is first brand of kitchen cabinet and has achieved a significant growth in the fields of overall wardrobe,custom wood door,overall bathroom.In terms of wardrobe,391 shops were opend in the first half year of 2017 ,which makes the total shop quantity reach 1765.The wardrobe revenue covers up to 31%, a main drive for the first half year growth.

Shangpinzhaipei(300616):The pioneer of commercial mode’C2b+O2O’ in custom home furniture industry.Now the production capacity has been saturated and is insufficient in seasons of sales.It is on the schedule that an intelligent custom made furniture base with RMB2.1 billion investment will be built to supplement the production capacity.After the project is completed, it is expected that the production capacity will reach a annual 1.5 million sets of custom home furniture and matching finished furniture .

Sogal(002572):As the kitchen cabinet business develops quickly,Sogan has extended the business to curtains,wood door.In April of 2017,the joint venture named was established,Huahe Door Co.,Ltd with 51% investment from Sogal.After production line reaches the standard,there is a production capacity reserve of 450 thousands of doors and 120 thousands of square meter wood window,the corresponding production capacity of RMB 1 billion.

Holike(603898):Company is mainly engaged in the design ,research ,production and sales of whole wardrobe and is the overall solution supplier of custom made home furniture.Its main products includes but not limited the whole wardrobe,the whole dress cloakroom,the whole bookcase and other ancillary products.

ZBOM(603801):The second biggest whole kitchen cabinet brand.Zbom is the second kitchen cabinet manufacturer whose franchise shop quantity breaks 1000 with leading channel scale.Obvious advantage has a good support for revenue increase.

Golden Kitchen(603180):At present,company has 959 marketing networks(including the shops under construction).Therein shops for Golden Kitchen are 922 and shops for G home are 37.It is predicted that the shops of Golden Kitchen will be more than 1100 and the shops of G home will be more than 100 by the end of the 2017.The total shop quantity will break 1200,with a 40% increasing rate compared with 2016.

Olo(603326):Equity project is under construction and waiting for the production capacity.In the future, the old workshop will be mainly for custom kitchen cabinet and newly built workshop will be mainly for whole customized furniture.The production capacity for both custom kitchen cabinet and the whole house custom made furniture will reach 1.2billion yuan.

Piano Home(002853):In the first half year,the revenue for kitchen cabinet and wardrobe increased respectively 40.9% and 89.5%。The percent of the revenue from wardrobe increased 21.05% of the total revenue.In the first half year,the newly opened shops were more than 100,maintaining the expanding rhythm of net increasing of 200 shops.

Der Future(002631):Backed by home furniture business,it also has a strategic layout of graphene.In terms of promoting profitability of the traditional business,company extended the intelligent home business through acquisition of Paterson Wardrobe and others.

Jiangshanoupai(603208):This company is the leading enterprise in door industry.It was listed in stock market in Feb of this year.Among the equity projects, besides the old business such as solid wood composite doors and mould pressing doors and others ,the listed company also entered into the custom cabinets field actively.

Qumei Furniture(603818):In 2017,company launched the mode of large life shop,forging the high frequency scene consumption.In terms of products,B8 custom furniture is promoted rapidly,bringing income for company.In view of the advantage of product,personnel,flexible production,new mode of Qumei is worth waiting for.

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