家具行业深度报告：从中报看定制家居行业趋势：分化加速龙头起舞.pdf-资源下载-

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家具行业深度报告：从中报看定制家居行业趋势：分化加速龙头起舞.pdf

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家具行业深度报告：从中报看定制家居行业趋势：分化加速龙头起舞.pdf

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21.0% 15.0% 10.5% 10.4% -265.0% 9.3% 35.7% 40.6% 267.0% 29.8% 66.0% 19.1% 42.0% 29.2% 25.4% -0.8% -356.4% -87.4% 12.0% -90.9% 95.6% -4.7% -65.3% -18.3% 7.7% -9.8% 33.6% -182.5% 3.6% 28.3% 39.6% 254.5% 10.2% 12.9% 6.9% 6.1% -0.3% -9.1% 34.2% -158.2% -25.5% -6.7% -0.3% 291.1% 32.0% 5.5% -0.8% -5.9% 29.4% 3.0% 19.5% -283.6% 19.1% 37.3% 110.0% 204.6% 10.9% 38.5% 14.9% -90.7% 49.5% 21.3% 31.1% -1617% 22.0% 34.1% 28.9% 162.4% -25.5% 207.6% -4.7% -15.0% 76.3% 27.1% 76.9% -83.4% 4.4% 17.6% 7.0% 1599.9% 33.0% 68.2% 17.9% -7.7% 79.5% 10.1% 66.2% -1.5% 0.7% 48.8% 81.6% 60.7% -18.8% -9.6% 1.1 2020Q2 2021H1 2021H1 20% 14% 11.7% 10.2% 1 0% 10% 20% 30% 40% 50% 60% 70% 80% 0 10 20 30 40 50 60 70 2019H1 2020H1 2021H1 2021H16 / 19 2021H1 2021H1 76.7% 2021H1 57.3% 62.2% 2021H1 55% 88.8% 2021H1 52.1% 30.7% 2 2020H1 2021H1 58.3% 4.9pct 23.3pct 5.2pct 3 0% 20% 40% 60% 80% 100% 120% 140% 160% 0 2 4 6 8 10 12 14 16 18 2019H1 2020H1 2021H1 2021H1 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 2019H1 2020H1 2021H17 / 19 1.2 2021H1 34.6 31.1 40 10 2021H1 32.1 10.9 39.1% 37.9% 13.1% 20% 4 5 6 7 32.1 5.6 0.8 10.9 10.6 6.1 3.7 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2019H1 2020H1 2021H1 39.1% 13.1% 5.5% 57.0% 80.2% 71.7% 49.1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 2019H1 2020H1 2021H1 31.1 34.6 8.8 6.8 2.8 2.2 3.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 2019H1 2020H1 2021H1 37.9% 80.4% 57.7% 35.7% 20.8% 26.1% 50.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2019H1 2020H1 2021H18 / 19 2021H1 10% 2021H1 10.9% 8 2021H1 10% 2021H1 2021H1 62.5% 66.3% 2021H1 24.4% 9 2021H1 46.5% 121.1% 80.9% 33.9% 53.6% 63.5% 20.8% 10.9% 34.2% 83.3% 12.8% 26.1% 19.6% 14.1% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 2019H1 2020H1 2021H1 66.0% 57.6% 40.9% 98.0% 78.0% 69.2% 60.9% 24.4% 12.6% 1.0% 62.5% 66.3% 32.7% 24.4% -50% 0% 50% 100% 150% 200% 2019H1 2020H1 2021H19 / 19 2021H1 2021H1 2021 4 2021H1 2019H1 2020H1 2021H1 2019H1 2020H1 2021H1 2.2 2.3 4.6 41.0% 5.9% 94.7% 0.8 0.9 1.7 34.2% 9.9% 93.8% 0.1 0.0 4.5 -99.1% 3282.7% 0.0 0.3 162.5% 0.0 0.1 0.2 285.8% 256.6% 0.1 2021H1 9.4 158.4% 11.5% 10 11 2 2.1 2021H1 / / / / / / 145 /256 /66 /323 /302 /32 /102 2021H1 0 1 2 3 4 5 6 7 8 9 10 2017H1 2018H1 2019H1 2020H1 2021H1 0% 50% 100% 150% 200% 0% 2% 4% 6% 8% 10% 12% 14% 2017H1 2018H1 2019H1 2020H1 2021H110 / 19 12 12 18 13 2021H1 14 2021H1 15 16 2021H1 7257 4665 2301 3555 2764 2049 1404 0 1000 2000 3000 4000 5000 6000 7000 8000 2017 2018 2019 2020 2021H1 2396 2291 590 1060 920 0 500 1000 1500 2000 2500 3000 2017 2018 2019 2020 2021H1 0 500 1000 1500 2000 2500 3000 2017 2018 2019 2020 2021H1 1557 2100 2327 2235 2301 0 500 1000 1500 2000 2500 2017 2018 2019 2020 2021H1 1676 1528 260 58 0 500 1000 1500 2000 IK 2017 2018 2019 2020 2021H111 / 19 17 18 2.2 2019H1-2021H1 1 2021H1 7.2% 8.2% 1.2% 4.3% 6.6% 2% 11.1% 2 2021H1 + 213.5 14.5% 4.3% 19 : 1668 820 248 28 0 500 1000 1500 2000 2017 2018 2019 2020 2021H1 1500 1766 1795 2017 2049 0 500 1000 1500 2000 2500 2017 2018 2019 2020 2021H1 -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 0.0 50.0 100.0 150.0 200.0 250.0 2019H1 2020H1 2021H1 2021H112 / 19 1 2021H1 13133.7 6.6% 2020 T8 + + + 8 2021H1 2 20 21 / 2.3 2020 17.4% 4.5pct 2021 2021H1 6 4.92 97% 2021H1 1.35 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 0 2 4 6 8 10 2017H1 2018H1 2019H1 2020H1 2021H1 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 2000 4000 6000 8000 10000 12000 14000 2017H1 2018H1 2019H1 2020H1 2021H113 / 19 5 2021H1 2021H1 2021H1 552 651 6 2021 4 StarHomes 2021H1 1700 1.35 2020 2021H1 1172 145% 2.13 127% HOMKOO 2.78 79% 4.92 97% 2021H1 IK 2021H1 9 2021H1 2021H1 160 3 3.1 2021Q2 3pct 2021H1 6 2021Q2 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q2 34.2% 39.9% 37.7% 31.5% 23.9% 37.3% 38.8% 33.0% 30.2% 33.7% -3.6pct 41.6% 44.0% 41.1% 39.9% 34.2% 35.4% 39.1% 25.5% 35.5% 34.3% -1.1pct 34.4% 38.0% 38.1% 37.5% 30.9% 40.3% 38.7% 34.2% 31.2% 37.2% -3.1pct 39.3% 39.4% 39.3% 41.7% 35.1% 38.5% 38.4% 34.3% 32.7% 35.0% -3.6pct 37.9% 37.3% 40.0% 38.5% 37.7% 36.8% 38.8% 38.4% 36.5% 37.3% 0.5pct 34.6% 36.1% 34.4% 37.3% 32.0% 34.1% 32.1% 32.7% 28.0% 27.6% -6.5pct 33.8% 36.4% 35.0% 37.0% 35.7% 39.4% 40.3% 23.4% 31.6% 35.0% -4.4pct 39.7% 44.2% 44.1% 45.2% 31.7% 43.5% 44.6% 43.7% 40.1% 41.5% -2.1pct14 / 19 22 2021H1 23 2021H1 2020 2021Q2 2019Q2 7 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q2 13.8% 9.4% 7.7% 9.6% 13.9% 7.4% 6.7% 7.3% 9.7% 6.2% -1.1pct 34.7% 27.0% 25.6% 24.3% 50.7% 26.0% 22.3% 16.6% 25.1% 25.3% -0.7pct 12.8% 9.9% 9.9% 8.6% 14.6% 10.8% 9.7% 6.6% 10.8% 9.7% -1.1pct 19.1% 11.1% 11.3% 14.7% 23.2% 11.5% 9.9% 8.3% 9.6% 8.6% -2.9pct 19.7% 15.6% 13.4% 15.8% 31.9% 12.7% 13.5% 13.6% 14.5% 15.8% 3.1pct 20.5% 18.1% 14.9% 13.5% 21.9% 13.6% 10.8% 8.9% 12.9% 12.7% -0.9pct 18.8% 14.3% 14.1% 12.0% 20.4% 14.7% 14.9% -6.5% 9.9% 9.6% -5.1pct 32.5% 21.2% 20.1% 20.5% 23.9% 19.0% 15.8% 17.3% 26.8% 21.0% 2.0pct 8 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q2 9.5% 6.6% 5.4% 7.3% 14.6% 6.2% 4.9% 5.9% 7.4% 5.4% -0.9pct 7.1% 3.7% 3.5% 4.9% 10.1% 4.5% 3.8% 5.3% 7.2% 3.6% -0.8pct 10.1% 7.4% 7.7% 6.7% 20.8% 5.7% 6.4% 5.8% 9.4% 7.3% 1.6pct 6.2% 3.8% 4.0% 4.9% 13.7% 5.6% 5.1% 5.8% 5.9% 4.7% -0.9pct 7.6% 5.3% 6.0% 4.9% 13.9% 5.0% 4.8% 4.1% 7.5% 4.1% -1.0pct 6.1% 4.5% 3.5% 2.9% 7.3% 5.2% 5.1% 4.5% 6.3% 4.3% -0.9pct 4.2% 3.3% 2.7% 4.0% 5.8% 4.0% 2.9% 3.6% 3.5% 2.9% -1.1pct 6.4% 3.4% 3.7% 4.6% 6.5% 4.1% 3.6% 3.6% 6.8% 5.2% 1.1pct -7 -6 -5 -4 -3 -2 -1 0 1 2 2021H1 (pct) -18 -16 -14 -12 -10 -8 -6 -4 -2 0 2021H1 (pct15 / 19 2018 2021H1 2018-2020 MTDS MOM 2021 24 2021Q2 15% 10% 2021Q2 9 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q2 3.4% 15.7% 17.3% 9.7% -8.7% 16.1% 19.8% 10.9% 6.3% 15.0% -1.0pct -2.9% 9.0% 8.0% 7.3% -25.0% 1.3% 8.1% 0.7% -0.5% 1.1% -0.2pct 6.7% 13.7% 13.3% 14.0% -8.6% 15.6% 14.6% 14.3% 5.7% 12.1% -3.5pct 8.2% 17.2% 16.7% 13.5% -9.3% 13.3% 14.5% 11.6% 5.8% 10.2% -3.1pct 6.0% 10.1% 12.8% 8.2% -13.9% 9.9% 12.4% 11.8% 6.9% 8.0% -1.8pct 0.4% 7.2% 9.3% 14.1% -6.2% 7.9% 9.5% 13.1% 2.1% 4.0% -4.0pct 5.3% 12.5% 13.4% 14.0% 1.0% 13.4% 14.4% 14.4% 9.2% 11.9% -1.4pct -3.2% 11.5% 12.3% 12.3% -3.0% 11.5% 15.9% 15.5% -0.8% 6.9% -4.6pct 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 0.5 1 1.5 2 2.5 3 3.5 4 2020H1 2021H1 202116 / 19 3.2 2021H1 2021H1 2021H2 10 2021H1 2019H1 2020H1 2021H1 2021H1 2021H1 5.3 8.0 10.4 29.3% 52.1% 8.2 10.7 19.8 84.8% 136.8% 0.4 0.5 7.4 1362.8% 1259.0% 3.1 5.0 3.6 -28.9% 54.9% 0.3 0.9 1.4 49.6% 88.8% 6.0 6.2 11.5 84.8% 76.7% 1.7 3.9 6.4 65.9% 17.2% 2021H1 / 2021H1 1.0 1.9 0.2 2021H1 25 2021H1 1.9 -9.3 0.2 0.2 1.1 -0.2 -3.1 -1.7 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 2020H1 ( 2021H1 2021H1 /17 / 19 4 2021 1 2021 2021H1 + 2 2021Q2 11 EPS PE 2021/9/3 2021E 2022E 2023E 2021E 2022E 2023E 603833.SH 151.44 4.39 5.5 6.65 34.5 27.5 22.8 002572.SZ 19.38 1.53 1.9 2.25 12.7 10.2 8.6 603801.SH 23.37 1.62 2.01 2.46 14.4 11.6 9.5 603180.SH 31.43 2.34 3.02 3.68 13.4 10.4 8.5 Wind 2021 9 3 518 / 19 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50019 / 19 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065

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