![<?echo $_SERVER['SERVER_NAME'];?>](/template/twentyseventeen/skin/images/header.jpg)
[Office Partner Information Center] As a downstream industry closely dependent on the real estate industry, driven by real estate sales since the second half of 2015, real estate related expenses such as furniture and home appliances climbed quarter by quarter. The third quarterly report released by the relevant listed companies showed that the operating income and the net profit growth of the listed shareholders were significantly accelerated. However, many cities have recently introduced real estate control policies, which have an impact on the follow-up performance of the furniture and home appliance industries. 
The performance has increased significantly: industry insiders told China Securities Journal that real estate is the core driving factor for furniture consumption. Under the current circumstances, moving to a new home is the primary reason for residents to purchase furniture. Since the second half of 2015, the real estate market has played a certain role in driving furniture sales. The three quarterly report released by Sophia showed that from January to September, the company achieved operating income of 2.97 billion yuan, a year-on-year increase of 43.5%; the net profit attributable to shareholders of listed companies was 408 million yuan, an increase of 48.04%. In the third quarter, the company realized operating income of 1.3 billion yuan, a year-on-year increase of 42.66%; net profit of 208 million yuan, an increase of 48.07%. CITIC Securities believes that the increase in order volume and the increase in customer unit price are the reasons for the company's continued high growth. The increase in order volume mainly comes from the encryption of the first- and second-line sales networks and the expansion of the fourth- and fifth-line sales networks and the promotion of promotional activities. The improvement comes from product upgrades and product categories.
Qumei Home achieved operating income of 1.126 billion yuan in the first three quarters, an increase of 26.78% year-on-year; net profit attributable to shareholders of listed companies was 133 million yuan, a year-on-year increase of 59.64%. Qumei Home said that its performance improvement mainly benefited from the continuous expansion of the company's channels. As of June 30 this year, the company has 311 dealers, 698 dealer stores, and 14 direct stores. The opening speed of new stores is also accelerating.
Compared with the furniture industry, the home appliance industry is relatively less affected by the real estate market. Insiders pointed out that the impact of real estate market on the home appliance industry is mainly reflected in the white goods and kitchen appliances industry.
In the first three quarters of the year, Boss Electric achieved operating income of 3.985 billion yuan, a year-on-year increase of 27.69%; the net profit attributable to shareholders of listed companies was 701 million yuan, a year-on-year increase of 43.67%. In the third quarter, the company achieved operating income of 1.46 billion yuan, a year-on-year increase of 35.28%; net profit of 278 million yuan, an increase of 53.39%. Analysts pointed out that at present, more than 60% of the revenue of boss appliances comes from first-tier and core second-tier cities.
Vantage's third quarterly report showed that from January to September, the company achieved operating income of 3.118 billion yuan, an increase of 18.41% year-on-year; net profit attributable to listed shareholders was 201 million yuan, an increase of 51.69%. In the third quarter, the company achieved operating income of 1.041 billion yuan, a year-on-year increase of 19.96%; net profit of 4.7 billion yuan, an increase of 118.02%.
Whether the furniture and home appliance industry can continue the brilliant performance after the introduction of the real estate control policy, the industry believes that it is necessary to observe from the two aspects of sales and reaction cycle.
A qfii investment manager believes that the downturn in real estate market has a greater impact on the sales of ordinary furniture companies, but has less impact on custom furniture companies. The core driver of custom furniture growth is the improvement of custom penetration rate. At present, the custom wardrobe penetration rate is 40%, and there is still much room for improvement in the future. For finished furniture companies, the correlation between sales growth and home sales is stronger than that of custom furniture companies. In addition, the impact of changes in real estate market on furniture sales requires a certain reaction cycle. The above investment managers believe that the impact of changes in real estate market on downstream enterprises in the industrial chain generally lags behind 2-3 quarters. That is to say, the impact of real estate regulation and control on furniture sales starting in the fourth quarter of this year will only begin to manifest in the second quarter of next year. Analysts pointed out that in the short term, the furniture industry can still enjoy a one-year lag in the dividend period. For kitchen appliances, the impact of the downturn in the real estate market may be greater, as 50% of the sales of kitchen appliances come from the purchase of new homes.
However, CITIC Securities believes that for the leading enterprises in the home appliance industry, its performance is mainly due to the competitive dividend brought by the continuous increase in market share, so they can fully resist the adverse effects of the downturn in the real estate market.
Guangzhou Vast Internation Trade Co.,Ltd , https://www.tintsfeast.com