Murus Co., Ltd. is listed: multi -product, multi -brand health and sleep field leader leads in high -quality growth track

For more than a decade, for continuous cultivation of healthy sleep, and relying on excellent research and development technology and stable product quality, "Musi" has already become the leading brand of the mattress industry in my country. On June 23, 2022, the brand behind the brand once again ushered in a milestone in development and successfully listed on the motherboard. The number of issuers is 401 million shares, and the sponsor (main underwriter) is China Merchants Securities Co., Ltd.

In fact, the domestic mattress market is broad, but the overall concentration is still low. The head company Murdie has carried the banner of the industry leader. Whether it is online or offline. The Murus mattress currently ranks first in sales in the domestic market. During the reporting period, the annual compound annual growth rate of three -year operating income reached 26.68%, and the annual compound growth rate of net profit attributable to the mother was 46.94%.

At the same time, my country is the second largest consumer country in a global mattress, and the average annual growth rate of consumption scale reaches 6.15%, which is significantly higher than other countries. Type track, which has more room for development. This successful listing, Mu Si shares is expected to use the blessing of the capital market to strengthen competitiveness and help the raising.

It is understood that Mursey plans to use about 1.477 billion yuan of funds raised for the construction project, digital marketing project and health sleep technology research center construction project, which is expected to break through the company's production capacity bottleneck, strengthen the company in the Yangtze River Delta in the Yangtze River Delta At the same time, the supply chain supporting capabilities will also promote cost reduction and efficiency, and improve the company's comprehensive competitiveness.

Healthy Sleep King: Multi -channel sales leading, stable and profitable income

Since its establishment, Musi has been adhering to the corporate mission of "making people sleep better", focusing on the research of human health sleep, maintaining the spirit of craftsmen, and continuously realizing the iterative upgrade of product matrix through design, materials and intelligent technology innovation. Let the "bed adapt to people" improve people's sleep quality. Nowadays, brands such as the "Mu Si" brand have become popular, and the Mursen mattress ranks first in sales in the domestic market.

It is understood that Musi has been built to cover the country's diversified and omni -channel sales network system for "distribution, direct -operating, direct supply, e -commerce and other channels such as coexistence".

First of all, more than 1,900 dealers and more than 4,900 specialty stores were deployed in more than 500 cities in China. In addition, specialty stores are also set up in more than 20 countries or regions including Australia, the United States, Italy, and Germany. At the same time, Mu Si also launched online sales through well -known e -commerce platforms such as Tmall and JD.com.

It is worth noting that Mu Si has continuously tried strong cooperation with well -known brand companies such as customized furniture, home textiles, building materials and hotel management related to the industrial chain, actively expanded the diversion entrance of the product sales market, and successfully established the "European School" and "Jinjiang" and other direct supply cooperation models.

The analysis of Huajin Securities Report pointed out that "Musi" has become the leading brand of the mattress industry in my country. In terms of offline sales, according to the data provided by the Red Star Macalline and the House of Actual House, the terminal sales of the "Musi" products during the reporting period are ranked first among the soft bedding categories; in terms of online sales Data, the official flagship store of Mu Si ranked first among the mattress category on the Jingdong platform.

From the perspective of the product, Musi is mainly engaged in the research and development, production and sales of a healthy sleep system. The main products include mid -to -high -end mattresses, bed racks, bedding and other products. Among them, mattresses are core products.

According to the prospectus, from 2019 to 2021, the operating revenue of the industry was 3.862 billion yuan, 4.452 billion yuan, and 6.481 billion yuan, respectively, with a year -on -year growth rate of 21.16%, 15.29%, and 45.56%. 333 million yuan, 536 million yuan, and 686 million yuan, a year -on -year increase of 53.91%, 61.06%, and 27.99%, respectively.

Yangtze Securities pointed out that Mu Sisha's shares have grown steadily and have better profitability. In a research report, Haitong Securities referred to Murse's shares as "the king of" healthy sleep ".

Resource integration: multi -product, multi -brand to promote sleep home integration

In recent years, the "sleep economy" has gradually been familiar with consumers. However, as early as 20 years ago, Mursey had invested in the research in the field of healthy sleep, and continued to extend the field to pass on high -quality sleep to more consumers.

According to the analysis of Haitong Securities, Mursey shares extended the category and also forms a matrix distribution in the brand.

From the perspective of the product category, according to the above research report analysis, Murde's business includes mattresses, bed racks, bedding, massage chairs, sofas, tables and chairs, etc. Among them, the main mattress is the core of income, and the emerging business starts To the role of "escorting".

Taking 2020 as an example, Mursey's bed frame, bedding, and other business revenue reached 1.17 billion yuan, 430 million yuan, and 420 million yuan, respectively, an increase of 32.1%, 18.5%, and 34.4%year -on -year, respectively, accounting for 26.5%, respectively. , 9.8%, 9.5%.

From the analysis of the brand matrix, the research report pointed out that there are currently 7 major brands under Murde, including "Mu Si", "V6 Home", "TRECA", "Mu Sisi International", "Sirin Sai" ( "Sleep Designs)," Mu Si Sofa "and" Mu Si Meiju ". Among them, Mu Si, Musi International, Siri Delica, and TRECA are mainly bedding related products, and V6 home and Musi Meiju involve one -stop home and home improvement business. product. Changjiang Securities also paid attention to the multi -product and multi -brand layout of Murde's shares. Its research report analysis stated that Murde shares is "integrated with healthy sleep resource".

The above research report states that Murde has formed a multi -series sleeping product solution with mattresses, bed frames, bedding and other leisure home products, which fully covers mainstream products in the field of sleep. At the same time, it has actively extended brand positioning. In recent years, it has launched the Internet, young fashion brand series (such as V6 homes), etc., and is committed to meeting consumers' increasingly personalized product needs. Overall, multi -category and multi -brand layout in the field of sleep promotes the integration of sleep and home furnishings, and widely sell for customer bases.

Haitong Securities pointed out in the analysis of the "Sleep Economy" and Matto Murde Shares at the Mattress Laws "that leading enterprises have integrated and sleeper, sofa, dining tables, chairs, mattresses and other items. The traffic entrance of the main business is expected to drive the simultaneous development of the main business and new businesses.

In fact, in recent years, the rapid development of smart homes has been reported. Some reports also said that Mu Si has also opened the "acceleration" model on the smart sleep track with mature products, and opened a page of sleep products innovation.

According to reports, for example, Mursey has made many smart products a overall system that brings a comprehensive smart life and smart sleep services to users, and cooperates with different smart devices such as smart mattresses, electric windows, lights, curtains, and air conditioners. , Create a complete healthy sleep atmosphere and create a space for smart sleep. Become a vivid annual era of Chinese sleeping companies to actively embrace the digitalization and find an upgraded iterative healthy sleep solution.

Mattress industry: low concentration high -quality growth track

In addition to its own advantages, in fact, the mattress industry in Murse's shares is also a growth track. Multiple research report analysis stated that the scale of my country's mattress market has maintained a steady growth and the ceiling is still high.

Huajin Securities quoted CSIL (Milan Light Industry Information Center, established in 1980, independent international furniture research institution). From 2010 to 2020, the consumption scale of the mattress market in major countries in the world increased from 201 million US dollars to $ 29 billion. The average annual compound growth rate was 3.73%, accounting for 43.15%of global software furniture consumption.

In China, as consumers pay more and more attention to sleep quality and sleep health, the sleep economy is in a continuous and rapid development trend. Mattacks are important products to improve sleep quality and sleep health, and the development prospects are broader.

Statistics show that the consumption scale of the Chinese mattress industry in 2020 was US $ 8.54 billion, which is the second largest consumer country in the world. The average annual compound growth rate reached 6.15%, significantly higher than the growth rate of mattress markets in other countries.

In addition, according to the analysis of the Yangtze River Securities, in the past 10 years, the compounded growth of the domestic mattress market has reached 8.8%, especially the awareness of consumers in my country for mattress replacement consumption is still being cultivated and enhanced. Strong mattress replacement willingness, superimposed consumption upgrades and other trends to promote the continuous growth of domestic scale.

For industry -headed enterprises such as Mu Si mattress, the broad prospects of development are only one of the favorable tracks. At the same time, the market concentration in the domestic mattress industry is currently low, and the industry leaders are expected to increase market share with their advantages. In other words -more room for growth.

First of all, according to CSIL statistics, the penetration rate of mattress penetration in developed countries reached 85%, while the penetration rate of mattresses in China is only 60%. The brand accounts for 69.40%of the market share, while in 2019, the top five brand market share in my country's mattress companies is only 15.99%, which is far lower than the American industry concentration.

From the expansion of the mattress to bedding, Changjiang Securities has compiled data from various companies, Ruiou International and other data. In 2020, the top four market share in my country's bedding brands is only 22%.

Haitong Securities analyzed that the concentration of the mattress industry is still relatively scattered. "We believe that the leader is expected to quickly seize the market share by virtue of its scale effect, R & D investment, marketing promotion, and multi -category with goods to consolidate its own competitiveness."

Public reports point out that in the future, Musi will continue to see social needs and make multi -dimensional efforts on the product side, server, and cultural end to help more people enjoy healthy sleep. Text/Moan

Daily Economic News

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