Real estate dragging down and impact of the epidemic. In the first half of the year

Reporter Li Kaixuan Li Beibei Beijing report

"Shining market value" is already one of the keywords in the home industry in the first half of 2022. Due to the impact of the epidemic and the problem of real estate liquidity, the expectations of the home furnishing industry also weakened. More than 80%of the market value of more than 80%of the home companies declined, and the market value of the enterprise declined more than 30%.

At the same time, the financial crisis in the industry has gradually appeared, and many household companies received regulatory letters in the first half of 2022, requesting the reason why the net profit was pre -disclosed in 2021 and the actual net profit was large. What's more difficult is the offline sales side of home companies, and the market consumption has declined. Many companies choose to save the operation by withdrawing the store and reducing part of the expenditure to ensure the operation.

A large number of enterprises have reduced market value

"On the one hand, the upstream real estate industry's sales status is not good, resulting in a decline in demand for home products in the market. On the other hand, the epidemic situation and raw materials increase price, which will make household companies cost cost and operating pressure." July 5th On the day, Ai (a pseudonym) told the reporter of the Huaxia Times.

Ai is the supervisor of an offline store in a home company. He told the China Times reporter that after the epidemic in Beijing in May 2022, the company adopted the strategy of reducing the number of offline stores. "Two shops are merged into a shop, and the staff will be appropriately reduced. (Adopting this strategy) is mainly to reduce costs and increase risk resistance." Ai said to the China Times reporter.

"Huaxia Times" reporter learned that starting from 2021, various factors such as rising raw materials, rising raw material prices, decline in real estate sales, and upstream real estate account recovery periods are extended. drag. The response of the capital market is even more obvious. "Huaxia Times" reporters found that the market value of more than 80%of the corporate market value of more than 80%of the company's market value in the first half of 2022, and only the market value of leading enterprises in the industry increased.

"Huaxia Times" reporters noticed that there were many including Di Oojia (002798.SZ), Meng Lily (603313.SH), Shangpin House (300616.SZ), Qumei Home (603818.SH), etc. The market value of listed companies fell more than 30%within half a year. As of July 6, the market value of Emperor's home furnishings fell to 3.451 billion yuan, the market value of Shangpin House fell to 50.37 billion yuan, and the market value of Qumei Home Furnishing fell to 5.285 billion yuan.

A head broker analyst told the reporter of "Huaxia Times": "The market value is closely tied to the company's stock price. If the market value has fallen significantly, it shows a certain degree of decline in investors' expectations for enterprises or industries."

A number of data in the home industry can also confirm that the industry is currently in a "low temperature period." According to data from the National Bureau of Statistics, from January to May 2022, the operating income of home furnishing manufacturing enterprises above designated size was 294.89 billion yuan, a year-on-year decrease of 2.5%; the total profit was 13.26 billion yuan, a year-on-year decrease of 2.1%.

In terms of sales, data from the National Bureau of Statistics show that from January to May 2022, furniture retail sales were 57.5 billion yuan, a year-on-year decrease of 9.6%. During the same period, the retail sales of buildings and decoration materials were 69.7 billion yuan, a year -on -year decrease of 2.4%.

Industry's current financial concern

In addition to the large market value changes, the reporter of the Huaxia Times noticed that the home industry has also become a "supervisory" place. Among them, just a single month in June 2022, five household companies received relevant regulatory letters. On June 28, Dongpeng Holdings (003012.SZ), the main business of ceramics, received a regulatory letter. The Shenzhen Stock Exchange requested that the 2021 annual report officially disclosed the main reasons for the difference in net profit and notice of the notice.

It is reported that Dongpeng Holdings is expected to belong to the shareholders of listed companies in 2021 to a net profit of 34 million to 51 million yuan, but its official disclosure 2021 annual report shows that the net profit attributable to shareholders of listed companies is about 154 million yuan. As of press time, Dongpeng Holdings has not responded to the regulatory letter. However, investors obviously did not take the idea of ​​"whether the net profit has increased significantly or bad". Dongpeng Holdings's stock price rose two days after receiving the regulatory letter, but then a "5 consecutive decline" appeared later. Essence

Also because the actual performance and pre -disclosure gap, the regulatory letter was received. According to the announcement on June 28, the net profit of Emperor Ou Home Furnishing was originally expected to belong to shareholders of listed companies in 2021, 272 million yuan to 3.69 billion yuan, but the actual annual report showed that the net profit attributable to shareholders of listed companies was 69.12 million. Yuan. As of press time, Emperor's Home Furnishing did not reply to the regulatory letter.

For the home building materials industry, housing companies are selling or paying payment by business tickets is the norm of the industry. Due to the pressure of its own operations and sales in recent years, the home building materials industry with upstream and downstream home and downstream is also "barking." It is understood that in the first half of 2022, the phenomenon of household building materials enterprises was not a minority with real estate companies. For example, Op Horge (603551.SH) has filed a lawsuit in a row of many related companies in the two real estate companies, requiring the other party to pay commercial bills and return the security deposit.

Increased operating pressure of offline stores

The business state of listed companies is already the same, and small and medium -sized home companies that have not been listed are even more serious. "The passenger flow of large offline malls in the first half of 2022 was not good. We rented a store in a large mall in Beijing, nearly 300 square meters, but the flow was not high. In May, it was not even 10,000 yuan." Ai Ai. "Ai Ai. Yi said to the reporter of the Huaxia Times. In addition, Ai said: "We also wanted to withdraw a part of the store again, but the household mall has not been able to agree with our plan because of the subsequent investment promotion." And another company head of the company, Lin Qi, mainly focused on home appliances (pseudonym ) Similarly, the reporter of Huaxia Times said that its company also wanted to withdraw the store from a large home mall in Beijing, but the other party also refused on the grounds of failure to attract success.

And when the reporter asked, since the sales situation is so bleak, what is the main profit point of the current home company? Ai said to the reporter of "Huaxia Times": "Mainly dealers. However, in the past two years, distributors have lost more, the home markets in first -tier cities are not easy to do, and it is difficult to say that other cities are hot."

In the context of difficulty growing, more and more home companies have turned their attention to throwing. Ai and Lynch's company both decided to outsourcing the company's logistics department and no longer hold it alone. "It also needs to purchase a large number of transport vehicles such as transportation vehicles, and it is a depreciation asset, and many employees need to be hired. At present, the industry cools down and the business volume has also been reduced. . "Lin Qi told the reporter of Huaxia Times.

On July 6, the stock price of Dongfang Yuhong (002271.SZ), known as the "Waterproof Moutai", suddenly collapsed, the stock price dropped by 9.98%, and the closing price was 46.63 yuan/share. According to market rumors, the semi -annual report is about to disclose that the performance of Dongfang Yuhong may not match market expectations. Although the follow -up of Oriental Yuhong responded to rumors, its stock price has not yet risen significantly.

At the same time, some research institutions are also not optimistic about the performance of home furnishing enterprises in the first half of the year. They believe that household companies have been significantly impacted by the epidemic in the second quarter of 2022. The release is expected to be delayed. Therefore, it is difficult to perform well in the semi -annual report of related companies.

Editor -in -chief: Zhang Bei Editor: Zhang Yuning

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