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其他家居行业首次覆盖：垂类赛道高景气，细分龙头迎机遇
Guotai Junan Securities·2024-06-18 23:31

Investment Rating - The report initiates coverage with a rating of "Buy" for the other home goods industry [2]. Core Views - The report highlights that the artificial turf, shading materials, and thermos cup segments are experiencing strong demand and supply dynamics, with leading companies showing excellent financial metrics and clear capacity expansion paths, indicating a potential growth cycle ahead [1]. Summary by Sections 1. Artificial Turf: Emerging with Ample Global Penetration Space - The global artificial turf market is projected to grow from a sales value of €2.8 billion in 2021 to €3.8 billion by 2025, with a compound annual growth rate (CAGR) of 8.4% [3][7]. - China accounts for over 60% of global production capacity, with five of the top ten suppliers being Chinese companies [15]. 2. Functional Shading Materials: Mature Overseas Market with Low Domestic Penetration - The domestic market for functional shading products was valued at ¥21.63 billion in 2021, with a CAGR of 7.6% from 2016 to 2021. It is expected to reach ¥50 billion by 2025 [25]. - The penetration rate in China was only 3.1% in 2019, compared to over 70% in mature overseas markets, indicating significant growth potential [25]. 3. Aseptic Packaging: Continuous Downstream Expansion and Domestic Substitution - The aseptic packaging market in China is expected to grow steadily, with a market size of approximately 117.6 billion packages in 2023 [38]. - The demand for aseptic packaging is driven by the increasing consumption of liquid dairy products and non-carbonated beverages, with a growth rate of 6.9% from 2019 to 2022 [38]. 4. Thermos Cups: High Demand in Exports and Promising Domestic Market - The domestic thermos cup market is expanding its product matrix to meet diverse consumer needs, with brands like Hars leveraging various usage scenarios [45]. - The market is characterized by a significant presence of foreign brands in the high-end segment, while domestic brands are increasingly penetrating the mid-to-high-end market [46].