家居行业深度报告：消费沉浮之下，从贝壳视角看家居公司

Investment Rating - The report maintains an "Overweight" rating for the home furnishing industry, consistent with the previous rating [2]. Core Insights - The home furnishing companies possess significant advantages in product strength compared to home decoration companies. With the recovery of consumer spending power, these companies are expected to gain consumer favor due to their established brand reputation and continuous product iteration, leading to stable growth in performance. Recommended companies include Gujia Home, Oppein Home, Sofia, Minhua Holdings, Zhibang Home, Mousse Co., and Xilinmen [5][7]. Summary by Sections 1. Investment Recommendations - The report emphasizes the potential for home furnishing companies to outperform home decoration companies due to their superior product capabilities and brand equity, especially as consumer spending recovers [5][7]. 2. Home Decoration Industry: Continuous Transformation and Upgrading - The home decoration industry is still in a "large industry, small companies" state, with significant growth potential in the renovation market, projected to reach 5 trillion yuan by 2025, with a CAGR exceeding 6% [9][12]. - The industry has undergone three iterations, evolving from regional players to national enterprises, and is now moving towards a more integrated and standardized process [12][14]. 3. Pain Points in the Home Decoration Industry - The industry faces two major pain points: trust issues and supply chain integration capabilities. Trust issues directly affect revenue growth, while supply chain integration determines profit margins and market coverage [5][12]. 4. Consumer Behavior and Market Dynamics - The report highlights a structural difference in home decoration demand across different city tiers, with first-tier cities leading in renovation driven by the stock market [20][22]. - Young consumers, who make up over 85% of the market, demand diverse design styles and customized services, increasing the complexity of service delivery [36][38]. 5. Industry Structure and Competition - The home decoration market is characterized by a fragmented structure, with a concentration ratio (CR4 and CR10) of less than 1% as of 2022, indicating a predominance of small and medium-sized enterprises [26][43]. - The industry is divided into platform-type players, which are asset-light and focus on connecting users with decoration companies, and product-type players, which are asset-heavy and manage their own logistics and construction teams [24][26]. 6. Integration of Home Decoration and Home Furnishing - The boundaries between home decoration and home furnishing are increasingly blurred, with trends towards "home decoration retail" and "retail integration" becoming prominent [44][45].