家居行业2024年中报总结：景气度仍待修复，渠道端积极思变

Investment Rating - The report rates the home furnishing industry as "Overweight" [2][7]. Core Viewpoints - The home furnishing industry is currently facing short-term pressure on performance due to weaker downstream demand recovery, but leading companies are expected to maintain market share through a comprehensive product layout and multi-brand strategy, with performance likely to improve as demand recovers [2][7]. Summary by Sections 1. Investment Recommendations - The home furnishing industry is under pressure from weaker-than-expected downstream demand recovery, but leading companies are expected to maintain market share and achieve stable growth post-recovery. Recommended companies include Kuka Home, Oppein Home, Sophia, Minhua Holdings, ZBOM Home, Mousse Holdings, and Xilinmen [2][7]. 2. Downstream Demand Weakness and Policy Effects - Overall terminal sales remain weak, with housing completion area from January to July 2024 down 21.80% year-on-year, and residential sales area down 21.10%. However, recent policy measures aimed at boosting housing consumption are expected to gradually stabilize the market and improve home furnishing sales [9][14]. 3. Performance Differentiation in the Sector - The home furnishing sector's revenue and profits are under pressure, with Q2 2024 revenue down 3.9% year-on-year and net profit down 11.9%. Companies are increasing marketing expenditures to drive sales, but the effectiveness of these efforts has been weak, impacting profitability [18][19]. 4. Product Expansion and Channel Innovation - Companies are diversifying their customer base and expanding product categories. For instance, Sophia and Golden Home have seen significant growth in their bulk business, while others are optimizing their customer structures by targeting non-residential sectors like hospitals and schools [20][22]. 5. Custom and Soft Home Furnishing Performance - Custom home furnishing is directly impacted by real estate sales, while soft home furnishing has shown resilience due to domestic renewal and overseas demand recovery. The latter is expected to continue contributing positively to performance as overseas markets recover [21][24]. 6. Cash Flow and Profitability Challenges - The overall cash flow of home furnishing companies has declined due to revenue pressures, with companies facing challenges in managing costs related to materials, taxes, and project guarantees [18][19].