轻工制造：国新会政策集体出台，看好家居估值修复

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The recent policy announcements from the State Council, including interest rate cuts and support for the real estate market, are expected to boost the home improvement demand and restore valuations in the home furnishing sector [3][10] - The average dividend yield of key home furnishing companies exceeds 5%, with an average payout ratio over 50%, indicating strong shareholder returns [3][10] - The report suggests focusing on undervalued, high-dividend home furnishing leaders due to favorable policy changes [3][10] Summary by Sections Policy Support - The central bank's measures include a 0.5% reduction in the reserve requirement ratio and a potential further cut by 0.25-0.5% by year-end [10] - The average reduction in existing mortgage rates is expected to be around 50 basis points, benefiting approximately 50 million households [10] - The unification of down payment ratios for first and second homes to 15% is anticipated to stimulate housing demand [10] Demand Stimulation - The reduction in existing mortgage rates is projected to decrease annual interest expenses for families by approximately 150 billion yuan [10] - The introduction of "old-for-new" subsidy policies, with subsidies ranging from 15% to 20%, is expected to further enhance home furnishing consumption [10] Investment Opportunities - Key home furnishing companies are showing resilience with average revenue and net profit declines of only 2.62% and 5.27% respectively in H1 2024 [10] - The report highlights specific companies to watch: - Custom home furnishing: Sophia, known for its strong integration and traditional leadership [10] - Soft home furnishing: Gujia Home, Mousse, and Minhua Holdings, focusing on full-category integration [10] - Smart home furnishing: Reerte and Arrow Home, which align with home renovation trends [10]