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轻工制造及纺服服饰行业周报：关注个护双十一预售，把握以旧换新落地下家居投资机遇
ZHONGTAI SECURITIES·2024-10-21 01:08

Investment Rating - The report maintains a rating of "Buy" for key companies in the industry, including Baiya Co., Ltd., Taihua New Materials, Oppein Home, Sophia, and Zhibang Home [1][4]. Core Insights - The industry is experiencing a marginal improvement in demand due to the implementation of "old-for-new" subsidies, which are expected to enhance the market landscape [3][4]. - The overall valuation of the home furnishing industry remains low, indicating significant potential for valuation recovery as pessimistic expectations in the real estate sector begin to stabilize [4]. - The report highlights strong performance in the personal care sector during the pre-sale period of the Double Eleven shopping festival, with brands like Ziyoudian showing exceptional sales [3][15]. Summary by Sections Key Company Performance - Baiya Co., Ltd. reported a revenue of 2.325 billion yuan for the first three quarters of 2024, a year-on-year increase of 57.51%, with a net profit of 239 million yuan, up 30.77% [4]. - The online sales channel for Baiya Co., Ltd. saw a growth of 96.8% in Q3, while offline sales grew by 25.6% [4]. - Other companies such as Taihua New Materials and Oppein Home also showed strong earnings growth, with respective EPS projections indicating continued upward trends [1]. Market Trends - The real estate market is showing signs of recovery, with significant increases in transaction volumes in first-tier cities, indicating a potential rebound in housing demand [30][31]. - The furniture manufacturing sector reported a revenue increase of 3.4% year-on-year for the first eight months of 2024, with a total revenue of 419.18 billion yuan [39]. Industry Data - The total market capitalization of the industry is approximately 812.03 billion yuan, with a circulating market value of 693.398 billion yuan [3]. - The home furnishing sector's performance is expected to improve in Q4 2024 as subsidies are fully implemented, benefiting larger brands and distributors more significantly [4].