家居行业2024年三季报综述：经营整体承压，景气反转可期

Investment Rating - The report rates the home furnishing industry as "Overweight" [1] Core Viewpoints - The home furnishing industry is currently under pressure 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 anticipated to stabilize upon downstream recovery [3][7] - Policy effects are gradually materializing, leading to a narrowing of sales declines, with significant policy adjustments in the real estate sector [8] Summary by Sections Investment Recommendations - The home furnishing industry is facing short-term performance pressure due to weaker-than-expected recovery in downstream demand, but leading companies like Kuka Home, Oppein Home, and others are recommended for investment due to their comprehensive product offerings and market strategies [3][7] Policy Effects and Sales Trends - From January to September 2024, housing completion area decreased by 24.40% year-on-year, while residential sales area fell by 17.10%. However, the decline in sales has narrowed compared to previous months, indicating a potential recovery in the market [8] Performance Differentiation in the Sector - The home furnishing sector's revenue declined by 2.7% year-on-year in Q3 2024, while net profit dropped by 23.5%, indicating increased competition and pressure on profitability [18] - The soft furnishings segment has shown resilience, benefiting from overseas demand recovery and domestic consumption policies, while the custom furniture segment remains under pressure due to direct impacts from real estate sales [20][22] Cash Flow and Financial Health - The overall cash flow of home furnishing companies has declined year-on-year due to revenue impacts, with companies facing challenges in managing costs related to materials and operational expenses [18][20]