轻工纺服行业周报：政策驱动下家居板块修复空间探讨

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The report discusses the recovery potential of the home furnishing sector driven by policy support, indicating that the valuation of home furnishing products has significantly improved but remains at historical lows [1][10] - As of November 7, 2024, the PE (TTM) for the light industry manufacturing - home furnishing sector is 22.26 times, which is at the 36.66% percentile historically over the past three years [1][10] - The report highlights that the current PE (TTM) is only 93% of the 2022 low and 66% of the 2023 high, suggesting substantial room for upward valuation recovery [1][10] Summary by Sections Weekly Topic: Recovery Potential of the Home Furnishing Sector - The home furnishing sector's valuation has shown significant recovery but is still at historical lows, with key companies like Oppein Home, Sophia, and others having PEs ranging from 13.28 to 19.13 times [1][10] - Compared to the previous valuation recovery phase, the current home furnishing sector still has considerable recovery potential [1][10] Weekly Market Review - From November 4 to November 8, 2024, the Shanghai Composite Index rose by 5.51%, while the light industry manufacturing sector increased by 7.58%, outperforming the broader market [1] Key Data Tracking - Home furnishing sales data for September 2024 shows a slight year-on-year increase of 0.4%, while furniture and parts exports amounted to approximately $538.82 million, reflecting a 1.2% increase [2] - The report tracks various data points, including real estate transactions and material prices, which are crucial for understanding the home furnishing market dynamics [2][3] Important Industry News - The report outlines a series of real estate policy measures aimed at stabilizing the market, which are expected to positively impact the home furnishing sector by boosting consumer confidence and demand [1][13] - The introduction of "old-for-new" policies is anticipated to stimulate home furnishing consumption, with major companies likely to benefit significantly from these initiatives [1][13][14] Company Recommendations - The report recommends focusing on undervalued leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Zhijia Home, which are expected to benefit from the recovery in consumer demand [1][10][13]