家庭装饰品：循贝壳2024Q3报表看整装业态趋势

Investment Rating - The report maintains a "Positive" investment rating for the home decoration industry [22]. Core Insights - In Q3 2024, the home decoration segment of the report's focus company achieved revenue of 4.2 billion RMB, representing a year-on-year increase of 33%, with a total transaction volume of 4.1 billion RMB, up 25% year-on-year [4][19]. - The rapid growth of the company's integrated home decoration services is attributed to enhanced synergy with real estate brokerage operations, increased sales of home products, and strengthened delivery capabilities [4][5]. - The integrated home decoration model is gaining traction, with leading companies actively transforming their organizational management, product systems, and channel empowerment to embrace this trend [20]. Summary by Sections Revenue Growth - The report highlights that the home decoration business's revenue growth is driven by improved customer acquisition and conversion through real estate transactions, with over 1,200 real estate stores deploying home decoration sales personnel [5][19]. - The retail contribution from customized products, soft furnishings, and appliances has increased, with Q3 contract amounts reaching nearly 1.1 billion RMB, accounting for 28.1% of total revenue [5][19]. Delivery and Customer Experience - The company has enhanced its delivery capabilities and customer experience by encouraging healthy competition internally and managing key process nodes effectively, resulting in an average construction period reduction of approximately 10 days year-on-year [5][19]. - The success rate of first-time installations for custom furniture has improved, and the after-sales team has expanded significantly [5][19]. Market Position and Strategy - The report notes that the company is leveraging both organic growth and acquisitions to strengthen its position in the integrated market, with significant transaction volumes in major cities like Beijing and Hangzhou [4][5]. - The company has announced plans to acquire Space Wisdom for up to 1.55 billion RMB, further expanding its market reach [4][5].