家居装潢行业海外研究：为什么是家得宝？

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The report highlights Home Depot as the largest home improvement retailer globally, with a market capitalization exceeding $400 billion and a revenue of $159.5 billion in 2024, reflecting a year-on-year growth of 4.5% [3][8] - The report argues against the common belief that Home Depot's success is solely due to the rise in DIY home improvement demand, emphasizing instead the company's proactive consumer education and loyalty-building strategies [3] - The report suggests that Home Depot's business model is not easily replicable in China due to differences in housing market structures, labor costs, and supply chain maturity [3] Summary by Sections Company Overview - Home Depot was founded in 1978 in Atlanta, USA, and has grown to become the largest warehouse-style home improvement retailer, with over 2,347 stores across North America and more than 500 distribution centers [3][8] - The company offers over 1 million product types, including appliances, building materials, and home decor [3][8] Market Position - Home Depot holds a 24.1% market share in the U.S. home improvement and garden retail market as of 2024, maintaining its position as the industry leader [3][8] - The company has achieved a compound annual growth rate (CAGR) of 13% in revenue and 16% in net profit from FY1989 to FY2025 [3][8] Business Model and Strategy - Home Depot's business model focuses on large-scale, low-cost, and high-service retailing, which disrupted traditional small-scale home improvement stores [3][18] - The company has established a strong corporate culture centered on customer service and continuous innovation, which is seen as a key driver of its long-term success [31] Investment Recommendations - The report recommends investing in companies with a comprehensive multi-channel layout in the Chinese home improvement market, such as Oppein Home, Kuka Home, and Sophia, as the market for home renovation services continues to grow [3]