SPZP(SZ:300616)2022-12-05 01:50Group 1: Company Overview and Market Position - The company has not observed significant impacts from recent real estate regulations, as demand from rigid customers remains strong despite the regulations primarily affecting investors [2] - The market share of leading custom furniture companies is still relatively low, indicating limited impact from real estate controls [2] Group 2: Competitive Landscape - The entry of more companies into the whole-house furniture customization market will increase competition, but the high degree of personalization required makes standardization difficult for traditional manufacturers [3] - The company has accumulated substantial experience in online traffic generation and multi-channel marketing, which will maintain its competitive edge despite competitors adopting O2O models [3] Group 3: Marketing and Sales Strategy - The company employs a comprehensive multi-channel marketing strategy, with WeChat identified as the highest quality traffic source among various channels [3] - The company plans to strengthen its franchise channels while consolidating its direct sales advantages, as the national layout of direct stores is nearly complete [4] Group 4: Production and Capacity - Current production capacity in Foshan is expected to be tight by mid-2019, prompting considerations for capacity expansion in other regions [4] - The company emphasizes improving the per capita output of designers rather than simply increasing the number of designers to meet growing customer orders [4] Group 5: Retail Strategy - Shopping centers present both advantages and disadvantages; while high rents are a concern, they provide significant foot traffic and brand exposure, leading the company to establish direct stores in these locations [4]