Home expansion will encounter bottlenecks in the development of the property market will gradually emerge
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Home expansion encounters property market regulation "We have opened stores in Nanjing, Qingdao and Tianjin, but we have only 10 stores in the country last year, and the new stores in the second-tier cities demanded cooperation in the second-tier cities last year. 6 companies far exceed the speed of expansion of our own stores.†A person in charge of a furniture brand in Guangdong revealed privately that due to long-term strategic cooperation, the brand continued its cooperation expansion plan in the home furnishing trend in 2010, but several The operation of the new store is quite different. “Even in the same city, the operation of different stores in the same brand store is not the same. Sometimes the sales performance of the same weekend will be different by a factor of two. Especially in the new market where the location is relatively remote, the sales situation is not very optimistic. ""
Actually, the family opened more than 10 stores during the year. Jimei expanded its territory into Xiamen and Tianjin, and the Italian and the top 100 were distributed nationwide. After a year of hard work, Home Depot officially withdrew from the Beijing market. The three-ring home experience experienced “shutdown-opening-discontinuation†and eventually had to end in tragedy... The property market regulation that began in 2010 affected the home market, and its sales volume followed. The decline, especially after the end of 2010, the reserve consumption power was exhausted, and the new market consumption power was insufficient, which made many home stores that just opened new stores into operational difficulties. In a research report published by the Institute of “Top 100 Enterprises in the Home Furnishing Industryâ€, in the context of tightening funds and increasing regulation in the real estate market, China’s home furnishing industry will enter a relatively sluggish adjustment period in 2011.
The "Report" pointed out that since April this year, the Chinese real estate market has experienced fluctuations and downturns under the control of the "New Ten Articles". From the trend of the real estate market in May, the transaction area of ​​first-tier cities such as Beijing, Shanghai and Shenzhen fell sharply, down 56.7%, 49.2% and 56.8% respectively; second- and third-tier cities were also greatly affected, and the market wait-and-see atmosphere was strong. The sluggish volume may continue. As a downstream industry, the home industry will face challenges. At the same time, home furnishing companies are also facing problems such as the increase in upstream raw materials, rising labor costs, and rapid increase in marketing channel construction costs.
The report shows that in 2010, the average total assets of the top 100 home manufacturing enterprises reached 1.395 billion yuan, a year-on-year increase of 58.60%, the growth rate was nearly 40% higher than the previous year, and the average total assets of the top 100 home decoration enterprises was 1.496 billion yuan. The growth rate was 76.10% year-on-year, and the growth rate was about 23 percentage points higher than that in 2009.
The concentration of the home market has increased. The expansion of the home industry in the past two years has also shown new market characteristics, namely, the market concentration is higher, the market share of the top 100 brands is increasing, and the gap between the small and medium-sized brands is increasing.
From the perspective of the overall consumption power of the home market, in 2010, the operating income of the home furnishing industry increased by over 40%, and the market share expanded significantly. Among them, the operating income of the top 100 enterprises has grown rapidly, and the growth rate has increased significantly compared with previous years. For example, the average operating income of the top 100 home manufacturing enterprises reached 1.230 billion yuan, a year-on-year increase of 43.02%, a growth rate of about 27 percentage points higher than last year; the average operating income of the top 100 home decoration enterprises was 1.946 billion yuan, an increase of 44.77%. The growth rate is nearly 20 percentage points higher than that in 2009.
The background of the surge in sales in the home furnishing industry is that in 2010, the sales area of ​​commercial housing in the country reached a record high, reaching 1.043 billion square meters. According to estimates, the market capacity of the home industry increased by 16.86% year-on-year to 2.29 trillion yuan. In the same period, the average operating income growth rate of the top 100 enterprises was nearly 27 percentage points higher than the growth rate of the home industry market capacity, indicating that the market share of the top 100 enterprises continued to increase and the industry concentration increased significantly.
Some home brand dealers have clearly stated that the cost of opening a branded flagship store is getting higher and higher, and the effective customer rate brought by the regional aggregation effect may not be directly proportional. On this basis, they still follow the professional home store for brand expansion, but the consideration of the brand, location, store operating performance and other details is the problem they must choose carefully.
The development bottleneck will gradually show that the profit scale of the home furnishing industry continues to expand, and the growth rate of net profit remains high, which forms the theoretical basis for the rapid expansion of the home furnishing industry, and is also an important reason for many overseas funds to pay attention to this industry.
In 2010, the profit scale of the top 100 enterprises continued to maintain rapid growth. Among them, the average net profit of the top 100 household manufacturing enterprises reached 86 million yuan, a year-on-year increase of 59.84%. Although the growth rate has declined from the previous year, it is still at a high level in recent years; the average net profit of the top 100 home decoration enterprises has exceeded 100 million yuan for the first time. The mark reached 114 million yuan, a year-on-year increase of 70.62%, and the growth rate increased by 17 percentage points over the previous year. The rapid growth of the profit scale of the top 100 enterprises has laid a good foundation for the company to continue to expand its business scale, improve its technical level and achieve sustainable development in the future.
At the same time, however, the home industry also has a negative undercurrent of generally lower operating efficiency and lower return on net assets. As we know, the core indicator for judging corporate profitability is the return on equity. On the basis of the net profit rate, the return on net assets comprehensively considers the impact of business efficiency and capital structure, and more reflects the overall profitability of the company. In 2010, the average net assets return rate of the top 100 home furnishing enterprises declined. Among them, the net assets return rate of the top 100 home manufacturing enterprises decreased from 11.46% in 2009 to 10.93%; the average net assets of the top 100 home decoration enterprises The yield dropped from 27.64% in the previous year to 22.44%, a drop of nearly 5 percentage points.
The composite index of ROE is directly proportional to the net profit margin, asset turnover ratio and equity multiplier. In 2010, due to the rapid growth of the capital scale of the top 100 home manufacturing enterprises, the average asset turnover rate decreased from 0.99 in 2009 to 0.89 in 2010, while the equity multiplier decreased from 1.91 to 1.79, and the average net profit rate failed to rise. Changing the return on net assets, the return on net assets fell by 0.53% year-on-year; for the top 100 home decoration companies, the average asset turnover rate fell from 1.94 in 2009 to 1.64, and the equity multiplier fell from 2.69 to 2.32. At the same time, the net profit margin also declined slightly, resulting in a sharp drop in net assets yield of 5.2 percentage points year-on-year.
The magnificence of the external profit landscape and the decline in the internal net profit rate have caused the rapid expansion of the home industry and the newly opened home market to encounter bottlenecks in development. The shrinking sales in the real estate market will inevitably lead to further demand in the home market. After 2011, homes around the world The market demand is expected to decline in different degrees. The opening of a large number of new stores may not bring the same proportion of operating returns to the industry. These bottlenecks will be more apparent in the home market in the fourth quarter of 2011.