家具行业季度专题研究报告(英文版)

《家具行业季度专题研究报告(英文版)》由会员分享，可在线阅读，更多相关《家具行业季度专题研究报告(英文版)（37页珍藏版）》请在装配图网上搜索。

1、Report On Chinese Furniture IndustryElectronic Commerce Institute of Shangyou InformationNJU Data Application GroupJuly, Summary of the Research Report on the Furniture IndustryThis study aims to the participants of the Chinese furniture industry, to provide them accurate and comprehensive informati

2、on of furniture industry, which would be helpful for their decision-making.This report was 27 pages long, including 1.3 million words, 5 tables and 19 charts. It has an in-depth analysis of the operating environment, financial situation, the key enterprises of the industry and the upstream and downs

3、tream industries of the second quarter in , based primarily on the State Statistical Bureau, China Economic Monitoring Center, Development Research Centre of the State Council, the association of Chinese furniture industry, the General Administration of Customs, wind database, Investment Analysis Sy

4、stem of txsec. Besides, the report also investigated problems and development trends of Chinese furniture industry and a detailed and prudent forecast was given on the Chinese furniture industry in the third quarter, which was based on the current state of development and influencing factors of the

5、furniture industry.The research conclusion From January to June , both production and sales of Chinese furniture industry were booming. The output was 283 million and the sales value was 153.71 billion RMB. The year on year growth rate of production and sales continued to rise and both were over 20%

6、. The import and export also had a dramatic growth, with a growth of 47.74 % and 33% respectively, but the growth of import narrowed while that of export increased steadily, however, the former was still higher than the latter. From January to May , the sales revenue and total profits of Chinese fur

7、niture industry were 150.54 billion RMB and 7.32 billion RMB, with a growth of 30.56% and 60.14%. In the second quarter, the solvency of the furniture industry has improved slightly, and the profitability was significantly enhanced while the inventory and accounts receivable were under effective con

8、trol, besides, the development capacity has been improving over the months. So, a vigorous recovery of the whole industry is virtually assured. In particular, the wooden furniture industry excelled metal furniture industry in the solvency, operational abilities and the development capacity, but the

9、metal furniture industry was slightly better in profitability. As to the three listed companies of furniture manufacturing, the S * ST Guangming was in the proceeding of restructuring while the Guangdong Yihua Timber and the United States grams had a good performance. The Guangdong Yihua Timber inte

10、nded to expand its market from abroad to home, while the United States grams took efforts to build furniture chain in domestic. In strong contrast with their business, in the second quarter, affected by the sharp fall of the market, the share price of the two listed companies both declined more than

11、 30%, underperforming the whole plate. The natural disasters in domestic and trade protectionism by foreign countries made the wood price go up over the past few months. As the material prices rising, the furniture industry facing a big pressure. Under pressure of the “Real Deal”, the commercial hou

12、sing turnover of the first and second tier cities had a sharp decline of nearly 50%, which was probably to cause a shrinking demand of the furniture. The words such as high and growth were widely used to describe the furniture industry in , however, in the short term, the appreciation of RMB, the in

13、crease of raw material prices and trade protectionism are the main obstacle of development, so the industry of the next quarter was predicted cautiously.CatalogThe research conclusion31. Basic Information Analysis of Furniture Manufacturing51.1 Basic Knowledge of Furniture Manufacturing51.2 Furnitur

14、e Manufacturing: Environmental Analysis62. Sector Economic Operation Analysis92.1 Industry degree of Furniture Manufacturing: Ringing Up92.2 Production and Marketing of Furniture Manufacturing: continuing to grow102.3 Comparatively Rapid Growth of Furniture Import and Export132.4 Comparatively Sligh

15、t Growth of Ex-factory Price153. Financial Analysis of Furniture Industry163.1 Analysis of the Solvency163.2 Analysis of the Profitability173.3 Analysis of the operation ability183.4 Analysis of the development ability194. Analysis of listed companies of the furniture industry204.1 The overall analy

16、sis of listed companies204.2 Guangdong Yihua Timber214.3 The United States grams224.4 The S * ST Guangming235. Analysis of related Industry245.1 The timber industry245.2 Real estate industry256. The main problems of China furniture industry266.1 The quality of the products should be improved urgentl

17、y276.2 Product homogeneity and lack of brand building276.3 Lots of trade barriers276.4 The second-hand furniture market is not perfect286.5 Difference of the business background is the main brake on more merger activity287. The trend and forecasting of Chinese furniture industry in late 287.1 The de

18、velopment trend of furniture manufacturing of the second half of 287.2 Forecast of Chinese furniture industry in the third quarter of 298. Events of the Industry30Catalog of charts and tablesFigure 1: Share of the world furniture production7Figure 2: Boom index of Furniture Manufacturing9Figure 3: O

19、utput and Growth rate of Furniture Manufacturing10Figure 4: Comparative growth of different kinds of furniture products11Figure 5: Regional distribution of furniture production from January-April of 11Figure 6: Monthly & Accumulative Sales Value of Furniture Manufacturing12Figure 7: Output value of

20、furniture from January- April of （according to variety）13Figure 8: Monthly export of furniture Manufacturing13Figure 9: Monthly import of furniture manufacturing14Figure 10: PPI、CPI & price index of furniture industry（the same period last year=100）15Figure 11: Retail price index in cities and rural

21、areas16Figure 12: assets and liabilities rateof furniture industry16Figure 13: deficit range of furniture industry17Figure 14: Receivable growth of furniture industry on year-on-year basis19Figure 15: Revenue growth of furniture industry on year-on-year basis19Figure 16: Profit growth of furniture i

22、ndustry on year-on-year basis19Figure 17: The stock price of furniture industry in Q2 21Figure 18: Monthly imports of wood from Jan, -Apri, 24Figure 19:National Housing boom index from Frb,-Jun,（the same period last year=100）25Table 1: Development review of Chinese furniture industry6Table 2: Chinas

23、 major export destinations of furniture14Table 3: Pre-tax profit margin of furniture industry18Table 4: The indicators of listed companies of furniture industry in Q1 20Table 5: Forecast of furniture market in Q3 301. Basic Information Analysis of Furniture Manufacturing 1.1 Basic Knowledge of Furni

24、ture Manufacturing1.1.1 Definition & Major ProductsAccording to the definition in “National Economy Classification Of Occupation”, Furniture Manufacturing, as this article mentions, includes all the fabrication of distinct furniture which is made of woods, metals, plastics, bamboos and rattans, and

25、can be applied in houses, hotels, offices, schools, restaurants, hospitals, theaters, gardens, planes, and automotive vehicle, for the function of sitting, lying, leaning, storing, and spacing. Due to different raw materials, Furniture Manufacturing is divided into Wooden Furniture Manufacturing, Me

26、tal Furniture Manufacturing, Bamboo & Rattan Furniture Manufacturing, Plastic Furniture Manufacturing and other kinds of Furniture Manufacturing. 1.1.2. Development ReviewIn the past few years, furniture production in China tends to develop rapidly. In , the total was 46.83 billion RMB, and it reach

27、ed to 340.91 billion RMB in , the annual developing rate of which was 32.8%, far faster than the GDP development. At the same time, import and export trade shared the similar developing trend. Table 1: Development review of Chinese furniture industryYearValue ofProductionYear on year growth rate of

28、Production ValueExport Valueyear on year growth rate of Export ValueImports Valueyear on year growth rate of Import Value（billion RMB）（%）(billion dollars)(%)（10000 dollars）（%）468.3119.0254.17351.42-5.74664.9323.6673.3335.45.7537.11947.1933.59103.5339.37.2626.281,386.3728.14137.6732.986.84-5.741,850.

29、8727.09174.6526.888.0217.142,416.0127.81226.1729.511.0437.682,921.0220.51275.8321.9412.2210.73,409.1113.5259.58-5.9812.976.22, 1-51,571.2529.5129.5926.16.3647.741.2 Furniture Manufacturing: Environmental Analysis1.2.1 General Political Environment(1) Tax-refund Policy: Ensuring Competitiveness of Fu

30、rniture ManufacturingTo solve the negative influence of financial crisis, Chinese government has released a series of policies, aiming to support the stable development of foreign trade. From August, to June, , it raised the export tax rebate rate of some commodities seven times, among which tax reb

31、ate rate of furniture has rose to 15% for the previous 9%; and the policy was trying to stop the rapid decline in foreign trade because of international financial crisis, the essential principle of which was assisting export enterprises to reduce cost and ensure their international market share.(2)

32、Building materials to rural areas: triggering new growth powerAt the outset of , “building materials to rural areas” was written in “Central No. 1 Document”, which was one of important measures conducted by Chinese government concerning to increase domestic demand after the policies of “home applian

33、ces to the countryside” and “car to the countryside”. As some statistics show, “building materials to rural areas” might increase consumption demand about 1 hundred billion RMB in the rural.(3) New policies of property market: probably harming Furniture Manufacturing From April, 16, , Chinese govern

34、ment has unveiled several new policies on housing successively, which is designed to keep down the overhigh housing price in some cities. Under the combined policies, homebuyers with rigid demand may be beneficial. However, if Real Estate was slumping or even crashed, Furniture Manufacturing, as the

35、 downstream industry, might suffer a lot.(4). Restriction policy to Resource-based enterprisesOn the grounds of “Commodity Catalogue Prohibited for Processing Trade” which is unveiled by Commerce Department, General Customs Administration, state environmental protection administration (SEPA) and oth

36、er four departments, boards, and furniture made of domestic wood are prohibited to be exported. It would be good for controlling furniture export, upgrading furniture manufacturing, and the further healthy development of furniture export. But it might make the furniture enterprise fall into the diff

37、icult position.1.2.2. International MarketFigure 1: Share of the world furniture productionThe total value of furniture output in was 376 billion dollars, seven main industrialized countries (ranked in accordance with the furniture production value: America, Italy, Germany, Japan, France, Canada, an

38、d Britain) shared 42.3% of the whole value; high-income countries held 58%; low and middle income countries occupied 42%. Furniture production value in China, Poland and Vietnam improved swiftly, among which China shared 20% of the total value, ranking the first in the world.The world imports and ex

39、ports of furniture has following characteristics: total export volume of major exporting countries of furniture, Italy, China, Germany, Poland, and Canada, takes up about 32% of the world furniture export; American, European Union(EU), and Japan are major importing countries, whose importing quantum

40、 takes up about 57% of the whole.In the competition of world furniture market, Chinese furniture products face the direct rivalry from developed furniture manufacturing countries, like Italy, Germany, and Canada. Compared to those countries, product design and quality of Chinese furniture products e

41、xists heavy disparity, but the price of Chinese furniture is much lower.In the future international market, Chinese furniture will confront more competition from developing countries like Poland, Vietnam, Malaysia, and Mexico. Those countries not only have abundant forest resource, but enjoy the sam

42、e cheap labor resource like China. In the competition of global furniture market, those countries will be powerful rivals of Chinese furniture manufacturing, by introducing foreign capital and self-development accumulation.1.2.3. Domestic Market EnvironmentAccording to National Bureau of Statistics

43、(NBS), it was preliminary calculated that GDP was 17283.98 billion RMB in the first half of this year, which nominally increased by 16.7% compared to that of . Calculated at comparable price, GDP raised by 11.1% from a year ago, 3.7% faster than that of last year. Hereinto, value added of primary in

44、dustry was 1336.7 billion RMB, increased by 3.6%; secondary industry was 8583 billion RMB, increased by 13.2%; tertiary industry was 7364.28 billion RMB, increased by 9.6%. Statistics shows that upward trend of national economy is gradually enhancing, and the overall situation is positive and satisf

45、ied. Since , financial crisis and debt crisis emerged successively, and appreciations of RMB and trade protectionism were on the rise. Because of those factors, furniture export enterprise suffered a serious defeat. Some of them ended up in bankrupt, and some seized the lifeblood of domestic market.

46、With a series of stimulating economic policies, domestic market of furniture manufacturing maintained steady growth.2. Sector Economic Operation AnalysisIn , Chinese furniture market was subjected to the damage of inflation, financial downturn, and property market swing, so both of its export and do

47、mestic market slid backward. In , China is in post-crisis era. From kinds of indicators in the first half of this year, furniture manufacturing is recovering gradually, and operating stably.2.1 Industry degree of Furniture Manufacturing: Ringing UpFigure 2: Boom index of Furniture ManufacturingIn th

48、e second quarter of , national enterprise booming index was 135.9, 3 higher than the first quarter; industrial enterprise booming index was 133.6, 3.5 higher than last quarter. Since the fourth quarter of , booming index of 39 industrial categories enterprises was in normal boom region and was in ri

49、sing tendency. Enterprise booming index is continuing to be good, manifesting that the whole economy has gone out of financial crisis and is on the way to normal state. In the long run, booming index of furniture manufacturing is lower than national enterprises and industrial enterprises. It dropped

50、 to 75.6 in the first quarter of , which was the lowest in the history. After that, it started to boost continually; in the fourth quarter of , it reached to as high as 123.9. After a slight fall in the first quarter of , it improved to 125.5 in the second quarter, which was the highest number since

51、 . The phenomenon indicates that furniture manufacturing is recovering but shaking in the short term.2.2 Production and Marketing of Furniture Manufacturing: continuing to grow2.2.1 Increasing by more than 20% in the first half of Figure 3: Output and Growth rate of Furniture ManufacturingAccording

52、to the statistics from NBS, from January to May of , total national furniture production was 0.283 billion pieces, comparative growing by 22.14%, which was 24.4% higher than last year. Among major products, production of wooden furniture was 91.39 million pieces, and comparative growth was 25.21%; s

53、oft furniture was 17.12 million pieces, and comparative growth was 13.32%; metal furniture was 0.16 billion pieces, and comparative growth was 22.51%. Besides, in the second quarter, furniture production increased compared to last quarter, and it keeps a continuous growth.Figure 4: Comparative growt

54、h of different kinds of furniture productsIn the first half of this year, monthly production reached to the low stage in February, after which it began to increase steadily, and the comparative data was in the trend of rapid development, which indicated that furniture manufacturing was in the course

55、 of developing “quality” instead of “quantity”. Among major products, production of wooden and metal furniture increased identically with the overall trend, while comparative growth of soft furniture fell 36.64% and went down to minus 1.05% in January of after its quick growth in November and Decemb

56、er, but it rebounded in the following February to June.In regional distribution, production of the first five from January to April was Zhe Jiang, Guang Dong, Fu Jian, Shan Dong, Shang Hai, whose total production was 82% of national output; and production of the first ten took up 94% of national out

57、put. Figure 5: Regional distribution of furniture production from January-April of 2.2.2 Steady Growth of Sales Value & Favorable Marketing ConvergenceIn the first months, sales value of furniture manufacturing was 153.71 billion RMB, comparatively growing by 28.59%, which was 1.19% higher than ligh

58、t industry during that time. Its marketing convergence was favorable, and accumulative rate of produce and sale was 97.83%, comparative decreasing by 0.67%.Figure 6: Monthly & Accumulative Sales Value of Furniture ManufacturingIn the first half of this year, the trend of monthly sales value of furni

59、ture manufacturing was the same as the production. On account of the Spring Festival, sales value touched the bottom in February, recovered in March, grew steadily in April and May, and reached the highest in June.From the monthly rate of production and sales, the trend in the first half of this yea

60、r was similar to that of . Rate of production and sales in March decreased by 1.9% compared to that in February; it recovered to 97.9% in April; and it was 97.8% in May, decreased compared to April.Figure 7: Output value of furniture from January- April of （according to variety）According to variety,

61、 though the production of metal furniture was about twice as many as wooden furniture, sales value of the latter was much higher than the former because of the high unit price of wooden furniture. Actually, total value of wooden furniture output took up 56% of the total value, which was about double

62、d than metal furniture.2.3 Comparatively Rapid Growth of Furniture Import and Export2.3.1 Export: comparative growth of 33% in the first half of this yearFigure 8: Monthly export of furniture ManufacturingOn the basis of statistics from customs, accumulative export amount of furniture manufacturing

63、was 15.64 billion dollars from January to June, which occupied 30% of the total sales value of furniture, and took up 2.22% of national export amount. The comparative growth of export was 33%, which was higher than the increasing rate of production and sales value, but slightly lower than the growth

64、 rate of national export which was 35.2%. From the analysis of customs, the positive trend of furniture export in the first half year of should give credit to oversea retailer who urgently wanted to replenish stocks, which resulted in recent furniture export at relatively high position.For the monthly trend, export amount developed identically with the production and sales value of industry, which appeared like the shape of V after December of . Different from absolute quantity, under the influence of the low