Abstract: in the past 2020, the epidemic has plunged almost all industries into recession, especially the industries dominated by offline sales, but one industry is an exception. This is the custom home.

In the past 2020, the epidemic has plunged almost all industries into recession, especially the industries dominated by offline sales, but one industry is an exception. This is the custom home.

In the first half of the year, the industry was still struggling for performance growth and rebounded strongly in the second half of the year. The annual average growth rate was more than double digits, almost completely eliminating the significant impact of epidemic factors.

Defeat “grey rhinoceros”

Overall, the performance of customized home in 2020 can be called “amazing”. Almost all listed enterprises have shown business resilience under the heavy pressure of the epidemic and achieved substantial growth.

Among the enterprises that have announced the performance forecast, we can see the top three European home appliances and Sofia: European home appliances expects the operating revenue to increase by 676.668 million yuan to 203.04 million yuan in 2020, with a year-on-year increase of 5% - 15% (the media analysis results may be between 12-13%); Like Sofia, it increased by 5-15% on the basis of last year’s performance of 7.69 billion. The growth in profit is not weak. Europay expects the growth rate of net profit to be 10-20%, while Sofia is 5-15%. The only exception is the declining Shangpin home distribution, which will be discussed in a special article in the future.

The second echelon (with a scale of 2.3 billion) performed better: Zhibang simply showed accurate figures directly. In 2020, the total operating revenue was 3.84 billion yuan, a year-on-year increase of 29.65%; The net profit was 395 million yuan, a year-on-year increase of 19.96%. Gold medal achieved a total operating income of 2.646 billion yuan, a year-on-year increase of 24.49%; The operating profit was 329 million yuan, a year-on-year increase of 20.14%; The total profit was 332 million yuan, a year-on-year increase of 20.62%; The net profit attributable to the shareholders of the listed company was 293 million yuan, a year-on-year increase of 20.80%; Haolaike has not shown its performance, which is estimated to be unsatisfactory (the revenue in the first three quarters was 1.406 billion yuan, a year-on-year decrease of 9.66%; the net profit attributable to the shareholders of the listed company was 180 million yuan, a year-on-year decrease of 31.14%). However, considering the actual performance brought by the acquisition of QianChuan Mumen, its actual growth rate should not be weaker than Zhibang and gold medal. Therefore, the three brands in the second tier have actually increased by more than 20%, about twice as fast as the first corps, which is the most eye-catching.

Let’s look at the third echelon up and down the scale of 1 billion: I le home predicted its profit status, and the net profit attributable to the parent was 215610200 yuan to 231011000 yuan, with a year-on-year increase of 40.00% to 50.00%. According to the calculation of its profit margin of 12%, its revenue in 2020 is close to 2 billion, with a growth rate of nearly 40%, which can be called the king of growth (the fastest growth rate in 2019). It wants to be in the second tier of 2.3 billion. In the three years since piano was listed, the growth rate has been above 30%. It is estimated that the performance in 2020 is “embarrassed”, because its revenue in the first three quarters was about 1.010 billion yuan, a year-on-year increase of 0.24%; The net profit was about 123 million yuan, a year-on-year decrease of 0.44%, which could not be reversed by how much it could be recovered in the fourth quarter alone. The growth is expected to be in single digits. However, piano is a very hard-working company (the b-end business is making efforts). There are also two enterprises within the scale of 1 billion: first, dinggu, with a revenue of 890 million yuan in 2020, a year-on-year decrease of 4.04%; Operating profit decreased by 71.59% year-on-year; Second, Baidesheng installed in del’s future also seems not very good. Del issued a loss forecast in the future: it is expected that the final net profit will lose about 20 million yuan to 40 million yuan, a year-on-year decrease of 125.10% - 150.20%. This shows that the performance of Baidesheng is still not much different from that of 2019 (the revenue in 2019 is 913 million, with a year-on-year increase of about 4%) and may even fall into negative growth.

To sum up, from the performance of the 10 listed customized home furnishing enterprises, the industry has basically successfully overcome the heavy pressure brought by the epidemic and can maintain an average growth rate of more than 10%. According to the statistical analysis of yiou home, from 2018 to 2019, the average revenue growth of Listed Companies in the customized home industry was 17.94% and 16.24% respectively. In 2020, although the downward trend since 2017 has been continued, and there is the great impact of the gray rhinoceros epidemic, most listed companies can still maintain double-digit growth, which is rare. It fully shows that although excessive reliance on offline is regarded as a short board of the customized home industry (the impact is the largest in the first quarter, and the overall negative growth is still in the first half of the year), this industry has sufficient toughness and is still the most prominent in the whole Pan home industry.

At the same time, this has also verified my two judgments: first, the Pan home industry is accelerating the trend of concentration to top enterprises (the larger the enterprise, the faster the growth); 2、 B-end (bulk) business strategy has basically become the consensus of industry development.

B-end business has become a “new consensus”

As early as 2018, the author loudly called for “it’s time to open up the” second battlefield “of enterprises”, and strongly recommended that building materials and home furnishing enterprises lay out their business layout at the b-end of real estate.

At that time, the hot topic in the custom home industry was still big home. However, several enterprises have begun to attach great importance to bulk business. For example, the bulk business income of europay home in 2018 was 1.418 billion yuan, a year-on-year increase of 47.04%, and the performance contribution has reached 12.51%.

In 2019, europay launched its bulk business, achieving a revenue of 2.162 billion yuan, a year-on-year increase of 52.53%, and the proportion of revenue further increased to 16%; Although Sofia also stressed that on the basis of the dealer model, large household and bulk business should be paid equal attention to, the lack of progress led to the bulk business contributing only 7.99% of the revenue. Shangpin homestead continues to maintain a distant attitude towards the b-end. However, the second echelon of catching up is much more realistic. Zhibang’s bulk business revenue, which was laid out early, was 640 million yuan, a year-on-year increase of 63.7%, accounting for 22% of the overall revenue. Gold medals increased more year-on-year