Stimulated by the news that Beijing will replace old furniture with pilot furniture, the furniture sector on Monday soared collectively. Shenwan's furniture industry as a whole rose 2.71%, and Meike shares rose 5.64%. Analysts believe that although the implementation of the policy is difficult, the government's determination to stimulate consumption has been demonstrated.
In fact, the old-fashioned furniture trade was first proposed by enterprises, with the purpose of promoting sales and achieving a win-win situation for consumers and merchants. According to the current practice of some stores, consumers who purchase new furniture can return the old furniture of the same category to the store for recycling, regardless of the original price and the degree of old and new, will be deducted at 5% of the turnover of the new furniture.
"Furniture replacement from the original fragmented corporate behavior to the government's policy encouragement is expected to further stimulate residents' enthusiasm for consumption." Zhou Yinchen, an analyst at Shenyinwan National Light Industry, analyzed the bottom-up attempt of furniture replacement, and current policy promotion Although there are still operational difficulties, it reflects the government's willingness to stimulate furniture consumption. According to the successful precedent of the home appliance policy from Beijing demonstration to national promotion, this policy is almost a gift for furniture companies in the cold winter.
"Beijing's GDP growth last year was the bottom of the rankings. The reason may be that Beijing's economy has shifted from investment to service and consumption; the introduction of furniture for trade-in now is actually stimulating consumption, which is in line with the needs of Beijing's own economic transformation." Deputy Institute of Nanjing Securities Research Institute In an interview with the Dazhong Securities News, Chang Zhouxu said that this policy approach may be adopted in economically developed provinces and cities including Shanghai and Zhejiang in the future, because the central and western regions are still driven by investment, and the eastern region will use consumption as a breakthrough. To promote economic transformation. "If the effect is better, the local government may also implement trade-in for other varieties."
However, it is more difficult to replace the old furniture with furniture. It is different from home appliances that can use some parts and metal objects. The former is more complicated to recycle and handle. In addition to high-quality solid wood, the recycling value of ordinary plates is not high. In addition, furniture The degree of standardization is low, and the scope of preferences is difficult to define. "The specific details of the policy have yet to be implemented. The key is to see whether the subsidy is paid by the government or the enterprise. This will have a clear difference to the benefit of the enterprise and needs to be closely tracked." Wang Feng, an industry analyst at Guotai Junan, analyzed.
Zhou Haichen believes that this policy is beneficial to Sofia, which has many channels distributed in major furniture stores. The theme focuses on Meike, Daya Technology, Yihua Wood, Del Home.
Haitong Securities believes that the demand for industries with consumer attributes such as furniture and toys is relatively stable, and policies are driving the promotion of furniture consumption and stimulating industry development. It recommends Sophia and Meike shares that have independent brands and channel advantages.
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