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BDAReportonSuofeiya(002572.SZ)January15,2017
ExecutiveSummaryCompanySnapshotAddressableMarketSizeCompetitiveEdgeEconomicsAnalysisForecastModel
WardrobeOthersKitchen
CabinetTotal4272131051101207120Customized29CustomizedandTotalAddressableFurnitureMarketSize,2016Unit:RMBBNCustomizedPenetration26.4%67.7%9.5%ThecustomizedfurnituremarketinChinaisestimatedtobeRMB120BNaccountingfor28%ofthetotalfurnituremarket;specifically,thepenetrationforcustomizedwardrobe,kitchencabinetandothersarearound26.4%,67.7%,and9.5%respectivelyCustomizedfurniturestillhasrelativelylowpenetrationasfinishedproductsstilldominatethemarketandtheconceptisnotyetwidespreadamongmostmiddle-classcustomersEducatingthecustomersandincreasingtheirawarenesswillbethekeydriversforlong-termgrowth
904520183884402017142292393520161202071297820222739511366202177104582020212629852162201918449+15%Other
CabinetsKitchen
CabinetWardrobeCustomizedFurnitureMarketForecast,2016–2022FCAGR2016-22Multiple,2022/1614.6%2.3x8.1%1.6x29.3%4.7xUnit:RMBBNForthelong-term,thecustomizedfurnituremarketisexpectedtoreachRMB273BNin2022F(CAGR15%),withashiftingdecorationdemandtowardsexistingrenovationandanincreasingcustomizationpenetrationfromtradingup;accordingly,wardrobe,kitchencabinetandothercabinetshave2.3x,1.6xand4.7xupsidepotentialsrespectively
RealEstateFluctuationsFailuresinCategoryExpansionShot-termRisksforCustomizedFurnitureMarketAsprimaryhousestillaccountsformorethanhalfoftotalhomedecorationdemand,anyunexpectedorsuddendropintherealestatemarketwouldbedetrimentaltotheshort-termcustomizedfurnituremarketgrowth,thoughthelong-termcorrelationisgraduallyweakeningLackofIndustryStandardsCustomizationofwardrobeandkitchencabinetshavebeenprovenwhilesomedoubtremainsaboutfurthercategoryexpansionorwhetherthecurrentautomat
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