家具行业季度研究报告(英文版)

1、 HYPERLINK Reporrt OOn CChinnesee Fuurniiturre IInduustrryElecttronnic Commmerrce Insstittutee off Shhanggyouu InnforrmattionnNJU DDataa Apppliicattionn GrrouppJuly, 20010Summaary of thee Reeseaarchh Reeporrt oon tthe Furrnitturee InndusstryyThis stuudy aimms tto tthe parrticcipaantss off thhe Chiin

2、esse ffurnnituure inddusttry, too prroviide theem aaccuuratte andd coomprreheensiive infformmatiion of furrnitturee inndusstryy, wwhicch wwoulld bbe hhelppfull foor ttheiir ddeciisioon-mmakiing.This repportt waas 227 ppagees llongg, inncluudinng 11.3 milllioon wwordds, 5 ttablles annd 119 ccharrts.

3、It hass ann inn-deepthh annalyysiss off thhe ooperratiing envviroonmeent, fiinannciaal ssituuatiion, thhe kkey entterpprisses of thee inndusstryy annd tthe upsstreeam andd doownsstreeam inddusttriees of thee seeconnd qquarrterr inn 20010, baseed pprimmariily on thee Sttatee Sttatiistiicall Buureaau,

4、 Chiina Ecoonommic Monnitoorinng CCentter, Deevellopmmentt Reeseaarchh Ceentrre oof tthe Staate Couunciil, thee asssocciattionn off Chiinesse ffurnnituure inddusttry, thhe GGeneerall Addminnisttrattionn off Cuustooms, wiind dattabaase, Innvesstmeent Anaalyssis Sysstemm off txxsecc. Beesiddes, thhe r

5、repoort alsso iinveestiigatted prrobllemss andd deevellopmmentt trrendds of Chiinesse ffurnnituure inddusttry andd a deetaiiledd annd ppruddentt fooreccastt waas ggiveen oon tthe Chiinesse ffurnnituure inddusttry in thee thhirdd quuartter, whhichh waas bbaseed oon tthe currrennt sstatte oof ddeveelo

6、ppmennt aand infflueenciing facctorrs of thee fuurniiturre iinduustrry.The rreseearcch cconcclussionn From Jannuarry tto JJunee 20010, booth prooducctioon aand salles of Chiinesse ffurnnituure inddusttry werre bboommingg. TThe outtputt waas 2283 milllioon aand thee saaless vaaluee wass 1553.771 bbil

7、llionn RMMB. Thee yearr onn yeear groowthh raate of prooducctioon aand salles conntinnuedd too riise andd booth werre ooverr 200%. The impportt annd eexpoort alsso hadd a draamattic groowthh, wwithh a groowthh off 477.744 % andd 333% resspecctivvelyy, bbut thee groowthh off immporrt nnarrroweed whii

8、le thaat oof eexpoort inccreaasedd stteaddilyy, hoowevver, thhe fformmer wass sttilll hiigheer tthann thhe llattter.From Jannuarry tto MMay 20110, thee saaless reevennue andd tootall prrofiits of Chiinesse ffurnnituure inddusttry werre 1150.54 billlioon RRMB andd 7.32 billlioon RRMB, wiith a ggrowwt

9、h of 30.56% annd 660.114%. Inn thhe ssecoond quaarteer, thee soolveencyy off thhe ffurnnituure inddusttry hass immproovedd sllighhtlyy, annd tthe proofittabiilitty wwas siggnifficaantlly eenhaanceed whiile thee innvenntorry aand acccounnts recceivvablle werre uundeer eeffeectiive conntrool, bessidee

10、s, thee deevellopmmentt caapaccityy haas beeen impprovvingg ovver thee moonthhs. Soo, a viigorrouss reecovveryy off the whoole inddusttry is virrtuaallyy asssurred. In parrticculaar, thee wooodeen ffurnnituure inddusttry exccellled mettal furrnitturee inddusttry in thee soolveencyy, ooperratiionaal

11、aabillitiies andd thhe ddeveeloppmennt cappaciity, buut tthe mettal furrnitturee inddusttry wass sllighhtlyy beetteer iin pproffitaabillityy.As too thhe tthreee llistted commpanniess off fuurniiturre mmanuufaccturringg, thhe SS * ST Guaangmmingg wass inn thhe pprocceeddingg off reestrructturiing whi

12、ile thee Guuanggdonng YYihuua TTimbber andd the Uniitedd Sttatees ggramms hhad a ggoodd peerfoormaancee. TThe Guaangddongg Yiihuaa Tiimbeer inttendded to exppandd itts mmarkket froom abrroadd too hoome, whhilee thhe UUnitted Staatess grramss toook efffortts tto bbuilld fuurniiturre cchaiin iin ddome

13、estiic. In sttronng cconttrasst wwithh thheirr buusinnesss, in thee seeconnd qquarrterr, aaffeecteed bby thee shharpp faall of thee maarkeet, thee shharee prricee off thhe ttwo lisstedd coompaaniees bbothh deecliinedd moore thaan 330%, unnderrperrforrminng tthe whoole plaate.The nnatuurall diisasste

14、rrs iin ddomeestiic aand traade prootecctioonissm bby fforeeignn coounttriees mmadee thhe wwoodd prricee goo upp oveer tthe passt ffew monnthss. As thee maaterriall prricees rrisiing, thhe ffurnnituure inddusttry faccingg a bigg prresssuree. UUndeer ppresssurre oof tthe “Reaal DDeall”, tthe commmerr

15、ciaal hhoussingg tuurnooverr off thhe ffirsst aand seccondd tiier cittiess haad aa shharpp deecliine of neaarlyy 500%, whiich wass prrobaablyy to cauuse a shhrinnkinng ddemaand of thee fuurniiturre.The wwordds ssuchh ass hiigh annd groowthh wweree wiidelly uusedd too deescrribee thhe ffurnnituure in

16、ddusttry in 20110, howweveer, in thee shhortt teerm, thee apppreeciaatioon oof RMBB, tthe inccreaase of raww maaterriall prricees andd traade prootecctioonissm aree thhe mmainn obbstaaclee off deevellopmmentt, sso tthe inddusttry of thee neext quaarteer wwas preedicctedd caautiioussly.CatallogTOC o

17、1-3 h z u HYPERLINK l _Toc267941335 The rreseearcch cconcclussionn PAGEREF _Toc267941335 h 3 HYPERLINK l _Toc267941336 1. Baasicc Innforrmattionn Annalyysiss off Fuurniiturre MManuufaccturringg PAGEREF _Toc267941336 h 5 HYPERLINK l _Toc267941337 1.1 BBasiic KKnowwleddge of Furrnitturee Maanuffacttur

18、iing PAGEREF _Toc267941337 h 5 HYPERLINK l _Toc267941338 1.2 FFurnnituure Mannufaactuurinng: Envviroonmeentaal AAnallysiis PAGEREF _Toc267941338 h 6 HYPERLINK l _TToc226799413339 2. Secctorr Ecconoomicc Opperaatioon AAnallysiis PAGEREF _Toc267941339 h 9 HYPERLINK l _Toc226799413340 2.11 Inndusstryy

19、deegreee oof FFurnnituure Mannufaactuurinng: Rinnginng UUp PAGEREF _Toc267941340 h 9 HYPERLINK l _Toc267941341 2.2 PProdducttionn annd MMarkketiing of Furrnitturee Maanuffactturiing: coontiinuiing to groow PAGEREF _Toc267941341 h 10 HYPERLINK l _Toc267941342 2.3 CCompparaativvelyy Raapidd Grrowtth o

20、of FFurnnituure Impportt annd EExpoort PAGEREF _Toc267941342 h 13 HYPERLINK l _Toc2679413433 2.44 Coompaarattiveely Sliightt Grrowtth oof EEx-ffacttoryy Prricee PAGEREF _Toc267941343 h 15 HYPERLINK l _Tocc267794113444 3. Finnancciall Annalyysiss off Fuurniiturre IInduustrry PAGEREF _Toc267941344 h 1

21、6 HYPERLINK l _TToc226799413345 3.11 Annalyysiss off thhe SSolvvenccy PAGEREF _Toc267941345 h 16 HYPERLINK l _Toc267941346 3.2 AAnallysiis oof tthe Proofittabiilitty PAGEREF _Toc267941346 h 17 HYPERLINK l _Toc267941347 3.3 AAnallysiis oof tthe opeerattionn abbiliity PAGEREF _Toc267941347 h 18 HYPERL

22、INK l _Toc267941348 3.4 AAnallysiis oof tthe devveloopmeent abiilitty PAGEREF _Toc267941348 h 19 HYPERLINK l _Toc267941349 4. Annalyysiss off liisteed ccomppaniies of thee fuurniiturre iinduustrry PAGEREF _Toc267941349 h 20 HYPERLINK l _Toc267941350 4.1 TThe oveeralll aanallysiis oof llistted commpa

23、nniess PAGEREF _Toc267941350 h 20 HYPERLINK l _Toc2679413551 4.22 Guuanggdonng YYihuua TTimbber PAGEREF _Toc267941351 h 21 HYPERLINK l _Toc267941352 4.3 TThe Uniitedd Sttatees ggramms PAGEREF _Toc267941352 h 22 HYPERLINK l _Toc267941353 4.4 TThe S * STT Guuanggminng PAGEREF _Toc267941353 h 23 HYPERL

24、INK l _Toc267941354 5. Annalyysiss off reelatted Inddusttry PAGEREF _Toc267941354 h 24 HYPERLINK l _Tooc266794413555 5.11 Thhe ttimbber inddusttry PAGEREF _Toc267941355 h 24 HYPERLINK l _Toc267941356 5.2 RReall esstatte iinduustrry PAGEREF _Toc267941356 h 25 HYPERLINK l _Toc267941357 6. Thhe mmainn

25、prrobllemss off Chhinaa fuurniiturre iinduustrry PAGEREF _Toc267941357 h 26 HYPERLINK l _Toc267941358 6.1 TThe quaalitty oof tthe prooduccts shoouldd bee immproovedd urrgenntlyy PAGEREF _Toc267941358 h 27 HYPERLINK l _Toc267941359 6.2 PProdductt hoomoggeneeityy annd llackk off brrandd buuilddingg PA

26、GEREF _Toc267941359 h 27 HYPERLINK l _Toc226799413360 6.33 Loots of traade barrrieers PAGEREF _Toc267941360 h 27 HYPERLINK l _Toc267941361 6.44 Thhe ssecoond-hannd ffurnnituure marrkett iss noot pperffectt PAGEREF _Toc267941361 h 28 HYPERLINK l _Toc2679413362 6.55 Diiffeerennce of thee buusinnesss b

27、aackggrouund is thee maain braake on morre mmergger acttiviity PAGEREF _Toc267941362 h 28 HYPERLINK l _Tocc267794113633 7. Thee trrendd annd fforeecasstinng oof CChinnesee fuurniiturre iinduustrry iin llatee 20010 PAGEREF _Toc267941363 h 28 HYPERLINK l _Toc267941364 7.11 Thhe ddeveeloppmennt ttrennd

28、 oof ffurnnituure mannufaactuurinng oof tthe seccondd haalf of 20110 PAGEREF _Toc267941364 h 28 HYPERLINK l _Toc267941365 7.2 FForeecasst oof CChinnesee fuurniiturre iinduustrry iin tthe thiird quaarteer oof 220100 PAGEREF _Toc267941365 h 29 HYPERLINK l _Toc267941366 8. Evventts oof tthe Inddusttry

29、PAGEREF _Toc267941366 h 30Catallog of chaartss annd ttabllesTOC h z c Firgure HYPERLINK l _Toc267941367 Figurre 11: SSharre oof tthe worrld furrnitturee prroduuctiion PAGEREF _Toc267941367 h 7 HYPERLINK l _Toc267941368 Figurre 22: BBoomm inndexx off Fuurniiturre MManuufaccturringg PAGEREF _Toc267941

30、368 h 9 HYPERLINK l _Toc267941369 Figurre 33: OOutpput andd Grrowtth rratee off Fuurniiturre MManuufaccturringg PAGEREF _Toc267941369 h 10 HYPERLINK l _Toc267941370 Figurre 44: CCompparaativve ggrowwth of diffferrentt kiindss off fuurniiturre pprodductts PAGEREF _Toc267941370 h 11 HYPERLINK l _Toc26

31、7941371 Figurre 55: RRegiionaal ddisttribbutiion of furrnitturee prroduuctiion froom JJanuuaryy-Apprill off 20010 PAGEREF _Toc267941371 h 11 HYPERLINK l _Toc267941372 Figurre 66: MMontthlyy & Acccumuulattivee Saaless Vaaluee off Fuurniiturre MManuufaccturringg PAGEREF _Toc267941372 h 12 HYPERLINK l

32、_Toc267941373 Figurre 77: OOutpput vallue of furrnitturee frrom Jannuarry- Aprril of 20110（acccorddingg too vaarieety） PAGEREF _Toc267941373 h 13 HYPERLINK l _Toc267941374 Figurre 88: MMontthlyy exxporrt oof ffurnnituure Mannufaactuurinng PAGEREF _Toc267941374 h 13 HYPERLINK l _Toc267941375 Figurre

33、99: MMontthlyy immporrt oof ffurnnituure mannufaactuurinng PAGEREF _Toc267941375 h 14 HYPERLINK l _Toc267941376 Figurre 110: PPII、CPII & priice inddex of furrnitturee inndusstryy（thee saame perriodd laast yeaar=1100） PAGEREF _Toc267941376 h 15 HYPERLINK l _Toc267941377 Figurre 111: Rettaill prricee

34、inndexx inn ciitiees aand rurral areeas PAGEREF _Toc267941377 h 16 HYPERLINK l _Toc267941378 Figurre 112: asssetss annd lliabbiliitiees rrateeof furrnitturee inndusstryy PAGEREF _Toc267941378 h 16 HYPERLINK l _Toc267941379 Figurre 113: defficiit rrangge oof ffurnnituure inddusttry PAGEREF _Toc267941

35、379 h 17 HYPERLINK l _Toc267941380 Figurre 114: Recceivvablle ggrowwth of furrnitturee inndusstryy onn yeear-on-yeaar bbasiis PAGEREF _Toc267941380 h 19 HYPERLINK l _Toc267941381 Figurre 115: Revvenuue ggrowwth of furrnitturee inndusstryy onn yeear-on-yeaar bbasiis PAGEREF _Toc267941381 h 19 HYPERLI

36、NK l _Toc267941382 Figurre 116: Proofitt grrowtth oof ffurnnituure inddusttry on yeaar-oon-yyearr baasiss PAGEREF _Toc267941382 h 19 HYPERLINK l _Toc267941383 Figurre 117: Thee sttockk prricee off fuurniiturre iinduustrry iin QQ2 220077 PAGEREF _Toc267941383 h 21 HYPERLINK l _Toc267941384 Figurre 11

37、8: Monnthlly iimpoortss off woood froom JJan, 20009-Aprri, 20110 PAGEREF _Toc267941384 h 24 HYPERLINK l _Toc267941385 Figurre 119:NNatiionaal HHoussingg booom inddex froom FFrb,20009-JJun,20110（thee saame perriodd laast yeaar=1100） PAGEREF _Toc267941385 h 25TOC h z c Table HYPERLINK l _Toc267941386

38、Tablee 1: Deevellopmmentt reevieew oof CChinnesee fuurniiturre iinduustrry PAGEREF _Toc267941386 h 6 HYPERLINK l _Toc267941387 Tablee 2: Chhinaas majjor expportt deestiinattionns oof ffurnnituure PAGEREF _Toc267941387 h 14 HYPERLINK l _Toc267941388 Tablee 3: Prre-ttax proofitt maargiin oof ffurnnitu

39、ure inddusttry PAGEREF _Toc267941388 h 18 HYPERLINK l _Toc267941389 Tablee 4: Thhe iindiicattorss off liisteed ccomppaniies of furrnitturee inndusstryy inn Q11 20010 PAGEREF _Toc267941389 h 20 HYPERLINK l _Toc267941390 Tablee 5: Fooreccastt off fuurniiturre mmarkket in Q3 20110 PAGEREF _Toc267941390

40、 h 301. Baasicc Innforrmattionn Annalyysiss off Fuurniiturre MManuufaccturringg 1.1 BBasiic Knoowleedgee off Fuurniiturre MManuufaccturringg1.1.11 Deffiniitioon & Maajorr PrroduuctssAccorrdinng tto tthe deffiniitioon iin “Natiionaal EEconnomyy Classsifficaatioon OOf Occuupattionn”, Furrnitturee Maan

41、uffactturiing, ass thhis artticlle mmenttionns, inccluddes alll thhe ffabrricaatioon oof ddisttincct ffurnnituure whiich is madde oof wwoodds, mettalss, pplassticcs, bammbooos aand ratttanns, andd caan bbe aapplliedd inn hoousees, hottelss, ooffiicess, sschooolss, rresttaurrantts, hosspittalss, tthe

42、aaterrs, garrdenns, plaaness, aand auttomootivve vvehiiclee, ffor thee fuuncttionn off siittiing, lyyingg, lleanningg, sstorringg, aand spaacinng. Due to diffferrentt raaw mmateeriaals, Fuurniiturre MManuufaccturringg iss diividded intto WWoodden Furrnitturee Maanuffactturiing, Meetall Fuurniiturre

43、MManuufaccturringg, BBambboo & RRatttan Furrnitturee Maanuffactturiing, Pllasttic Furrnitturee Maanuffactturiing andd ottherr kiindss off Fuurniiturre MManuufaccturringg. 1.1.22. Deevellopmmentt ReevieewIn thhe ppastt feew yyearrs, furrnitturee prroduuctiion in Chiina tennds to devveloop rrapiidlyy.

44、 IIn 220022, tthe tottal wass 466.833 biilliion RMBB, aand it reaacheed tto 3340.91 billlioon RRMB in 20009, thee annnuaal ddeveeloppingg raate of whiich wass 322.8%, ffar fassterr thhan thee GDDP ddeveeloppmennt. At tthe samme ttimee, iimpoort andd exxporrt ttradde ssharred thee siimillar devveloop

45、inng ttrennd. Tablee SEQ Table * ARABIC 1: Devveloopmeent revvieww off Chhineese furrnitturee inndusstryyYearValuee offProduuctiionYear on yeaar groowthh ratte oof Prodducttionn VaalueeExporrt VValuueyear on yeaar groowthh raate of Expportt VaalueeImporrts Vallueyear on yeaar groowthh raate of Impor

46、rt VValuue（billlionn RMMB）（%）(billlionn doollaars)(%)（100000 ddolllarss）（%）2002468.33119.02254.177351.42-5.7442003664.99323.66673.33335.45.7537.1112004947.11933.599103.55339.37.2626.28820051,3866.37728.144137.66732.9886.84-5.74420061,8500.87727.099174.66526.8888.0217.14420072,4166.01127.811226.11729

47、.511.04437.68820082,9211.02220.511275.88321.94412.22210.720093,4099.11113.5259.558-5.98812.9776.222010, 1-51,5711.25529.5129.55926.16.3647.7441.2 FFurnnituure Mannufaactuurinng: Envviroonmeentaal AAnallysiis1.2.11 Genneraal PPoliiticcal Envviroonmeent(1) TTax-reffundd Pooliccy: Enssuriing Commpettit

48、iivennesss off Fuurniiturre MManuufaccturringgTo soolvee thhe nnegaativve iinflluennce of finnancciall crrisiis, Chiinesse ggoveernmmentt haas rreleeaseed a serriess off poolicciess, aaimiing to suppporrt tthe staablee deevellopmmentt off fooreiign traade. Fromm Auugusst, 20008 tto JJunee, 220099, i

49、it rraissed thee exxporrt ttax rebbatee raate of somme ccommmodiitiees sseveen ttimees, amoong whiich taxx reebatte rratee off fuurniiturre hhas rosse tto 115% forr thhe pprevviouus 99%; andd thhe ppoliicy wass trryinng tto sstopp thhe rrapiid ddecllinee inn fooreiign traade beccausse oof iinteernaa

50、tioonall fiinannciaal ccrissis, thhe eesseentiial priinciiplee off whhichh waas aassiistiing expportt ennterrpriisess too reeducce ccostt annd eensuure theeir intternnatiionaal mmarkket shaare.(2) BBuilldinng mmateeriaals to rurral areeas: trrigggeriing neww grrowtth ppoweerAt thhe ooutsset of 20110

51、, “buiildiing matteriialss too ruurall arreass” waas wwritttenn inn “CCenttrall Noo. 11 Doocummentt”, whiich wass onne oof iimpoortaant meaasurres connducctedd byy Chhineese govvernnmennt cconccernningg too inncreeasee doomessticc deemannd aafteer tthe polliciies of “hoome apppliaancees tto tthe cou

52、untrrysiide” 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) NNew polliciies of prooperrty marrkett: pprobbablly hharmmingg Fuurniiturre MManuufaccturringg From Aprril, 166, 2201

53、00, CChinnesee gooverrnmeent hass unnveiiledd seeverral neww poolicciess onn hoousiing succcesssivvelyy, wwhicch iis ddesiigneed tto kkeepp doown thee ovverhhighh hoousiing priice in somme ccitiies. Undeer tthe commbinned polliciies, hoomebbuyeers witth rrigiid ddemaand mayy bee beenefficiial. Howee

54、verr, iif RReall Esstatte wwas sluumpiing or eveen ccrasshedd, FFurnnituure Mannufaactuurinng, as thee doownsstreeam inddusttry, miightt suuffeer aa loot.(4). Resstriictiion pollicyy too Reesouurcee-baasedd ennterrpriisessOn thhe ggrouundss off “Commmoddityy Caatalloguue PProhhibiitedd foor PProcces

55、ssingg Trradee” whhichh iss unnveiiledd byy Coommeercee Deeparrtmeent, Geenerral Cusstomms AAdmiinisstraatioon, staate envviroonmeentaal pprottecttionn addminnisttrattionn (SSEPAA) aand othher fouur ddepaartmmentts, boaardss, aand furrnitturee maade of dommesttic woood aare proohibbiteed tto bbe eex

56、poorteed. It woouldd be goood ffor conntroolliing furrnitturee exxporrt, upggraddingg fuurniiturre mmanuufaccturringg, aand thee fuurthher heaalthhy ddeveeloppmennt oof ffurnnituure expportt. BBut it migght makke tthe furrnitturee ennterrpriise falll iintoo thhe ddiffficuult possitiion.1.2.22. Intte

57、rnnatiionaal MMarkketFigurre SEQ Firgure * ARABIC 1: Shharee off thhe wworlld ffurnnituure prooducctioonThe ttotaal vvaluue oof ffurnnituure outtputt inn 20009 wass 3776 bbilllionn doollaars, seevenn maain inddusttriaalizzed couuntrriess (rrankked in acccorddancce wwithh thhe ffurnnituure prooduccti

58、oon vallue: Ammeriica, Ittalyy, Geermaany, Jaapann, Frrancce, Cannadaa, aand Briitaiin) shaaredd 422.3% off thhe wwholle vvaluue; higgh-iincoome couuntrriess heeld 58%; llow andd miiddlle iincoome couuntrriess occcuppiedd 422%. Furnnituure prooducctioon vvaluue iin CChinna, Pollandd annd VViettnamm

59、immproovedd swwifttly, ammongg whhichh Chhinaa shhareed 220% of thee tootall vaaluee, rrankkingg thhe ffirsst iin tthe worrld.The wworlld iimpoortss annd eexpoortss off fuurniiturre hhas folllowwingg chharaacteerissticcs: tottal expportt voolumme oof mmajoor eexpoortiing couuntrriess off fuurniiturr

60、e, Itaaly, Chhinaa, GGermmanyy, PPolaand, annd CCanaada, taakess upp abboutt 322% oof tthe worrld furrnitturee exxporrt; Ameericcan, Euuroppeann Unnionn(EUU), andd Jaapann arre mmajoor iimpoortiing couuntrriess, wwhosse iimpoortiing quaantuum ttakees uup aabouut 557% of thee whholee.In thhe ccomppet