The adoption of interior doors has increased across residential and non-residential sectors of European countries, owing to factors such as population boom and rapid urbanization. In addition, increase in the number of residential and non-residential buildings is expected to provide lucrative growth opportunities to the Europe interior doors market players. Interior doors are used for creating appropriate and well-designed functional space with adequate access points and effective circulatory ventilation in a room. Interior doors are available in different types such as swinging doors, sliding doors, bypass doors, bifold doors, and others. Factors such as increase in government investments in commercial infrastructure and surge in residential sector are expected to drive the Europe interior doors market during the forecast period. In 2016, the European Commission launched an initiative known as “Smart Finance for Smart Buildings”, which was aimed at offering incentives for public and private investments in energy efficiency of buildings as well as use of insulation materials and modern windows and doors in their residences.

上游影响方面，30大中城市一、二、三线商品房销售面积增速于2017年10月、8月、10月触底反弹，26城市新房销量周累计增速自2018年2月以来明显好转，房地产对家居龙头企业影响弱并正在减弱。家居业仍处在高景气时期，软体、定制龙头在行业估值下移情况下具较高布局价值。

宜家抓住产品研发和销售两大利润环节，外包生产制造和物流运输环节，采取全球化采购模式，开设了355 家商场，提供一站式家居购买服务；韩国汉森从橱柜业务起家，不断扩充产品门类，并开设各类产品的线下销售门店；日本宜得利在日本、美国、中国已有超过500 家门店，包括了家装店、超大型综合卖场、Deco Home 店，同时积极布局线上销售渠道和开拓B 端客户；特力和乐在大陆将部分门店开进了核心商圈，门店面积在1000-2000 平米。

整体来看，在龙头公司业绩持续增长、造纸行业高景气度持续、行业结构性整合优化持续等因素推动下，2018年一季度行业营收及净利润均实现了中速增长，但受去年高基数影响，增速水平较上年同期下滑明显。

从 ROE 角度分析，盈利能力和营运能力任何一项的不足都将影响企业的可持续增长能力，我们以盈利能力（净利率水平）为横坐标、营运能力（总资产周转率*权益乘数）构建衡量家居企业盈利能力与收益质量的象限指标，将主要上市家居企业在象限中的位置作了定位，最后落入 I 区的有顾家家居和欧派家居（盈利能力与盈利质量兼备），落入 II 区的有尚品宅配、金牌厨柜和志邦股份（营运能力突出），落入 IV 区的有索菲亚和好莱客（盈利水平突出），落入 III 区的有美克家居和喜临门。