The idea of camping is no longer restricted to just spending time outdoors in a tent. The concept itself is in the midst of a revolution. The contemporary take on camping is no more about roughing it in an inexpensive accommodation in nature, but a social living experience that allows reconnecting with great outdoors. Life-affirming activities along with a plethora of wellness services and adventure activities are being designed into the campsite.

We have segmented the market on the basis of product and application. On the basis of products, the market is broadly segmented into soft coverings, resilient floorings, non-resilient floorings, seamless flooring, and wood & laminates. On the basis of applications, the market has been segmented into healthcare, education, leisure & hospitality, retail, commercial buildings and public buildings.

政策推动下助推我国精装房进入爆发期，精装房渗透率加速提升，预计 2020年达 30%。房产商集中度和精装房渗透率的提升，使得龙头房企的精装部品供应商受益。龙头家居企业在生产力、服务力、品牌力、价格力、资金力方面具备核心竞争力，工程业务有望跟随龙头客户快速成长。关注工程业务占比较高且成长迅速、盈利能力稳健的家居企业。 

柜终端市场容量分别为1108 亿元和826 亿元，分别同比增长21.9%和25.0%；渗透率分别为60%和30%，我国定制家具行业格局分散，2017 年定制橱柜六家上市公司市占率共17.1%，定制衣柜五家上市公司市占率共25.1%。我国定制家具企业经历了从单品类定制到以多品类定制为基础的全屋定制发展过程，其中2014 年是分水岭，2014 年以后，定制家具厂商集中爆发“全屋定制”或“大家居”战略。

家得宝（Home Depot）：40 年历史发展为北美建材家居连锁零售龙头，经营成熟、业绩稳健。公司是排在沃尔玛之后的全美第二大零售商，主营建材家居用品零售，主要模式为一站式采购、自助家装（DIY）概念，后端通过全球采购、优化供应链，前端通过仓储式门店连锁经营。经历三个发展阶段，收入利润稳步提高

受地产周期影响，家电、家居行业景气度下降，1H18 板块明显调整。借鉴历史上的地产周期影响，以及家电、家居市场未来具备持续增长潜力的判断，我们认为优质龙头公司估值已经处于底部区间，具备投资价值。