U.S. Department of Commerce ruled on Yihua wood furniture export dumping case

Yihua Wood (600978) exported some wooden bedroom furniture to the United States and was ordered to dump. It seems to be sounding the alarm for the Chinese furniture export industry. Although demand is picking up, the anti-dumping stick is still high.

The U.S. Department of Commerce recently announced the final ruling on the anti-dumping case against wooden bedroom furniture imported from China. The final ruling found that Yihua Wood ’s dumping of wooden bedroom furniture exported to the United States during 2007 was 29.98%. Public information shows that in 2007, the proportion of Yihua Wood's export product revenue accounted for 98.73% of its main business revenue.

There are actually many listed companies similar to Yihua Wood, which mainly export furniture and home improvement materials. In the A-share market, Meike (600337), Chenglin (002047) and Haiou Sanitary Ware (002084), etc. Listed companies also rely on export to varying degrees.

In recent years, the global economy has bottomed out, but with this recovery process, countries have strengthened trade protection measures to varying degrees. The case of China's tire protection against the United States and the EU's anti-dumping case against aluminum alloy wheels in China have aroused great concern at home and abroad. Therefore, furniture listed companies with a high degree of external dependence may have to be vigilant.

In an interview with a reporter, a manager of the international business department of a furniture company in Houjie Town, Dongguan said: "The United States has long imposed punitive tariffs on certain types of furniture and building materials, and our factories have also been greatly affected. We are now exporting There are relatively few products to the United States, and anti-dumping is an important factor. "

However, it seems unlikely that listed companies in the furniture and building materials industry will encounter export anti-dumping on a large scale. Huatai Securities analyst Xiao Qun told reporters: "The situation of Yihua Wood is quite special, and a large proportion of its exports are its own brands, which is more likely to lead to anti-dumping investigations. Enterprises such as Haiou Sanitary Ware and Chenglin Stock mainly provide OEM brands in Europe and America are less likely to be subject to anti-dumping investigations than Yihua Wood. "

Although Yihua Wood was ruled as dumping, the situation seems not so bad. It is understood that foreign furniture dealers generally increase the price of imported furniture by 1 time, or even 3 times the price of sales. The profit margin is broad, and the anti-dumping tax is targeted at American dealers. Some analysts pointed out that under the circumstance of a gradual increase in the industry's prosperity, US distributors can pass on costs downstream by increasing retail prices.

Industrial analyst Wang Jinxiang believes: "Yihua Wood, as a leader in the domestic furniture industry, has strong advantages in product quality and supply stability, and in long-term cooperation, US traders and Yihua Wood have established mutual Trust, have a relatively stable cooperative relationship, and the anti-dumping tax rate of about 30% is affordable and will not have a significant impact on the company. "

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