During the Spring Festival of the year of the tiger, the gold jewelry industry has ushered in a small peak of consumption. Compared with jewelry and diamond products, gold jewelry products, especially the gold jewelry products of the Chinese zodiac, are more popular under the tide of pleasing their own consumption due to their better fit with the festival atmosphere of the Spring Festival.
gold jewelry industry welcomes the small peak of consumption in the Spring Festival
gold ornaments of the year of the tiger are popular
During the Spring Festival, the sales of gold and jewelry are relatively prosperous, ushering in a small peak of consumption.
Generally speaking, the consumption of gold and jewelry is divided into many types, such as pleasing oneself (consumption for their own happiness), giving others (such as giving parents or lovers), wedding and so on.
Insiders told reporters that the consumption of gold and jewelry during the Spring Festival should be regarded as an overall interval between the period before the festival and the legal holidays of the Spring Festival. Many jewelry needed for the festival will be purchased on the eve of the alternation of the new year and the old year. From what the reporter learned recently, it is also generally the same. The passenger flow of jewelry merchants before the new year and the old year is more than that after the first day of the new year.
From the reporter's field visit, during the Spring Festival, gold jewelry products are obviously more popular than jewelry and diamond products.
According to the reporter's field observation in a number of jewelry retail shops in Shenzhen, most customers buy gold jewelry products with gold as the main raw material.
The above-mentioned people in the jewelry industry told reporters that one month before the Spring Festival, the sales of gold jewelry in their outlets accounted for about 80% of the total sales of that month. This is sometimes due to the year of the tiger and the fact that the price of gold jewelry is more "people-friendly" than diamond products. Among them, gold jewelry of the year of the tiger zodiac is particularly popular and has become the main product of major gold jewelry brands during holidays. Consumers who buy their own Zodiac gold ornaments in this year are also relatively more.
In addition, with the rise of national tide in recent years, all kinds of ancient French gold jewelry products are also more popular during the Spring Festival.
It is worth noting that the epidemic has a certain impact on offline retail formats, while offline retail is the main format of gold jewelry industry. Recently, the epidemic has occurred in some provinces and cities in China, which has a certain impact on the sales of physical stores of gold jewelry in relevant regions.
performance differentiation of gold jewelry companies performance of head companies is better
From the overall data, gold consumption has recovered in 2021.
According to the latest statistics of China National Gold Group Gold Jewellery Co.Ltd(600916) Association, in 2021, the actual consumption of gold in China was 1120.90 tons, an increase of 36.53% compared with the same period in 2020 and 11.78% compared with the same period in 2019 before the epidemic. Among them, 711.29 tons of gold jewelry, an increase of 44.99% over the same period in 2020 and 5.18% over the same period in 2019.
From the situation of Listed Companies in the industry, according to the reporter's statistics, among the listed companies in Shenwan jewelry industry in the A-share market that have released the performance forecast of 2021, the performance of different companies has been greatly differentiated, among which the head companies have performed significantly better.
For example, China National Gold Group Gold Jewellery Co.Ltd(600916) which is listed on A-share market recently released the announcement of pre increase of performance in 2021, which shows that the company expects the net profit attributable to the shareholders of the listed company in 2021 to be about 800.6511 million yuan, with a year-on-year increase of about 60.08%. For the main reasons for the pre increase in performance, China National Gold Group Gold Jewellery Co.Ltd(600916) said that during the reporting period, the sales volume of the company's main gold products increased significantly, the profitability was significantly enhanced, and the operating performance increased significantly year-on-year.
DEA shares, which has been listed for a short time, also predicted the performance in 2021 in the prospectus announcement. According to the announcement, DEA shares expects a net profit of about 1.3 billion yuan to 1.37 billion yuan in 2021, a year-on-year increase of 130.80% ~ 143.23%. DEA shares said that the company expects a large year-on-year increase in operating performance in 2021. On the one hand, due to the impact of the epidemic on the company's operation in 2020, the annual performance data base is low; On the other hand, the company has continued its good performance since the fourth quarter of 2020 in terms of brand influence, brand communication, channel construction and operation level in 2021, and its business situation and performance are expected to be good.
However, Fujian Ideal Jewellery Industrial Co.Ltd(002740) and other companies are expected to have large losses in 2021.
According to the performance forecast for 2021 released by Fujian Ideal Jewellery Industrial Co.Ltd(002740) , the company expects a net profit loss of about 600 million yuan to 785 million yuan in 2021. For the reasons for the expected performance changes, the company said that it was mainly due to the sharp decline in the operating performance of the parent company and its wholly-owned subsidiary Shenzhen Fujian Ideal Jewellery Industrial Co.Ltd(002740) jewelry Operation Management Co., Ltd., and the provision of bad debt losses for accounts receivable. In addition, the performance of wholly-owned subsidiaries Jiangsu Millennium Jewelry Co., Ltd. and Chengdu Shumao diamond Co., Ltd. in 2021 did not meet the expectations due to the epidemic and other reasons, and the future performance is greatly uncertain due to the epidemic and other factors. The financial forecast fully accrued the consolidated goodwill.
According to the recent research report, China's jewelry market will realize the transition from "V" rebound to recovery and stabilization in the post epidemic era.
Huaan Securities Co.Ltd(600909) believes that in terms of stage, after the contraction of covid-19 epidemic in 2020, the jewelry market has been driven by the release of deferred wedding demand, showing a "V" rebound in 2021. The retail sales of jewelry increased by 34.1% from February to November, leading the optional consumption sector. According to Bain's prediction, the recovery of the global jewelry industry is expected to continue until the middle of 2023. Under the influence of the epidemic, consumers' online and localized jewelry consumption is expected to continue, and the industry has both opportunities and challenges;
In terms of pattern evolution, the agency believes that overseas, mainland and Hong Kong jewelry brands are tripartite, and the competition in the medium and high-end market is intensified; Brand online layout, low unit price products seize the share with quantity and price, while the high-end market still needs to be filled;
In terms of growth mode, the growth of traditional jewelry is driven by channels. For example, Chow Tai Seng Jewellery Company Limited(002867) ranks among the top three in the Chinese market by virtue of its sinking channel card position advantage; Emerging jewelry is driven by marketing, such as Dr deep binding marriage scenes, online publicity and offline drainage. Higher roe can be achieved in both modes;
In terms of value distribution, upstream raw materials depend on imports, and the gross profit after diamond mining monopoly is as high as 51%; Downstream retail has high added value, and the gross profit is close to 50%. China's jewelry industry clusters in Guangdong, Hong Kong, Macao and the Yangtze River Delta have a significant effect;
In terms of industrial trends, Huaan Securities Co.Ltd(600909) believes that gold jewelry has both investment and appreciation attributes. The market scale of ancient French gold products carrying cultural value has expanded, and the live broadcast of goods has driven the expansion of gold jewelry channels; Diamond jewelry demand is positively related to income. The millennials have gradually become the main force in the market. Under the trend of consumption upgrading, diamond wedding rings are accelerating to sink into the low-line market, and the scale is expected to exceed 100 billion yuan in 2025.
