Investment advice
February Spring Festival + Valentine's Day is the traditional peak sales season of gold jewelry. It is suggested to pay attention to the target Guangdong Chj Industry Co.Ltd(002345) / Chow Tai Seng Jewellery Company Limited(002867) of growth high-quality brands with undervalued value; The sales of Winter Olympic souvenirs are booming. It is suggested to pay attention to North China gold jewelry leader Beijing Caishikou Department Store Co.Ltd(605599) , which has become a franchise retailer of Winter Olympic souvenirs.
Market Review
In January 2022, the Shanghai Composite Index, Shenzhen Component Index and Shanghai and Shenzhen 300 fell 7.65%, 10.29% and 7.62% respectively, and the diamond and jewelry sector fell 10.07%, outperforming Shanghai and Shenzhen 3002.45pct.
In terms of sector comparison, diamond jewelry is located in the middle and lower reaches of the industry.
In terms of individual stocks, Jinzhou Cihang Group Co.Ltd(000587) , Beijing Kingee Culture Development Co.Ltd(002721) , Lao Feng Xiang Co.Ltd(600612) led the increase, and North Industries Group Red Arrow Co.Ltd(000519) , Henan Huanghe Whirlwind Co.Ltd(600172) , Mclon Jewellery Co.Ltd(300945) led the decline.
This week's topic:
(1) Amoy Department: the overall sales volume decreased by single digits in January; In terms of categories, the sales of gold and jewelry were basically flat year-on-year, and the scale of cultivating diamonds fell more; Sub brands: the brands of key listed companies perform better than the market, and the sales scale of low-cost brands dominated by emerald pearls is higher than that of traditional offline leaders; Tiktok, tiktok and local brands in Top20 list are higher than others. Tiktok and local brands are relatively high in the Top20 list. Some of the head brands are shaking and ranking up, and the key brands are higher in self broadcasting. The main products are mainly gold jewelry such as Zhuo and Fu.
Industry dynamics
Industry news: 1) China: during the Spring Festival holiday, the national gold consumption demand is strong, increasing by 13% at the same time. Consumers focus on ancient gold / hard gold jewelry and gold bars invested in the year of the tiger; Chiba jewelry's 21-year operating revenue was 1.227 billion yuan (+ 32.10%); In the HKSAR, the sales of jewelry, watches and other valuable gifts reached HK $38.77 billion (+ 27%) in the past 21 years. 2) Abroad: alrosa1 achieved sales of 325 million US dollars in January, which will allow watchers to purchase relevant products in advance; Israel's diamond trade soared in January, with the export / import of finished diamonds of 453.8/306.1 million US dollars (+ 35% / 44%) and the export of rough diamonds of 204 million US dollars (+ 89%); Belgium's diamond trade rebounded in 21 years, with the total import and export volume of rough / finished diamonds of 37.23 billion US dollars (+ 49%); In 22 years, India will continue to develop CVD production scale and reduce HPHT imports from China; Bain's "2021-22 global diamond industry report" released that the demand for diamond jewelry has been strong in 21 years. It is expected that the demand for diamond jewelry will be strong in the first half of the year and the development speed will exceed that before the epidemic; Igda appointed the first leading committee to strengthen the promotion of diamond cultivation.
Key announcement: Leysen Jewelry Inc(603900) Yang Qing, Secretary of the board of directors, resigned; Fiyta Precision Technology Co.Ltd(000026) Chen Zhuo resigned from the position of chief accountant and board secretary of the company due to work reasons. After his resignation, he no longer held any position in the company and appointed song Yaoming as the chief accountant; Mclon Jewellery Co.Ltd(300945) the restriction on the sale of 35298700 shares (accounting for 17.30% of the total share capital) will be lifted, and the company's shareholders Wu Changfeng, Qu Wuzhen, Zhou Bin and Ni Jianwei plan to reduce the total shares of the company by no more than 793000 shares (accounting for 0.39% of the total share capital); Fujian Ideal Jewellery Industrial Co.Ltd(002740) Millennium jewelry, a wholly-owned subsidiary, received the decision on tax administrative punishment for illegally issuing invoices. The illegal income of 262800 yuan was confiscated and a fine of 500000 yuan was imposed; China National Gold Group Gold Jewellery Co.Ltd(600916) the shareholder Caifeng Jinxin pledged 65 million shares of the company (accounting for 44.17% / 3.87% of its shares / total share capital).
Risk tips
Terminal retail is less than expected; The price of upstream expansion fell; Downstream consumer education was less than expected.
