The Spring Festival sales of gold and jewelry industry showed a high boom, and the performance of leading brands was brilliant
According to the data released by China National Gold Group Gold Jewellery Co.Ltd(600916) Association, the national gold consumption during the seven-day Spring Festival holiday in 2022 increased by 13% year-on-year, and the industry had a good start. We believe that the high prosperity of terminal sales in the industry is mainly affected by multiple factors: first, head brands such as Lao Feng Xiang Co.Ltd(600612) , Chow Tai Seng Jewellery Company Limited(002867) promoted the reform of "changing buy it now gold to gram weight" to benefit consumers, effectively stimulating terminal consumption; Second, the year of the tiger is a red "cute tiger" element in the lunar new year; Third, under the trend of national tide, "Gufa gold" products have stimulated the preference and demand of young groups for gold jewelry. Looking forward to the future, we believe that the gold jewelry industry is expected to maintain a high boom, and the head concentration trend is obvious, and the channel and supply chain are the key drivers. In terms of channels: China's vast sinking market has sufficient space to open stores, and leading companies have achieved remarkable results by relying on brand advantages to expand and penetrate; In addition, the change from buy it now gold to gram weight will also promote the optimization of the industry competition pattern to a certain extent. Supply chain: product design and process upgrading will be the driving force of future growth, so the importance of research and production links will increase. Based on the above investment logic, we suggest paying attention to Chow Tai Seng Jewellery Company Limited(002867) , Lao Feng Xiang Co.Ltd(600612) and other industry leading brands. Among them, Chow Tai Seng Jewellery Company Limited(002867) has been empowered in many aspects by promoting the provincial representative model, which is expected to speed up the expansion of stores, supplement the shortcomings of gold products, optimize stores and distribution models, and improve the performance of single stores. In addition, we also note that Guangdong Chj Industry Co.Ltd(002345) and other small and beautiful brands also have great growth potential through differentiated positioning: the latter features inlaid categories, focuses on the needs of young customers, inherits the "intangible cultural heritage filigree" technology, and integrates Chinese classical culture into modern jewelry; The relatively small investment in opening stores is also welcomed by small and medium-sized franchisees. At present, after the company makes efforts to join, the accelerated expansion of stores is expected to bring high performance flexibility.
Industry key words: ingredient garden, goose enjoyment group, coral cross-border, takeout platform Commission, greedy lion, etc
[ingredient garden] Eternal Asia Supply Chain Management Ltd(002183) has its own beauty personal care brand "ingredient garden" on Taobao and its own platform.
[goose enjoyment group] Tencent tested the group purchase applet "goose enjoyment group" on wechat.
[coral cross border] coral global, a cross-border trade service provider, has completed a round of financing of more than 100 million yuan.
[Commission on takeout platform] the national development and Reform Commission guided the takeout platform to reduce merchants' Commission.
[greedy lion] Yonghui's own brand "greedy lion" small lime juice sold more than 500000 bottles in January.
Plate Market Review
This week (February 14-february 18), the retail trade index closed at 3021.47 points, down 0.46%, 1.26 percentage points lower than the Shanghai Composite Index (up 0.80% this week), ranking 24th among the 31 primary industries. Among the retail segments, the brand cosmetics segment performed better this week, and the watch and jewelry segment has led the increase since the beginning of 2022. In terms of individual stocks, St Hongtu (+ 15.4%), Zhe Jiang Dong Ri Limited Company(600113) (+ 10.1%) and Hangzhou Jiebai Group Co.Limited(600814) (+ 9.9%) rose higher this week.
Investment suggestion: pay attention to the leading brands of cosmetics, medical beauty and gold jewelry
Investment main line 1 (cosmetics): continuous verification of large single product + multi-channel logic, focusing on recommending domestic beauty leaders Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) , and cosmetics raw material leaders Nanjing Cosmos Chemical Co.Ltd(300856) that benefit the target;
Investment main line 2 (medical beauty): focus on recommending the leading Imeik Technology Development Co.Ltd(300896) of medical beauty products and Bloomage Biotechnology Corporation Limited(688363) of the whole industrial chain layout;
Investment main line 3 (gold jewelry): pay attention to the high consumption boom of gold jewelry in the Spring Festival and the increase of the market share of head brands. Focus on Chow Tai Seng Jewellery Company Limited(002867) (multi-faceted empowerment of provincial generation model), and benefit targets such as Chow Tai Fook and Guangdong Chj Industry Co.Ltd(002345) .
Risk tips: macroeconomic risks, repeated epidemics, intensified industry competition, etc.
