Investment advice
February Spring Festival + Valentine’s day and March 8th are the traditional peak sales seasons of gold and jewelry. From the perspective of terminal research and online data tracking, the overall sales are beautiful and grow rapidly in the same period. In particular, the sales of refined gram heavy gold jewelry are high. Under the current international situation, the rise of gold price + strong demand for pleasing oneself are dominated by gold sales Jewelers with growth driven by category upgrading and channel expansion. It is suggested to pay attention to the subject matter of Guangdong Chj Industry Co.Ltd(002345) / Chow Tai Seng Jewellery Company Limited(002867) .
Market Review
From February 1 to March 4, 2022, the Shanghai Composite Index, Shenzhen Component Index and Shanghai and Shenzhen 300 rose 2.56%, fell 2.31% and 1.48% respectively, and the diamond jewelry sector rose 9.81%, outperforming Shanghai and Shenzhen Shenzhen Maxonic Automation Control Co.Ltd(300112) 9pct.
In terms of sector comparison, diamond jewelry is in the upper reaches of the industry.
In terms of individual stocks, Henan Huanghe Whirlwind Co.Ltd(600172) , Henan Liliang Diamond Co.Ltd(301071) , Mclon Jewellery Co.Ltd(300945) led the increase, and Fiyta Precision Technology Co.Ltd(000026) , Fujian Ideal Jewellery Industrial Co.Ltd(002740) , Beijing Worldia Diamond Tools Co.Ltd(688028) led the decrease.
Special topic of this week: online sales data tracking of gold jewelry in February
Amoy Department: Amoy department’s gold jewelry industry had a total sales of 4.54 billion yuan in February 2022, an increase of 34.6% and a decrease of 3.8% compared with January. From January to February, the total sales volume was 9.26 billion yuan, an increase of 12.8% year-on-year. In terms of brand ranking, the top ten brands except Cartier are all local brands. In February 2022, fuchunlai and fufuling, whose main categories are jadeite and pearl, have maintained a leading position since January, surpassing traditional gold jewelry brands such as Chow Tai Fook and Chow Sang Sang.
Tiktok: tiktok gold jewelry industry top300 brand sales in February 2022 totaled 810 million yuan, accounting for 18% of the same period, compared with January. Comparing the average price of jewellery products, in 2021 -2022, February, the TOP300 brand price of Joling was consistently higher than that of the same period, mainly because of the low price of jade and pearl products, and the scale was larger than traditional jewelry tiktok.
The sales of Zhou Dafu’s flagship stores increased by 1.7 billion yuan from January to March, and the sales of Zhou Dafu’s flagship stores decreased by 1.2 billion yuan from January to March; In February tiktok sales were 20 million yuan, eighth of the trembling voice, 5 lower than January, and 99.9% of tiktok. Products mainly promote pendants, necklaces and bracelets. (2) Zhou Shengsheng: from January to February, the total sales of tmall flagship store was 220 million yuan, with a year-on-year increase of 2.2%. In February, the brand Amoy Department ranked 8th and decreased by 4; In February tiktok sales amounted to 5 million yuan, twenty-eighth of the trembling voice, 21 of which fell, and 100% of the total tiktok was self seeding. Gold Pendant is the main product. (3) Chow Tai Seng Jewellery Company Limited(002867) : from January to February, the total sales of tmall flagship store was 110 million yuan, a year-on-year decrease of 8.9%. In February, Amoy ranked 15th and fell by 7; In February, the voice was ranked second, which was unchanged from January, and 89.7% of the tiktok was self seeding. In terms of products, we mainly promote transfer beads and bracelets. (4) China National Gold Group Gold Jewellery Co.Ltd(600916) : from January to February, the sales volume of tmall flagship store was 50 million yuan, down 32.5% at the same time; In February, the tiktok ranked first, unchanged from January. Products mainly promote gold bars and bracelets. (5) Guangdong Chj Industry Co.Ltd(002345) : from January to February, the total sales of tmall flagship store was 100 million yuan, down 3.3% at the same time; In February, tiktok ranked third and increased 1. Large items are mostly hand strings and bracelets. (6) Shanghai Yuyuan Tourist Mart (Group) Co.Ltd(600655) : the old Tmall tiktok flagship store in 1-2 months has a total sales of 60 million yuan, down 20.7%, February, fourth of the tremble, 4, and the product is mainly pushing pendants and bracelets. The sales volume of Yayi is relatively low, and the tmall flagship store decreased by 96.1% from January to February.
Risk tips
Weak terminal retail; The fluctuation of gold price affects the profit space of brands; Industry competition intensifies; Data accuracy.
