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Guosheng Securities: With the expectation of high volatility in gold prices, residents' rigid demand may gradually be released, driving improvements in jewelry consumption.
In the current global economic and political situation, the high and fluctuating trend of gold prices is strongly certain. Reflected in the demand level, when consumers form expectations of gold price fluctuations, rigid jewelry demand is expected to be released, thereby improving the terminal consumption compared to the first half of the year.
Terminal sales are the main contradiction in the short term for gold jewelry, according to Kaiyuan Securities.
The main contradiction in investment decision making in the current gold and jewelry industry lies in the sales end, so it is necessary to determine it by combining the trend of gold price and market feedback.
Guangdong CHJ Industry (002345.SZ) added 1 new company-owned store in June.
Guangdong CHJ Industry (002345.SZ) announced on July 17th that its jewelry brand has added one new direct store named CHJ Nanning Chaoyangli in June 2024.
Guangdong CHJ Industry (002345.SZ): The gross margin of various products of the company is relatively stable.
On July 16th, Guangdong CHJ Industry (002345.SZ) stated on its investor interaction platform that the gross margin of the company's various products is relatively stable. In recent years, due to the increased proportion of the company's franchise channels and changes in product structure, the gross margin has changed to some extent. For more details, please refer to the periodic reports disclosed by the company. FION, the company's women's handbag brand, has been expanding overseas for more than 40 years, with multiple stores in Singapore, Hong Kong, Macau and other places. Recently, Guangdong CHJ Industry's jewelry business has also been exploring overseas markets, and will gradually expand its jewelry and women's handbag business based on the local consumer market conditions.
Changjiang Securities: How do we currently view the elasticity of demand for gold jewelry?
This sudden rise in gold prices occurred during the off-season in the industry, and has been fluctuating at a high-level for over two months. If the subsequent gold price maintains narrow-range fluctuations, the industry's peak season in the second half of the year is expected to drive demand to recover.
Guangdong CHJ Industry (002345.SZ): Added a new directly operated store in May.
Guangdong CHJ Industry (002345.SZ) announced that in May, the company's jewelry brand added 1 direct-operated store, with investment...
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