商贸零售行业双周报：周六福招股书梳理，关注黄金珠宝板块投资机会-20250715

Investment Rating - The report maintains an "Outperform the Market" rating for the jewelry retail industry [2][40]. Core Insights - The jewelry retail industry is expected to continue its steady growth, driven by rising consumer income and increasing demand for products that retain value [2][29]. - The market size of China's jewelry industry is projected to reach 728 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3.6% since 2019 [29]. - The competitive landscape is becoming more concentrated, with the top five companies holding a market share of 41.4% in terms of revenue from gold and jewelry products [34]. Summary by Sections Company Overview - The report focuses on Zhou Li Fu, a company established in 2004, specializing in gold jewelry retail, with a market share ranking in the top ten of the industry [9][10]. - As of 2024, Zhou Li Fu's revenue is projected to be 5.718 billion yuan, representing a year-on-year growth of 11.04% [10][12]. Revenue Structure - Zhou Li Fu's revenue is primarily generated through a franchise model, with online sales rapidly increasing, accounting for 40% of total revenue in 2024 [12][13]. - The company’s revenue from gold jewelry products is expected to reach 4.378 billion yuan in 2024, making up 76.56% of total revenue [17]. Industry Overview - The jewelry market in China has shown robust growth, with gold jewelry becoming increasingly popular, accounting for 73% of the market by 2024 [29][33]. - The growth drivers include diversified consumer needs and rising disposable income, with the average annual disposable income increasing from 30,700 yuan in 2019 to 41,300 yuan in 2024 [33]. Competitive Landscape - The top companies in the gold jewelry sector include Zhou Da Fu, China Gold, and Lao Feng Xiang, with Zhou Da Fu leading in both revenue and store count [34][35]. - The report highlights that the industry is characterized by a high concentration of market share among leading players [34]. Investment Recommendations - The report suggests focusing on companies with differentiated branding and product positioning, such as Lao Pu Gold and Chao Hong Ji, which are expected to achieve accelerated growth [38]. - It also recommends established leaders like Zhou Da Fu and Zhou Da Sheng, which are successfully transforming their product strategies and service capabilities [38].