新消费：行情逻辑复盘，核心标的梳理

Summary of Conference Call Records Industry Overview - The new consumption sector is expected to continue its growth trend into the summer and possibly into the second half of the year, driven by strong consumer travel intentions observed during the May Day and Qingming Festival periods [1][5] - The beauty care, gold jewelry, and travel chain sectors are highlighted as having high growth potential, with specific recommendations for investment opportunities in these areas [1][4] Key Points on Gold Jewelry Sector - The gold jewelry industry is undergoing a transformation from a selection-based business model to a product-focused approach, with companies like Laopuhuang, Chao Hong Ji, and others excelling in product quality to meet consumer emotional value [2][15] - Laopuhuang reported a significant sales increase in April, with SKP system sales up 140%-150% year-over-year and new store openings contributing to ongoing sales growth [1][19] - The market for high-end gold jewelry is substantial, with a market size of 600 billion yuan and a high-end segment of 70-80 billion yuan, indicating strong demand for gold and diamond products [19] Investment Recommendations - Guohai Securities recommends stocks such as Laopuhuang, Changrong Co., and Shangmei Co. due to their strong performance and reasonable valuations [1][6] - Other recommended stocks include Tongling Jewelry, Maikalu, and Diya Co., which have shown growth during their transition from embedded jewelry to gold products [6] Beauty Care Sector Insights - The cosmetics industry is optimistic for 2025, with a significant increase in market share for domestic brands, projected to rise from 50% in 2024 towards 80% [7][8] - NewPay, a new brand, is expected to generate at least 800 million yuan in revenue for the year, with a profit margin of around 20% [10] - The selection logic for cosmetics stocks focuses on market-sensitive companies and those showing signs of recovery, with Shangmei Co. fitting both criteria [9] Company-Specific Performances - Maogeping Company has led the beauty care sector with over 40% growth, showing strong performance both online and offline [11] - Jinjibo Biotech is experiencing explosive growth in collagen product demand, with plans to expand its store coverage significantly [12] - Perfect Diary is focusing on long-term stable growth through product innovation and expansion in the online makeup category [13] Market Sentiment and Future Outlook - The current market sentiment is strong, with the North Exchange index reaching new highs, benefiting companies with high growth potential in the beauty and collagen sectors [14] - The gold jewelry sector is expected to continue its upward trend, with companies like Laopuhuang and Chao Hong Ji showing strong sales growth and market positioning [15][20] Conclusion - The new consumption sector, particularly in beauty care and gold jewelry, presents significant investment opportunities, with several companies demonstrating strong growth potential and favorable market conditions. Investors are encouraged to focus on companies with solid performance metrics and innovative product offerings.