playslots| Summary of financial report of the commercial and retail industry and investment strategy for May: The industry's leading growth rate is stable, reducing costs and increasing efficiency, driving profit optimization

Review of industry dataPlayslotsThe industry as a whole recovers smoothly. The total social zero sales of 23 years and 24Q1 are + 7 respectively.Playslots.2% / + 4Playslots.7%, on the whole, continued a steady recovery. In terms of Q1 sub-channel performance in 24 years, online retail sales were + 12.4% compared with the same period last year, still better than the overall performance. The performance of offline formats is relatively lacklustre, and the growth rate has slowed down due to base changes, with department stores and supermarkets in zero formats-2.4% and 2.2% respectively.PlayslotsAs for the super-enterprises of department stores in the listed sector, although most of the passenger flow has returned to before the epidemic, under the background that consumption power has yet to be further released, there is still room for improvement on the revenue side, and the profit side has benefited from the positive adjustment and optimization of enterprises and internal efficiency improvement. Gold jewelry: the leading volume and price of gold jewelry has risen. 23 years and 24Q1 gold jewelry zero year-on-year + 13.3% Universe 4.5%, in which the gold category continues to be in strong demand under the support of gold price and the improvement of product design. The 23Q4 and 24Q1 sectors achieved revenue growth of + 25.5% and 9.1% respectively, which is better than that of the industry as a whole, mainly due to the increase in the proportion of gold categories of leading enterprises in recent years and the acceleration of channel expansion. The profit side of Q1 is divided due to the different coping strategies in the face of large fluctuations in gold prices. Beauty care: the rising trend of domestic products is clear. 23 years and 24Q1 Cosmetics Co., Ltd. + 5.1% and 3.4% respectively compared with the same period last year. In the cosmetics industry, under the background of the current domestic product rise and substitution trend has been very clear, the head brand ushered in new growth opportunities through product innovation and channel adjustment. Although the medical and beauty industry is subject to some restrictions on the price side under the pressure of consumption power, the head enterprises still have a positive performance driven by new products. Revenue from 23Q4 and 24Q1 in the overall listed company sector is + 5.6% and 13.0% respectively. At the same time, the net profit of return to the mother is + 3.8% and 25.6% respectively, and the profit level is optimized quarter-on-quarter under the benefit of reducing cost. Cross-border e-commerce: both supply and demand drive the industry with high demeanor. In 23 years, China's cross-border e-commerce exports increased by 19.6% compared with the same period last year. As a whole, it benefits from the growth of overseas demand, the rapid development of emerging markets driven by Belt and Road Initiative, and the continuous optimization of the efficiency of cross-border e-commerce supply chain. The quarter-on-quarter comparison of the leading enterprises in Q1 plate in 24 years is still accelerating, reflecting that the prosperity of the industry is still at a high level, but the performance of the profit end is differentiated, mainly due to the category and regional differences in the layout of each enterprise. affected by logistics costs, commission rates and other effects. Investment advice: maintain the sector's "overweight" rating. Since 2024, consumption as a whole continues to show a steady recovery, some sectors have bright spots, and the fundamentals of leading enterprises are resilient. Specifically: 1) Beauty Care: the industry has shown a trend of accelerated recovery since the beginning of this year, and the rising trend of domestic products in beauty makeup is clear. Recommend: giant Biology, Peraia, Freda, Emmett, Kos shares, etc.; 2) Cross-border e-commerce: overseas demand for cost-effective products is still strong, domestic mature supply chain system to support supply output, recommended: small Commodity City, Anke Innovation, Saiwei era, etc. 3) Gold jewelry: the short-term fluctuation of gold price does not change the long-term upward trend. at the same time, the leading enterprises continue to expand their own channels and product design investment to increase market share. Recommendation: Lao Fengxiang, Caibai shares, Zhou Dasheng, Zhou Tai Fook, etc.; 4) offline retail: offline consumer passenger flow returns steadily, enterprises actively respond to changes in consumption trends to carry out new business type transformation to activate new growth points, recommend: famous quality products, Chongqing department stores, Bailian shares and so on. Risk tips: macroeconomic risks, new product launches are not as expected, policy changes, etc. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.