Zhou Dasheng (002867) released a comment-Second shareholders’ pressure to reduce their holdings is getting less and less.

Zhou Dasheng (002867) released a comment-Second shareholders’ pressure to reduce their holdings is getting less and less.

After two shareholders of Northern Lights reduced their holdings, the shareholding ratio was 8 points. The pressure to reduce their holdings continued to decrease.

9547% of the company’s shares.

After this reduction, Northern Lights holds 8 shares.

0625%.

Northern Light holds the company’s initial public offering of shares and shares held before listing.

04%, since the announcement on May 4, 2018, the second shareholder, Northern Lights, has gradually reduced its shareholding in the company.

The company’s Valentine’s Day sales in 2020 will be affected, and the opening of the store in a quarter will suffer less. The consumption of gold jewelry during the entire Spring Festival, from New Year’s Day to the Spring Festival to the Lantern Festival, and even Valentine’s Day is a very good sales peak.

The franchisee directly faces the C-end customer. The franchisee must complete the purchase before the peak season sales, so the company’s response to the holiday sales data of the franchisee will be advanced in time. For example, the sales of the franchisee before the Spring Festival of 2020 are reflected in the company’s 2019年 年末四季度对加盟商的销售.

Most customers of gold and jewelry consumption during the Spring Festival peak season will also complete this purchase before the Spring Festival, so before New Year’s Day to the Spring Festival, the company franchisees should also complete most of the inventory sales.

At this stage, from Spring Festival to Valentine’s Day, the mall is basically stagnant. During this time, the pressure of franchisees will be greater.

Normal Chow Tai Sang will also plan to have some franchisees replenishment demand before Valentine’s Day. This year’s Valentine’s Day sales will be affected to some extent, but after the Spring Festival, gold jewelry consumption itself is also off-season. The biggest impact currently is the impact on Valentine’s Day consumption.。At the same time, the 南京桑拿网 company’s store opening time is generally concentrated before the arrival of the peak season, the period after the Spring Festival has a small impact.

Consumers are more precisely positioned, brand channels continue to expand, and the company ‘s brand influence continues to increase. The company focuses on brand building and channel expansion, which complement each other to further expand the company ‘s influence and appeal.

The short-term company continues to face pressure from the second shareholder to reduce its holdings, but considering that the reduction has been completed more than half, the pressure has been less and less.

The concentration of beneficiary industries in the medium and long term has increased, and the company’s opening of stores in the first 合肥夜网 half of 2020 may be slightly disrupted. Under the pressure of the industry, the company’s leading advantages are more significant, which will help improve the concentration of beneficiary industries.

The company continues to expand its product research and development capabilities, continuously enrich and improve its product line, meet the initial consumer demand in the market, and expand the concept of diamond consumption.

The company’s corresponding EPS for 2019-2021 is expected to be 2.

02/2.

40/2.

82 yuan, maintaining the “highly recommended” level.

Risk warning: low-end and high-end consumption, terminal growth faster than expected, impact of unexpected public events