证 券 研 究 报 告 业绩阶段性承压，积极调整渠道，开拓黄金 品类 2023 年公司实现收入 21.80 亿元，同比-40.78%；归母净利润 0.69 亿元，同比 -90.54%，扣非净利润亏损 1.20 亿元，同比由盈转亏。单 2023Q4 实现收入 4.38 亿元，同比-31.37%，归母净利润-0.05 亿元，减亏 88.02%，扣非净利润-0.53 亿 元。23 年公司计划每 10 股派发现金 5 元，合计派发现金 2 亿元。 2024 年 Q1 实现收入 4.26 亿元，同比-39.52%，归母净利润 0.29 亿元，同比70.81%，扣非净利润-0.06 亿元，同比由盈转亏。 评论： | --- | --- | --- | --- | --- | |---------------------|--------|--------|-------|-------| | | 2023A | 2024E | 2025E | 2026E | | 营业总收入 ( 百万 ) | 2,180 | 1,841 | 2,042 | 2,513 | | 同比增速 (%) | -40.8% | -15.6% | 11 ...

中信建投证券股份有限公司 1 关于迪阿股份有限公司 | 用） | | | --- | --- | | 4.审计委员会是否至少每季度召开一次会议，审议内部审 | 是 | | 计部门提交的工作计划和报告等（如适用） | | | 5.审计委员会是否至少每季度向董事会报告一次内部审计 | 是 | | 工作进度、质量及发现的重大问题等（如适用） | | | 6.内部审计部门是否至少每季度向审计委员会报告一次内 | | | 部审计工作计划的执行情况以及内部审计工作中发现的问 | 是 | | 题等（如适用） | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用 | 是 | | 情况进行一次审计（如适用） | | | 8.内部审计部门是否在每个会计年度结束前二个月内向审 | 是 | | 计委员会提交次一年度内部审计工作计划（如适用） | | | 9.内部审计部门是否在每个会计年度结束后二个月内向审 | 是 | | 计委员会提交年度内部审计工作报告（如适用） | | | 10.内部审计部门是否至少每年向审计委员会提交一次内 | 是 | | 部控制评价报告（如适用） | | | 11.从事风险投资、委托理财、套期保值 ...

中信建投证券股份有限公司关于 1 | | 年度，公司实现营业收入 | 1、2023 | | --- | --- | --- | | | 万元，较上年同期下降 218,027.77 | | | | 40.78%；归属于上市公司股东的净利 | | | | 6,895.76 万元，较上年同期下降 | 润 | | （2）关注事项的主要内容 | 90.54%，业绩下滑幅度较大。 | | | | 2、公司按照《深圳证券交易所上市公 | | | | 司自律监管指引第 2 号——创业板上 | | | | 市公司规范运作》规定和相关决议购 | | | | 买安全性高的投资产品进行闲置募集 | | | | 资金现金管理。 | | | | 1、公司业绩下滑幅度较大，主要由于： | | | | 宏观环境使得居民对不确定性和风险 | | | | 的认知发生了较大变化，消费信心难 | | | | 以迅速回升，短期内消费者相较以往 | | | | 更重视消费品的实用性和性价比，钻 | | | | 石作为可选属性较强的消费品，受外 | | | | 部宏观经济环境、居民可支配收入影 | | | | 响较大，导致钻石镶嵌饰品需求不足， | | ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2023 年公司实现营收 21.8 亿元，同比下滑 40.8% ，归母净利润 6896 万元，同比下滑 90.5% ， 扣非净亏损 1.2 亿元，同比下滑 119.6% 。一季度实现营收 4.3 亿元，同比下滑 39.5% ，归母净 利润 2946 万元，同比下滑 70.8% ，扣非净亏损 ...

证券代码：301177 证券简称：迪阿股份 公告编号：2024-026 况 | 序号 | 购买 | 签约 | 产品名称 | 产品 | 购买金额 | 赎回金额 | 起息日 | 到期日 | 预期 年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主体 | 金融机构 | | 类型 | （万元） | （万元） | | | 收益率 | | 1 | 迪阿股份 | 平安银行 深圳五洲 | 平安理财稳健 精选系列 22 年 | 固定 | 10,000.00 | 10,000.00 | 2023/4/19 | 2024/4/17 | 3.30%- | | | | 支行 | 5 期封闭式 理财产品 | 收益类 | | | | | 3.80% | | | 深圳戴瑞 前海商业 | 平安银行 | 平安理财-7 天 成长固定收益 | 固定 | | | | | 2.80%- | | 2 | 管理服务 | 深圳五洲 支行 | 类净值型理财 | 收益类 | 3,000.00 | 530.20 | 2023/10/24 | 2024/4/24 | 3.3 ...

证券代码：301177 证券简称：迪阿股份 公告编号：2024-025 迪阿股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 迪阿股份有限公司（以下简称"公司"）于 2023 年 12 月 28 日在公司会议 室召开第二届董事会第八次会议和第二届监事会第八次会议，于 2024 年 1 月 16 日召开了 2024 年第一次临时股东大会，审议通过了《关于使用部分闲置募集资 金及自有资金进行现金管理的议案》，同意公司使用不超过人民币 180,000.00 万元的闲置募集资金（含超募资金）和不超过 600,000.00 万元的自有资金进行 现金管理，期限为自股东大会审议通过该事项之日起 12 个月内，在上述额度和 期限内，资金可循环滚动使用。具体内容详见公司于 2023 年 12 月 30 日在巨潮 资讯网（www.cninfo.com.cn）披露的《关于使用部分闲置募集资金及自有资金 进行现金管理的公告》（公告编号：2023-064）。 近日，公司在广发证券股份有限公司、中信建投证券股份有限公司、国泰君 安证券股份有限公司分别开立了闲置募集资金现金管理 ...

证券代码：301177 证券简称：迪阿股份 公告编号：2024-024 迪阿股份有限公司 关于公司 2024 年 4 月新增自营门店情况的公告 2024 年 5 月 9 日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 要求，迪阿股份有限公司（以下简称"公司"）现将 2024 年 4 月新增自营门店情 况公告如下： | 序号 | | 门店名称 | 所在地区 | 开设时间 | 经营 形式 | 面积 （m2） | 投资金额 （万元） | 主要商品 类别 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | | DR 连云港 苏宁广场店 | 江苏省 | 2024/4/7 | 直营 | 80 | 120.64 | 镶嵌饰品 | | 2 | DR | 张家口百盛 购物中心店 | 河北省 | 2024/4/10 | 联营 | 74 | 108.45 | 镶嵌饰品 | | 3 | DR | 大连开发区 亿合城店 | 辽宁省 | ...

Company Overview - Current stock price: 24.66 RMB [1] - 52-week high/low: 43.80/19.03 RMB [1] - Market capitalization: 9.864 billion RMB [1] - Free float market capitalization: 987 million RMB [1] - Total shares outstanding: 400 million [1] - Free float shares: 40 million [1] - 3-month turnover rate: 311.95% [1] Financial Performance - 2023 revenue: 2.18 billion RMB, down 40.8% YoY [16] - 2023 net profit: 69 million RMB, down 90.5% YoY [16] - 2024E revenue: 1.6 billion RMB, down 26.6% YoY [16] - 2024E net profit: 153 million RMB, up 121.4% YoY [16] - 2023 gross margin: 68.8%, down 1.0 pct YoY [9] - 2023 net margin: 3.2%, down from 19.8% in 2022 [16] - 2023 ROE: 1.1%, down from 10.7% in 2022 [16] Channel Performance - 2023 offline direct sales: 1.77 billion RMB, down 40.6% YoY [9] - 2023 online direct sales: 230 million RMB, down 42.5% YoY [9] - 2023 offline franchise sales: 180 million RMB, down 35.6% YoY [9] - 2023 store closures: 184 stores [15] - Q1 2024 net store closures: 37 stores [15] - Total stores as of Q1 2024: 491 [15] Valuation Metrics - 2024E P/E: 64.6x [16] - 2025E P/E: 36.8x [16] - 2026E P/E: 24.7x [16] - 2024E P/B: 1.5x [16] - 2025E P/B: 1.5x [16] - 2026E P/B: 1.5x [16] Strategic Initiatives - Focus on core brand DR [15] - Upgrade brand image and optimize brand communication [15] - Develop emotionally strong products [15] - Optimize store operations and enhance customer experience [15] - Focus on building flagship store capabilities [15] Industry Context - Diamond jewelry category faces pressure from changing consumer trends [13] - Company actively adjusting channels and closing underperforming stores [14] - Industry undergoing cyclical adjustments [15] - Company positioning to navigate industry challenges through brand, product, and channel strategies [26] Analyst Rating - Maintain "Buy" rating [13] - Target price not explicitly stated - Valuation considered reasonable given company's market position and strategic initiatives [25]

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 盈利预测与投资评级：我们预计公司 2024 年随渠道调整继续推进，收入、 利润仍有承压，25-26 年有望逐步恢复。预计 2024-2026 年归母净利润 0.49/0.82/1.20 亿元，同比 -28.5%/+66.8%/+45.5% ， EPS 分别为 0.12/0.21/0.30 元，对应 4 月 26 日收盘价 PE 分别为 191/114/79X，维持 "增持"评级。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------|---------|--------|--------|----------------|------------------|-----------------------|--------|-------|-------|----------------|----------------| | [ 资产负债表 Ta ...

Revenue Performance - In 2023, the revenue from online self-operated sales was CNY 22,708.81 million, a decrease of 42.45% compared to CNY 39,459.33 million in 2022[14]. - The revenue from offline direct sales was CNY 176,941.40 million, down 40.63% from CNY 298,037.34 million in the previous year[14]. - The overall revenue for the company in 2023 was CNY 218,027.77 million, a decline of 40.78% from CNY 368,157.45 million in 2022[14]. - The single-store revenue for direct-operated stores decreased by 47.24% to CNY 3.0298 million, while the single-store gross profit fell by 48.43% to CNY 2.0997 million[17]. - The single-store revenue for joint-operated stores was CNY 3.4088 million, down 39.31%, with a gross profit of CNY 2.3195 million, a decrease of 39.57%[17]. - The sales volume of jewelry in 2023 was 360,990 pieces, a decrease of 30.26% from 517,656 pieces in 2022[30]. Procurement and Inventory - In 2023, the total procurement amount was CNY 51,752.18 million, a decrease of 59.79% compared to CNY 128,699.52 million in 2022[22]. - Diamond procurement amounted to CNY 25,214.39 million, accounting for 48.72% of total procurement, down from 39.55% in 2022[22]. - The company reported a significant decline in commissioned processing, with a procurement amount of CNY 20,022.91 million, down 74.26% from CNY 77,796.66 million in 2022[22]. - The inventory balance at the end of the reporting period was CNY 53,717.68 million, with a provision for inventory impairment of CNY 1,023.78 million[25]. - The company’s raw material inventory at the end of the period was CNY 12,650.75 million, a decrease of 6.06% from CNY 13,467.14 million at the beginning of the year[32]. Financial Performance - The company’s operating cash inflow decreased by 41.59% to ¥2,363,975,825.01 compared to ¥4,047,355,144.09 in the previous year[57]. - The net cash flow from operating activities dropped significantly by 95.48% to ¥36,965,507.81 from ¥818,011,112.24[57]. - Total investment cash inflow increased by 58.44% to ¥8,574,936,260.32, while investment cash outflow decreased by 16.49% to ¥8,121,047,907.58[57]. - The net cash flow from investment activities turned positive at ¥453,888,352.74, a significant improvement from a negative ¥4,313,046,089.09 in the previous year[57]. - The company reported a significant decrease in cash and cash equivalents, with a net decrease of ¥294,661,419.66, compared to a much larger decrease of ¥4,219,885,422.83 in the previous year[57]. Strategic Initiatives - The company plans to enhance its core competitiveness and brand influence to capture greater market share during the industry's adjustment phase[4]. - The company is focusing on digital transformation and consumer-centric strategies to adapt to changing market dynamics and consumer preferences[9]. - The company is focusing on optimizing its channel strategy and enhancing brand image through flagship store upgrades in high-potential commercial areas[36]. - The company aims to build a sustainable talent pool to support its long-term development and has made significant organizational upgrades in response to business growth[39]. - The company plans to optimize its channel structure and focus on key commercial projects in first and second-tier cities, while gradually returning to a single-store model in lower-tier cities[93]. Market Trends and Consumer Behavior - The overall gold consumption in China reached 1,089.69 tons in 2023, an increase of 8.78% compared to the previous year[7]. - The jewelry industry concentration in China increased from 19.1% in 2016 to nearly 35.6% in 2023, indicating a trend towards market consolidation among leading brands[6]. - The average price of natural diamonds in 2023 saw significant declines, with prices dropping by 25.9%, 20.6%, and 11.3% across various segments, reflecting weak market demand[4]. - The company has a large and active fan base of over 30 million on domestic social media platforms, enhancing brand recognition among younger consumers[27]. - The company reported a significant increase in the influence of recommendations and collaborations on consumer purchasing behavior, with a 25% year-on-year growth in 2023[163]. Future Outlook and Plans - The company provided a positive outlook for the future, projecting a revenue growth of 15% for the next fiscal year[122]. - The company is expanding its market presence, targeting a 10% increase in market share by entering three new regions by the end of 2024[122]. - The company plans to increase investment in product design and technology R&D, aiming to launch new products that meet market demand and enhance product quality and diversification[113]. - The company aims to enhance brand building while adhering to its core brand philosophy to address industry cycle adjustments[195]. - The company plans to enhance brand power by deepening emotional connections with users and innovating product communication strategies[92]. Governance and Compliance - The company emphasizes its commitment to corporate governance and transparency, ensuring compliance with regulatory standards[128][130]. - The company has revised its governance structure and internal management systems to comply with relevant laws and regulations[145]. - The board of directors consists of 9 members, including 3 independent directors, and has held 4 meetings during the reporting period[147]. - The supervisory board has 3 members and has also held 4 meetings, ensuring strict supervision of the company's operations and financial status[148]. - The company is committed to timely and accurate information disclosure to ensure all shareholders have equal access to information[148]. Challenges and Risks - The company faces risks from external economic conditions affecting consumer behavior, particularly in the diamond embedded jewelry market, which has seen slow recovery[95]. - The company is facing challenges in store operations management under a fully self-operated sales model due to insufficient consumer demand and external uncertainties[138]. - The company recognizes risks related to market fluctuations and brand influence, implementing measures to strengthen brand building and product innovation[118]. - The company has implemented measures to optimize internal processes and reduce fixed rental costs to improve operational efficiency[138]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of $100 million earmarked for potential mergers and acquisitions[122].