Core Viewpoint - The company adheres to the brand philosophy of "One Life, One True Love" while extending its brand concept into the gold category, adjusting store layouts and closing 172 stores in 2024, with a net closure of 155 stores, leading to improved single-store efficiency and operational profitability by the beginning of 2025 [1] Financial Performance - In 2024, the company achieved operating revenue of 1.482 billion yuan, a year-on-year decrease of 32.01%, with Q4 revenue at 371 million yuan, down 15.39% year-on-year [2] - The net profit attributable to shareholders for 2024 was 53 million yuan, a decline of 23.10%, while the non-recurring net profit was -126 million yuan, an increase of 4.91% [2] - In Q1 2025, the company reported operating revenue of 408 million yuan, a decrease of 4.40% year-on-year, and a net profit attributable to shareholders of 21 million yuan, down 29.66% year-on-year [3] Store Adjustment and Market Trends - The company is nearing the end of its store adjustment phase, with 172 stores closed and 17 new stores opened in 2024, leading to improved store efficiency [4] - Despite a 20.5% year-on-year decline in marriage registrations in 2024, the trend of upgrading consumption quality continues, although demand for diamond products remains low due to price declines and reduced marriage rates [4] Online Growth and International Expansion - The company's online revenue grew by 6.57% in 2024, with self-built sales platforms generating 61.5 million yuan, a significant increase of 82.29% year-on-year [5] - By the end of 2024, the company had over 30 million followers on domestic social media platforms and 850,000 followers on overseas platforms like TikTok, indicating potential for international expansion [5] Investment Outlook - With store optimization nearing completion and improving store efficiency, the company is expected to achieve net profits of 130 million, 193 million, and 259 million yuan from 2025 to 2027, corresponding to PE ratios of 79, 53, and 40 times [5]
迪阿股份(301177)：调整接近尾声 单店恢复增长