Group 1 - The company has launched a restricted stock incentive plan, reflecting confidence in its future development, with a total of up to 901,900 shares to be granted, accounting for approximately 0.23% of the total share capital [2] - The initial grant will consist of 722,800 shares, representing about 0.18% of the total share capital, with a grant price set at 15.12 yuan per share [2] - The performance assessment for the incentive plan is based on revenue growth rates exceeding 10%/20%/33%/46% from 2025 to 2028, and net profit targets for the same period [2] Group 2 - The company is optimizing its store operations and channel structure, focusing on enhancing store efficiency and upgrading the customer experience, with significant performance improvements observed in trial stores [3] - The average performance growth of 7-8 trial stores exceeded 50%, and the optimization plan is expected to be rolled out to over 100 similar stores in 2025 [3] - The online direct sales channel is experiencing rapid growth due to market expansion and targeted marketing strategies, with an increase in registered users on the official website [3] Group 3 - The company is focusing on high-end diamond rings and jewelry, actively optimizing its channel structure to improve operational efficiency, with a stabilization in revenue gaps expected in Q1 2025 [4] - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected to be 0.40, 0.51, and 0.66 yuan respectively, with corresponding price-to-earnings (PE) ratios of 72, 56, and 43 times [4] - The company aims to achieve a turnaround by expanding into the gold inlay product category, which is expected to contribute to revenue growth [4]
华鑫证券：首次覆盖迪阿股份给予增持评级