Core Viewpoint - The company, Diya Co., is a leading brand in China's diamond ring industry, actively expanding its gold product line and optimizing channel layout amid overall pressure in the diamond market. The results are gradually showing positive effects [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.156 billion yuan, a year-on-year increase of 4.0%. The net profit attributable to the parent company was 103 million yuan, a significant increase of 408.0%. The net profit after deducting non-recurring items was 5.12 million yuan, marking a turnaround from losses [1]. - The comprehensive gross margin for the company was 66.4%, up 0.8 percentage points year-on-year. The core business gross margin, excluding the impact of raw material disposal, was 68.0%, an increase of 2.3 percentage points, benefiting from an optimized product sales structure [2]. Channel Optimization - The company continued to optimize its channel layout, closing 32 stores during the period (opening 16 and closing 48), with a slowdown in the rate of store closures compared to the same period last year, which saw 127 closures. As of Q3 2025, the company operated 341 stores, with significant improvements in store efficiency and a 31% year-on-year increase in single-store revenue [3]. Product Innovation and Market Expansion - The company focuses on two emotional expression scenarios: "proposal" centered around diamond rings and "wedding" emphasizing traditional gold products. New product launches include the "One Life One World" gold ring series and the "DR Golden Crown" wedding series [4]. - The company is actively expanding into overseas markets, establishing an independent site in the U.S. and achieving significant results on TikTok. By the first half of 2025, the DR brand had a total exposure of 689 million times in overseas markets, with 38.74 million natural searches and over 960,000 followers on overseas social platforms [4]. Profit Forecast and Valuation - Due to the ongoing channel adjustment phase, the company has lowered its net profit forecasts for 2025 and 2026 by 52% and 44% to 136 million yuan and 203 million yuan, respectively. A net profit forecast of 251 million yuan for 2027 has been introduced. The estimated net asset per share for 2025-2027 is projected to be 16.14, 16.64, and 17.27 yuan, respectively [5]. - Given the company's current brand transformation phase and significant cash reserves, a PB valuation method is adopted. The target price for 2026 is set at 28.3 yuan, based on a PB of 1.7 times, maintaining a "hold" rating [5].
迪阿股份(301177)：渠道调整显著改善单店销售及费用率