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迪阿股份(301177):公司事件点评报告:激励计划彰显信心,渠道优化效果初显

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2][9]. Core Insights - The company has launched a stock incentive plan, demonstrating confidence in its future development. The plan involves granting a total of up to 901,900 shares, accounting for approximately 0.23% of the total share capital, with a grant price of 15.12 yuan per share [5]. - The company is actively optimizing its store network and has seen significant growth in its online direct sales channel, with some optimized stores achieving over 50% sales growth [6]. - The company is focusing on high-end diamond rings and jewelry, with a stable recovery in same-store sales expected as channel adjustments take effect [7]. Summary by Sections Incentive Plan - The company plans to grant stock rights totaling up to 901,900 shares, with the first grant of 722,800 shares. The performance assessment requires revenue growth rates of over 10%/20%/33%/46% from 2025 to 2028, and net profit targets of over 0.36/1.00/1.50/2.00 billion yuan [5]. Store Optimization - The company is enhancing store efficiency and adjusting its channel strategy, focusing on high-performing malls and eliminating underperforming stores. The average performance of optimized stores has increased by over 50%, with plans to extend this strategy to over 100 similar stores in 2025 [6]. Profit Forecast - The company is expected to stabilize its revenue gap in Q1 2025, with same-store sales gradually recovering. The earnings per share (EPS) forecasts for 2025-2027 are 0.40, 0.51, and 0.66 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 72, 56, and 43 times [7][9].