Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company's revenue and profit are under pressure due to a decline in diamond consumption and proactive channel adjustments initiated in Q2 2023. The company closed 160 stores in 2023 and 37 stores in Q1 2024, leading to a short-term decrease in sales [9][10]. - The company reported a revenue of 2.18 billion yuan in 2023, a year-on-year decrease of 40.78%, and a net profit attributable to the parent company of 69 million yuan, down 90.54% year-on-year [9][10]. - For 2024, the company expects a gradual recovery in revenue and profit, with projected net profits of 49 million yuan, 82 million yuan, and 120 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -28.5%, +66.8%, and +45.5% [2][34]. Financial Summary - The company's total revenue is projected to decline from 2.18 billion yuan in 2023 to 1.61 billion yuan in 2024, with a year-on-year decrease of 26.2% [34]. - The gross profit margin is expected to decrease from 68.8% in 2023 to 65.9% in 2024 [34]. - The earnings per share (EPS) are projected to be 0.12 yuan in 2024, 0.21 yuan in 2025, and 0.30 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 191, 114, and 79 respectively [2][34].
点评：23Q2开始的主动渠道调整&近年来钻石消费力走弱 致业绩承压