Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company is experiencing significant pressure on its annual performance due to weak industry demand, leading to a phase of store optimization and adjustments [3][8]. - Despite the downturn in diamond-studded jewelry demand, the company retains a top-three market share in its category, and there is potential for stabilization in wedding-related demand as marriage registrations have increased [8][10]. - The company is focusing on enhancing its brand identity around the theme of "love" and is expanding its product matrix while maintaining a customized self-operated sales model [8]. Financial Performance Summary - In 2023, the company achieved revenue of 2.18 billion yuan, a year-on-year decline of 40.8%. The net profit attributable to the parent company was 68.96 million yuan, down 90.5%, and the non-recurring net loss was 120 million yuan, a decrease of 119.6% [25]. - For Q1 2024, the company reported revenue of 430 million yuan, a year-on-year decline of 39.5%, with a net profit of 29.46 million yuan, down 70.8%, and a non-recurring net loss of 5.92 million yuan, a decrease of 111.7% [25][26]. - The company closed 160 stores in 2023, with a total of 528 stores remaining at year-end, reflecting a strategic focus on high-potential business districts [3][8]. - The average revenue per self-operated store decreased by 47% to 3.03 million yuan, while the average revenue per joint-operated store fell by 39% to 3.41 million yuan [3]. - The overall gross margin declined by 1.0 percentage points to 68.8% [3]. Future Outlook - The company expects EPS to reach 0.39, 0.61, and 0.71 yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 64.1, 40.3, and 35.0 times [8]. - The company plans to maintain a dividend payout ratio of no less than 30% from 2024 to 2026, contingent on the absence of significant investment plans or cash payments [3][8].
迪阿股份2023年报及2024Q1季报点评：需求持续疲弱，门店优化调整