Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [3][23]. Core Views - The company experienced a significant decline in revenue and profit in 2023, with total revenue of 2.18 billion yuan, down 40.78% year-on-year, and a net profit attributable to shareholders of 69 million yuan, down 90.54% year-on-year [1][4]. - The company is actively optimizing its store layout and expanding its product categories, particularly in gold jewelry, to enhance operational efficiency and growth potential [4][5]. - The forecast for net profit from 2024 to 2026 shows a recovery trend, with expected profits of 194 million yuan in 2024, 292 million yuan in 2025, and 367 million yuan in 2026, corresponding to year-on-year growth rates of 181.9%, 49.9%, and 25.9% respectively [4][9]. Financial Performance Summary - In 2023, the company reported total revenue of 2.18 billion yuan, with a gross margin of 68.83%, which is a slight decrease of 0.96 percentage points year-on-year [4]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 200 million yuan [1]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are 0.49 yuan, 0.73 yuan, and 0.92 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 48, 32, and 25 [2][9]. Market Position and Strategy - The company is recognized as a leading brand in the global diamond ring market, leveraging its differentiated brand recognition and high brand momentum [4]. - The company is focusing on refining its product lines and expanding into high-end jewelry and wedding gold categories to capture growth opportunities [4][5]. - The strategic adjustments in store locations and product offerings are expected to improve operational efficiency and drive revenue growth as the economy recovers [4][5].
迪阿股份：2023年报及2024年一季报点评：业绩阶段性承压，积极调整渠道，开拓黄金品类