华鑫证券有限责任公司孙山山,张倩近期对迪阿股份（301177）进行研究并发布了研究报告《公司事件点 评报告：激励计划彰显信心，渠道优化效果初显》，首次覆盖迪阿股份给予增持评级。 迪阿股份 事件 2025年7月11日，迪阿股份发布2025年限制性股票激励计划(草案)。 投资要点 发布激励计划，彰显发展信心 盈利预测 公司深耕高端钻戒及珠宝行业，面对终端需求短期萎靡影响，积极优化渠道结构，聚焦门店运营降本增 效，2025Q1收入缺口企稳，同店稳步回升，目前渠道调整基本完成，随着调改成效显化、毛利率企稳， 利润端有望企稳回升，同时公司布局黄金镶嵌品类第二曲线，有望贡献业绩增量，实现困境反转。预计 2025-2027年EPS分别为0.40/0.51/0.66元，当前股价对应PE分别为72/56/43倍，首次覆盖，给予"增持"投资 评级。 风险提示 宏观经济下行风险、行业竞争风险、消费复苏不及预期、门店优化不及预期。 最新盈利预测明细如下： | 报告日期 机构简称 | | 研究员 | 近三年业绩 | 研报数 覆盖时长 | 2025预测 | 2026预测 | 2027预测 | 目标价 | | --- | --- | -- ...

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].