Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a significant breakthrough in its globalization efforts, with high-end models signed in nearly 300 units across over 40 countries [7] - The domestic market share has further increased despite an overall slowdown in the industry, with a strong product mix enhancing competitive advantages [7] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.73% year-on-year, while the net profit attributable to shareholders is expected to be 1.262 billion yuan, down 36.08% year-on-year [7] - The first quarter of 2025 shows signs of recovery, with a revenue of 2.478 billion yuan, an increase of 5.42% year-on-year, and a net profit of 370 million yuan, up 1.87% year-on-year [7] - The company maintains a strong competitive position with high product barriers and is expected to benefit from a recovery in the domestic industry [7] Financial Summary - Total revenue for 2023 is 11.411 billion yuan, with a projected decline to 10.3 billion yuan in 2024, followed by a recovery to 11.599 billion yuan in 2025 [1][8] - The net profit attributable to shareholders is forecasted to decrease from 1.974 billion yuan in 2023 to 1.262 billion yuan in 2024, before increasing to 1.587 billion yuan in 2025 [1][8] - The earnings per share (EPS) is expected to decline from 2.40 yuan in 2023 to 1.53 yuan in 2024, with a recovery to 1.93 yuan in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to be 86.80 for 2024, decreasing to 69.03 in 2025 and further to 51.20 in 2026 [1][8]

迪阿股份，这家曾经以"一生只送一人"营销理念风靡市场的求婚钻戒品牌，近年来却逐渐陷入业绩下滑 的困境。从2021年的高速增长到2024年的营收大幅缩水，迪阿股份的颓势背后，折射出消费市场变化、 行业竞争加剧以及公司战略调整滞后等多重因素。 迪阿股份的核心业务是求婚钻戒，这一产品线曾是其高速增长的引擎。然而，随着中国婚育率的持续下 降，婚恋场景的"刚需"属性正在被削弱。数据显示，中国结婚登记人数已连续多年下滑，2023年跌破 700万对，生育率的走低进一步加剧了婚戒市场的萎缩。迪阿股份主打的"求婚钻戒"高度依赖婚恋场 景，当"结婚刚需"逐渐转向"可选消费"，其产品生命周期与市场需求形成了根本性错配。 核心业务萎缩：婚恋市场红利消退与产品结构失衡 此外，迪阿股份的产品迭代停滞与技术空心化问题日益凸显。公司近年来的研发投入占比始终低于行业 平均水平，主打产品DR系列仍依赖于2015年推出的经典款型，缺乏创新。竞品企业如周大生、潮宏基 等已推出可定制刻字、智能传感等创新功能，而迪阿股份的产品则显得相对陈旧。更严重的是，其宣称 的"高纯度黄金工艺"被第三方检测发现部分产品纯度未达宣传标准，引发了消费者信任危机。 渠道战 ...