迪阿股份:真爱理念深入人心,坚守定位穿越周期

（以下内容从天风国际证券《迪阿股份:真爱理念深入人心,坚守定位穿越周期》研报附件原文摘录）
　　DR Corporation (301177 CH) 真爱理念深入人心，坚守定位穿越周期 Initiating coverage: fleshing out a unique true love business model; we expect through-the-cycle growth BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 聚焦真爱文化，打造求婚钻戒领先品牌 公司专注为婚恋人群定制高品质求婚钻戒等钻石珠宝产品，旗下强势品牌DR坚持“一生只送一人”的购买规则，凭借差异化的品牌定位、专业的产品设计、独特的服务体验，已迅速成长为国际求婚钻戒市场领先品牌，截至2022年末，公司已累计服务客户超150万对。 Engagement ring leader: brand positioning built on monogamy business model Darry Ring (DR) Corporation’s key business model is high-quality custom engagement diamond rings and other diamond jewelry for monogamy-minded customers; its commitment is premised on its business slogan, Whole life: only one true love. DR’s differentiated brand positioning, premium product design and unique service experience have raised its positioning to being a global market leader in diamond rings. It has served more than 1.5m couples as of end-2022. 22年线下渠道逆势扩张，业绩短期承压 22年公司收入36.82亿元，同减20.4%，主要系商场客流减少以及门店配合商场暂停营业或缩短营业时间所致；23Q1受整体消费环境疲软影响，收入7.05亿元，同减42.3%，但环比已有所改善。业绩短期承压，22年归母净利7.29亿同减44%，23Q1为1.01亿同减73.2%，主要系新扩店较多，人力费用及门店费用等刚性支出仍处于较高水平。 分品类看收入结构，22年公司求婚钻戒收入29.02亿元，占总78.8%，是主要销售产品，结婚对戒7.14亿元，占总19.4%。分销售渠道看，公司为全渠道DTC销售模式，22年线下销售32.6亿，占总88.4%；线上收入3.9亿，占总10.7%。 Offline channel: bucking the trend to expand; short-term performance pressures Total financial metrics: revenue came to RMB3.68bn in 2022, down 20.4% yoy, mainly due to dwindling footfall in shopping malls, with store shutdowns or shortened business hours in cooperation with the malls. Affected by a weak consumer market, revenue fell 42.3% yoy to RMB705m in 23Q1, although it improved qoq. Net profit has been hurt by short-term performance pressures: declining 44% yoy to RMB729m in 2022 and plunging 73.2% yoy to RMB101m in 23Q1. The key factors were a large number of new store expansions and rigid expenditures such as high labor costs and store expenses. Product performance: by category, engagement rings generated revenue of RMB2.90bn in 2022, the core category at 78.8% of the total, with wedding rings at RMB714m, 19.4% of the total. Channels: DR uses an omni-channel DTC sales model. Offline sales amounted to RMB3.26bn in 2022, 88.4% of the total; while online revenue was RMB390m, 10.7% of the total. 疫后珠宝零售有所复苏，钻石消费市场潜力可期 开年以来珠宝类商品社会零售额有所恢复，在22年同期低基数基础上，23年3、4月同比分别增长37.4%、44.7%，超过社零大盘增速。据中国珠宝玉石首饰行业协会，22年我国珠宝首饰产业市场总规模约为7190亿元，其中钻石产品市场约为820亿元，占比11.4%。 据戴比尔斯和世界银行数据，2021年中国人均钻石首饰需求为7美元/人，与美国的142美元/人、日本的40美元/人相比有较大差距；同时我国新人结婚平均花费持续增长，伴随我国中等收入群体继续保持扩张，人均可支配收入增长，钻石消费渗透率有望继续提升。 Jewelry retail recovery post-pandemic; we see diamond consumption potential Diamond products at 11% of jewelry market: jewelry consumer retail sales have come back in since the beginning of 2023 on low yoy bases, up 37.4% in March 2023 and up 44.7% in April 2023, outperforming consumer retail market growth. China’s jewelry market amounted to about RMB719bn in 2022, of which diamond jewelry accounted for 11.4%, generating about RMB82bn, according to the Jade and Jewelry Trade Association of China. China market growth headroom: data from De Beers and the World Bank both show that China’s per-capita demand for diamond jewelry was USD7 in 2021, far from the USD142 in the US and USD40 in Japan. Yet, Chinese couples continue to hold weddings at a rising average cost. As China’s middle-income demographic continues to expand along with per-capita growth in disposable income, we expect the penetration of diamond consumption will keep increasing. 全方位打造真爱生态圈，深度挖掘婚嫁场景需求 实名定制+签署协议，深耕“一生一人”品牌理念。购买DR品牌产品需携带身份证，双方签署真爱协议，每个ID仅可购买一枚DR求婚钻戒，购买女戒等产品也将绑定受赠人。 公司产品主要以定制模式销售，一方面，定制模式与“一生只爱一人”的品牌价值更加契合，进一步强化品牌内涵，满足婚恋人群对爱情唯一性的心理需求；同时，从经营层面来讲，公司可更好地控制自身存货水平、维持较低开店成本，并保证产品能够快速适应市场潮流变化。 营销方面，公司在社交媒体、短视频、线下广告等多渠道发力，升级品牌LOGO，借助各界知名人士提升品牌流量，推出主题宣传短篇，发起《寻找全球100对钻石婚夫妻》真爱行动，23年起计划每年主推四个求婚季，引领求婚文化，通过多渠道、多方面深化真爱理念。 Establishing a ‘true love’ ecosystem; exploring demand for wedding scenarios Unique model: DR’s custom jewelry business model ties to the customers’ real names and involves both parties’ signing agreements to love just one person in their lifetime; hence, customers need to show their identification to purchase DR jewelry. Each unique ID is entitled to purchase only one DR engagement diamond ring; and the purchases of other women’s rings and jewelry are also tied the same recipient. Custom jewelry: DR mainly has a customized sales model, which aligns with its “Whole life: only one true love” slogan and strengthens its brand identity while fulfilling the common psychological need that one’s love be unique. Operationally, it allows the company to better control its inventory levels, curb store opening costs and ensure that its jewelry products can quickly adapt to changes in market trends. Marketing: DR’s marketing reach spans multiple channels like social media, short videos and offline advertisements, where it strives to upgrade its brand and logo. It has collaborated with celebrities from all walks of life to increase brand traffic, introduced themed short promo stories, and launched a campaign called, Looking for 100 Diamond Married Couples Around the World, to demonstrate its ‘true love’ precept. It plans to hold four marriage proposal seasons every year from 2023 onwards to drive the proposal culture and flesh out its true love slogan across multiple channels and aspects. 扎实优化渠道运营，优化人、货、场布局 拓展深化线下渠道，提升城市及商圈覆盖率。DR持续深化渠道布局，加密城市和商圈，并且新增了大量门店。2022年末，公司拥有688家终端门店，相比期初增长了49.24%。在扩展新市场方面，公司成功进入一线、新一线和二线城市的空白商圈共计120个，并且在城市的头部商场项目上取得了重要突破，截至22年底TOP1项目达60个，覆盖率提升至74% 23年新开店速度放缓，围绕“人、货、场”优化调整。22年公司逆势拓店净增超200家，以门店为流量扩充入口，抢占线下优质资源，但其中个别店铺尚未达预期，因此公司采取进一步的优化调整措施、放缓开店节奏，对自然客流、粉丝客流及转化的品类用户客流等进行改善和提升， 截至23Q1末，公司门店数量为686家，4月新增3家自营门店。 我们认为，公司短期增量或主要在于渠道店效恢复与增长，一方面来自疫后线下的客流恢复，另一方面公司22年逆势快速拓店，年均店效为573万，同比减少43.5%，伴随新店逐步成长，整体店效有望快速增长。 中长期看，增长或主要在于：①我国钻石消费需求有望继续增长；②与同业公司相比，DR线下门店铺设仍有较大覆盖空间；③婚嫁黄金系列等产品线丰富带动复购，客单价缓步提升。 Channel operations optimization; building out customers, products, markets Expanding offline channels, city and business district coverage: DR is stepping up its channel buildout into cities and business districts, and it has added a large number of stores. DR had 688 stores in its end markets by year-end 2022, up 49.24% from the year’s beginning. Set on forays into new markets, it entered 120 under-penetrated business districts in the 1st-tier, new 1st-tier and 2nd-tier cities, carving out new business in leading shopping mall projects in the cities, clinching 60 Top-1 projects by end-2022, increasing its coverage rate to 74%. 689 stores and optimization: DR’s pace of opening new stores has slowed this year, while it focused on optimization and adjustments based on customers, products and market presence. It bucked the trend by expanding stores to a net increase of over 200 stores, using them as footfall expansion portals to build quality offline resources. However, some of the stores have yet to meet expectations, so DR took optimization and adjustment measures, slowing down the pace of store openings, while improving and enhancing natural market footfall, fan footfall and customer conversions. Its store count was 686 as of end-23Q1, plus 3 new direct-operation stores that were added in April. Store efficiency set to rise: we believe the company’s short-term incremental growth could have stemmed mainly from channel and store efficiency recovery and growth. While the post-pandemic market footfall recovered, DR’s rapid store expansion in 2022 was accompanied by 43.5% yoy lower average annual efficiency at RMB5.73m per store. As the new stores progress in performance, we believe total store efficiency will rise rapidly. We believe these main factors will drive medium to long-term growth: ·we expect China’s diamond consumption demand will continue to grow. ·DR’s physical stores have better penetration potential than its industry peers. ·we see its quality product lines such as the wedding gold series driving repurchases, alongside a gradually rising per-customer price. 投资建议/Investment Ideas 首次覆盖，给予“买入”评级。 公司致力打造全球知名钻戒品牌，“一生一人”品牌理念深入人心，门店数量增长及产品线扩张支撑中长期发展，考虑疫后消费复苏相对缓慢，新拓门店导致运营费用增长，公司业绩短期承压，我们预计公司23-25年收入分别为41.0、47.1、54.4亿，归母净利分别为8.1、9.3、10.8亿，EPS分别为2.0、2.3、2.7元/股，PE分别为18、16、14x。 Valuation and risks The company is committed to building a world-renowned diamond ring brand. Its slogan, Whole life: only one true love, resonates with consumer aspirations. We believe its expansion of store numbers and product lines will support medium to long-term growth. Considering the slow consumption recovery post-pandemic, heavier operating expenses from its store expansion and short-term pressures on the company’s performance, we forecast revenue at RMB4.10bn/4.71bn/5.44bn in 2023/24/25E and net profit at RMB810m/930m/1.08bn, with EPS at RMB2.0/2.3/2.7 and PE at 18/16/14x. We initiate coverage with a BUY rating. 风险提示：品牌影响力下降；单店收入承压；委外生产；经济和市场环境波动等风险。 Risks include: declining brand influence; per-store revenue pressures; outsourced production risks; and economic and market environment volatility. 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