DEEJ(SZ:000423) Xin Lang Cai Jing·2025-05-04 08:34Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57% and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1] - The company is driven by a dual engine of pharmaceutical and health consumer products, with significant growth in its core product lines [2] - The company has introduced an employee stock incentive plan to enhance talent attraction and promote long-term high-quality development [2] Financial Performance - In 2024, the company reported a net operating cash flow of 2.171 billion yuan, reflecting an 11.13% increase year-on-year [1] - The basic earnings per share (EPS) for 2024 was 2.42 yuan, marking a 35.20% increase compared to the previous year [1] - The company maintained a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan at the end of the year [2] Business Segments - Revenue from the company's Ejiao and related products reached 5.544 billion yuan, a year-on-year increase of 27.04%, with a gross margin of 73.61% [2] - Other pharmaceuticals and health products generated revenue of 236 million yuan, up 26.19% year-on-year [2] - The company experienced a decline in revenue from donkey breeding and sales, which amounted to 69 million yuan, down 28.92% [2] Growth Initiatives - The company launched a stock incentive plan, proposing to grant up to 124.72 million restricted shares, representing 0.19% of the total share capital, to 179 key personnel [2] - The performance targets for the incentive plan include a compound annual growth rate of net profit attributable to shareholders of no less than 15% from 2025 to 2027 [2] - The company has a history of high dividends, with a mid-year dividend of 737 million yuan in 2024, representing 99.77% of the net profit attributable to shareholders for the first half of the year [2] Investment Outlook - The company is expected to achieve EPS of 2.87 yuan, 3.40 yuan, and 4.02 yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 21.91, 18.53, and 15.66 [3] - As a leader in the Ejiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth in performance [3]