DEEJ(000423) 中泰证券·2024-11-05 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated high-quality growth in Q3, with strong sustainability in its performance. The revenue for the third quarter reached 4.329 billion yuan, representing a year-on-year growth of 26.28%. The net profit attributable to the parent company was 1.152 billion yuan, up 47% year-on-year, slightly exceeding market expectations [1][2] - The company has made significant improvements in profitability and operational efficiency, with a gross margin of 74.13%, an increase of 3.75 percentage points compared to the same period last year. The net profit margin reached 26.61% [1][2] Financial Performance Summary - Revenue Forecasts: - 2022A: 4,042 million yuan - 2023A: 4,715 million yuan (growth rate: 17%) - 2024E: 5,885 million yuan (growth rate: 25%) - 2025E: 7,084 million yuan (growth rate: 20%) - 2026E: 8,146 million yuan (growth rate: 15%) [1][2] - Net Profit Forecasts: - 2022A: 780 million yuan - 2023A: 1,151 million yuan (growth rate: 48%) - 2024E: 1,501 million yuan (growth rate: 30%) - 2025E: 1,866 million yuan (growth rate: 24%) - 2026E: 2,206 million yuan (growth rate: 18%) [1][2] - Earnings Per Share (EPS): - 2022A: 1.19 yuan - 2023A: 1.79 yuan - 2024E: 2.33 yuan - 2025E: 2.90 yuan - 2026E: 3.43 yuan [1][2] - Valuation Ratios: - P/E ratio for 2023A: 32.1 - P/B ratio for 2023A: 3.5 [1][2] Management and Strategic Developments - Recent management changes have been implemented, with the election of Cheng Jie as the new president, expected to lead the company towards continued high-quality growth and sustained shareholder returns [1]