DEEJ(000423) 兴业证券·2024-11-10 05:59Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved impressive growth in Q3 2024, with a revenue of 4.14 billion yuan, representing a year-on-year increase of 63.75% [2][3]. - The core products have shown significant growth, with the main product, Ejiao blocks, growing at approximately 10%, and the compound Ejiao syrup seeing nearly 50% growth [3]. - The company's operating quality continues to improve, with a gross margin of 74.13%, up 3.19 percentage points year-on-year [4]. Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 43.29 billion yuan, a year-on-year increase of 26.28%, and a net profit of 11.52 billion yuan, up 47.00% [2][4]. - The company forecasts revenue growth for 2024-2026, estimating revenues of 56.75 billion yuan, 66.10 billion yuan, and 76.37 billion yuan, with corresponding net profits of 14.80 billion yuan, 17.70 billion yuan, and 21.07 billion yuan [4][5]. - The company's earnings per share (EPS) are projected to increase from 1.79 yuan in 2023 to 3.27 yuan by 2026 [5]. Market Position and Strategy - The company is focusing on brand and digitalization strategies to drive growth in new products, such as Ejiao powder and "Royal Weichang 1619" targeting the male health market [3]. - The company is also enhancing its core products through brand upgrades and academic result transformations, solidifying its market position [3].