DEEJ(000423) 群益证券·2025-03-18 08:08Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to less than 35% [2][7]. Core Insights - The company is expected to achieve a net profit of RMB 1.557 billion in 2024, reflecting a year-over-year growth of 35.3% [9]. - The revenue for 2024 is projected to be RMB 5.921 billion, with a year-over-year increase of 25.6% [9]. - The company has a strong dividend policy, with a total dividend payout of approximately RMB 1.56 billion for the year, resulting in an attractive dividend yield of about 4.1% [9]. - The gross margin for the company's main product, Ejiao, has improved, with revenue from Ejiao products reaching RMB 5.54 billion, a year-over-year increase of 27% [9]. - The company has a stable growth outlook, with projected net profits of RMB 1.890 billion, RMB 2.216 billion, and RMB 2.549 billion for 2025, 2026, and 2027, respectively [9]. Company Overview - The company operates primarily in the pharmaceutical and biotechnology sector, with a significant focus on Ejiao products, which account for 93.6% of its revenue [3]. - The company has a market capitalization of approximately RMB 37.518 billion, with a current share price of RMB 58.26 [1]. - The company has a total of 643.98 million shares outstanding, with a price-to-book ratio of 3.64 [1]. Financial Performance - The company reported a net profit of RMB 1.151 billion in 2023, with a projected increase to RMB 1.890 billion in 2025 [8][13]. - The earnings per share (EPS) for 2024 is expected to be RMB 2.42, with a year-over-year growth of 35.20% [8]. - The company’s overall gross margin for 2024 is projected to be 72.4%, an increase of 2.2 percentage points from the previous year [9].