DEEJ(000423) 浙商证券·2025-03-18 08:23Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to the parent company was 1.557 billion yuan, up 35.29% year-on-year [7] - The company is actively implementing its "1238" strategy, which focuses on a dual-driven development model of pharmaceuticals and health consumer products, along with a three-industry integration of the gelatin industry chain [7] - The company plans to enhance brand exposure and terminal promotion, with sales expenses expected to increase to 1.973 billion yuan in 2024, a rise of 32.77% year-on-year [7] - The gross profit margin for 2024 is projected to be 72.42%, an increase of 2.18 percentage points year-on-year, primarily due to the higher proportion of high-margin gelatin products [7] - The company has shown significant improvement in operational efficiency, with accounts receivable turnover days reduced by 14.27 days to 23.51 days [7] - A high cash dividend payout ratio is noted, with a total cash dividend of 1.555 billion yuan for the year [7] Financial Summary - Revenue projections for 2025-2027 are 6.972 billion yuan, 8.074 billion yuan, and 9.283 billion yuan, respectively, with year-on-year growth rates of 17.75%, 15.80%, and 14.97% [3][8] - The net profit attributable to the parent company is expected to reach 1.943 billion yuan in 2025, 2.359 billion yuan in 2026, and 2.860 billion yuan in 2027, with growth rates of 24.80%, 21.41%, and 21.25% respectively [3][8] - Earnings per share (EPS) are projected to be 3.02 yuan in 2025, 3.66 yuan in 2026, and 4.44 yuan in 2027 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 24.29 in 2024 to 13.22 in 2027 [3][8]