DEEJ(000423) 东吴证券·2025-03-19 12:30Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - 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 shareholders was 1.557 billion yuan, up 35.29% [8] - The company maintained steady growth in Q4 2024 despite a high base from the previous year, with a revenue of 1.592 billion yuan (up 23.67%) and a net profit of 0.405 billion yuan (up 10.30%) [8] - The company has successfully enhanced its brand strength, with the medicinal industry revenue reaching 5.78 billion yuan (up 27%), accounting for 97.62% of total revenue [8] - The gross margin for the company's products improved to 73.61%, an increase of 1.23 percentage points compared to the same period last year [8] - The company has initiated a mid-year dividend distribution for the first time, with a total cash dividend of approximately 0.818 billion yuan, representing 99.70% of the net profit attributable to shareholders for 2024 [8] Financial Summary - Total revenue forecast for 2024 is 5.921 billion yuan, with a projected growth rate of 25.57% [9] - The net profit attributable to shareholders is expected to reach 1.557 billion yuan in 2024, with a growth rate of 35.29% [9] - The earnings per share (EPS) for 2024 is projected at 2.42 yuan, with a price-to-earnings (P/E) ratio of 24.06 [9] - The company’s sales gross margin is forecasted to be 72.42% in 2024, reflecting an increase of 2.18 percentage points [9] - The company’s total assets are projected to be 13.087 billion yuan in 2024, with a debt-to-asset ratio of 21.05% [9]