DEEJ(000423) 东吴证券·2025-03-19 12:51Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 5.921 billion RMB in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to shareholders was 1.557 billion RMB, up 35.29% year-on-year. The operating cash flow was 2.171 billion RMB, an increase of 11.16% [8] - The company has shown strong performance in its core product line, with the Aojiao series generating 5.544 billion RMB in revenue, a growth of 27.04%. The gross margin for these products improved to 73.61% [8] - The company has implemented a "1238" strategy, focusing on dual-driven growth and integration across various sectors, leading to significant achievements in both upstream and downstream operations [8] - The company has increased its dividend payout, with a total cash dividend of approximately 818 million RMB for 2024, representing 99.70% of the net profit attributable to shareholders [8] - The profit forecasts for 2025 and 2026 have been revised upwards, with net profits expected to be 1.864 billion RMB and 2.215 billion RMB respectively, reflecting strong growth potential [8] Financial Summary - Total revenue for 2023 is projected at 4.715 billion RMB, with a year-on-year growth of 16.66%. The net profit for 2023 is expected to be 1.151 billion RMB, a growth of 47.55% [8] - The earnings per share (EPS) for 2024 is estimated at 2.42 RMB, with a price-to-earnings (P/E) ratio of 24.06 [8] - The company's sales gross margin for 2024 is projected at 72.42%, with a net profit margin of 26.30% [8] - The company's total assets are expected to reach 13.087 billion RMB in 2024, with a debt-to-asset ratio of 21.05% [8]