DEEJ(000423) 开源证券·2025-03-19 14:43Investment Rating - The investment rating for Dong'e Ejiao is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year increase of 25.57%. The net profit attributable to the parent company was 1.557 billion yuan, up 35.29% [4] - The company is expected to continue its strong growth trajectory, with projected net profits of 1.874 billion yuan, 2.248 billion yuan, and 2.679 billion yuan for 2025, 2026, and 2027 respectively [4] - The company is focusing on deepening its product categories, particularly in Ejiao and men's health products, which are expected to drive long-term growth [4] Financial Performance Summary - In 2024, the company's gross margin was 72.42%, an increase of 2.18 percentage points, while the net profit margin was 26.30%, up 1.87 percentage points [4] - The revenue from Ejiao and related products was 5.544 billion yuan, a growth of 27.04%, with a gross margin of 73.61% [5] - The company has set a strategic goal for 2025 to enhance its industrial chain layout, focusing on upstream resource protection and efficient breeding, midstream product development, and downstream consumer experience [6] Financial Projections - The projected revenue for 2025 is 6.919 billion yuan, with a year-on-year growth of 16.9% [7] - The earnings per share (EPS) are expected to be 2.91 yuan in 2025, 3.49 yuan in 2026, and 4.16 yuan in 2027 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 20.0 in 2025 to 14.0 in 2027, indicating an attractive valuation [7]