DEEJ(SZ:000423) KAIYUAN SECURITIES·2025-03-19 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%, with a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [4] - The company is expected to benefit from its deep focus on the Ejiao category, male health products, and comprehensive industry chain layout, leading to long-term growth potential [4] - The earnings forecast for 2025-2027 has been raised, with net profits projected at 1.874 billion yuan, 2.248 billion yuan, and 2.679 billion yuan respectively [4] Financial Performance Summary - In 2024, the company's gross margin was 72.42%, an increase of 2.18 percentage points, and the net margin was 26.30%, up 1.87 percentage points [4] - The revenue from Ejiao and related products reached 5.544 billion yuan, growing by 27.04%, while the gross margin for this segment was 73.61% [5] - The company plans to implement a "1238" strategy to enhance its industry chain layout, focusing on upstream resource protection, midstream product development, and downstream consumer experience [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 6.919 billion yuan, 8.075 billion yuan, and 9.313 billion yuan respectively, with year-on-year growth rates of 16.9%, 16.7%, and 15.3% [7] - The projected diluted EPS for 2025, 2026, and 2027 are 2.91 yuan, 3.49 yuan, and 4.16 yuan respectively, with corresponding P/E ratios of 20.0, 16.7, and 14.0 [7]