DEEJ(000423)2025-03-25 06:53Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [5][20]. Core Views - The company achieved a revenue of 5.92 billion yuan in 2024, representing a year-on-year growth of 25.6%, and a net profit of 1.56 billion yuan, up 35.3% year-on-year [2][5]. - The company continues to focus on a dual-driven strategy of "pharmaceuticals + consumer products," with plans to strengthen its overseas business [4][5]. - The company has implemented a significant cash dividend plan, distributing 8.18 billion yuan, which accounts for 99.7% of the net profit available for distribution [4]. Financial Performance - In Q4 2024, the company reported a revenue of 1.59 billion yuan, a year-on-year increase of 23.7%, and a net profit of 410 million yuan, up 10.3% year-on-year [2]. - The gross margin for 2024 was 72.4%, an increase of 2.2 percentage points, while the net margin was 26.3%, up 1.87 percentage points [2][5]. - The company forecasts revenues of 6.9 billion yuan, 8.06 billion yuan, and 9.25 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 17%, 17%, and 15% [5][7]. Product Performance - Revenue from the company's main product, Ejiao and its series, reached 5.54 billion yuan, growing 27% year-on-year, with a gross margin of 73.6% [3]. - The compound Ejiao paste saw a growth rate exceeding 50%, while the Ejiao powder achieved a growth rate of over 75% [3]. - Other pharmaceutical and health products generated 240 million yuan in revenue, reflecting a year-on-year increase of 26.2% [3]. Strategic Initiatives - The company plans to establish an overseas headquarters in Hong Kong and initiate clinical validation for its compound Ejiao paste in Europe, aiming to expand its international market presence [4].