DEEJ(SZ:000423) Changjiang Securities·2025-05-09 09:41Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a strong performance in Q1 2025, achieving revenue of 1.719 billion yuan, an increase of 18.24%, and a net profit attributable to shareholders of 425 million yuan, up by 20.25% [2][4]. - The company has a high gross margin of 73.62% in Q1 2025, reflecting a year-on-year increase of 1.83 percentage points [11]. - The company has a significant dividend payout, with a proposed cash dividend of 1.555 billion yuan for 2024, representing 99.84% of the net profit attributable to shareholders [11]. Financial Performance - For 2024, the company achieved total revenue of 5.921 billion yuan, with a gross profit margin of 72% [15]. - The projected net profit for 2025-2027 is expected to be 1.837 billion yuan, 2.196 billion yuan, and 2.612 billion yuan, respectively, with corresponding EPS of 2.85 yuan, 3.41 yuan, and 4.06 yuan [11][15]. - The company maintains a strong financial position with total assets projected to grow from 13.087 billion yuan in 2024 to 14.880 billion yuan in 2027 [15].