DEEJ(SZ:000423) INDUSTRIAL SECURITIES·2024-03-26 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The company achieved impressive growth in 2023, with a revenue of 47.15 billion yuan, representing a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 11.51 billion yuan, up 47.55% year-on-year [5][7][8]. - The focus for 2024 is on "growth and quality" management, aiming to enhance the capabilities of key products and explore new product opportunities through investments and acquisitions [5][10]. - The company reported strong sales of its main product, Ejiao, with revenue from Ejiao and related products reaching 43.64 billion yuan, a year-on-year increase of 17.98% [5][8]. Financial Summary - For the fiscal year 2023, the company reported a gross margin of 70.24%, an increase of 1.94 percentage points year-on-year, and a net profit margin of 24.43%, up 5.15 percentage points [8][10]. - The company expects revenue for 2024 to reach 55.52 billion yuan, with a projected year-on-year growth of 17.7%, and net profit to be 14.01 billion yuan, reflecting a growth of 21.8% [3][10]. - The earnings per share (EPS) for 2024 is projected to be 2.18 yuan, with a price-to-earnings (PE) ratio of 27.3 based on the closing price on March 25, 2024 [3][10].