DEEJ(000423) 信达证券·2025-03-19 08:23Investment Rating - The report assigns a "Buy" rating for Dong'e Ejiao, indicating a strong performance relative to the benchmark index [15]. Core Insights - Dong'e Ejiao's revenue for 2024 reached 5.921 billion yuan, a year-on-year increase of 25.57%, with a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% year-on-year [1]. - The company's core products, particularly Ejiao and its series, continue to drive significant growth, with the pharmaceutical segment generating 5.780 billion yuan in revenue, a 27% increase year-on-year [2]. - The company maintains a robust gross margin of 73.46% and a net profit margin of 26.30%, reflecting improved operational efficiency [2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 5.921 billion yuan, with a year-on-year growth rate of 25.57% [1]. - The net profit attributable to shareholders was 1.557 billion yuan, representing a 35.29% increase compared to the previous year [1]. - The gross margin for the pharmaceutical segment was 73.46%, an increase of 1.15 percentage points year-on-year [2]. Business Strategy - The company adheres to the "1238" development strategy, focusing on dual-driven growth through pharmaceuticals and health consumer products [3]. - The strategy emphasizes the integration of production, brand development, and cultural leadership in traditional Chinese medicine [3]. Shareholder Returns - Dong'e Ejiao has a strong commitment to shareholder returns, with a total dividend payout of approximately 15.55 billion yuan for 2024, representing nearly 100% of the net profit attributable to shareholders [5]. - The dividend per 10 shares is set at 12.70 yuan (before tax), resulting in a dividend yield of about 4.1% based on the closing price on March 18, 2025 [5]. Future Outlook - The company is projected to achieve revenues of 6.815 billion yuan in 2025, with net profits expected to reach 1.842 billion yuan [7]. - The core products are anticipated to continue their stable growth trajectory, supported by new product launches [3].