DEEJ(000423) 长江证券·2025-03-29 11:33Investment Rating - The report gives a "Buy" rating for the company [11][12]. Core Viewpoints - The company has established a dual-driven layout of "Ejiao + Young Health Products," focusing on traditional Ejiao products while innovating health consumer goods, creating a comprehensive product matrix covering the entire industry chain [3][8]. - The core products leverage craftsmanship, quality advantages, and optimized medical insurance policies to maintain a leading position in the health supplement sector [3][8]. - The company is expected to achieve sustained growth through the simultaneous increase in volume and price of core products, the transformation of health consumer goods for younger demographics, and breakthroughs in the male health supplement market [3][8]. - The deepening of the "Ejiao +" strategy and full-channel penetration will solidify the company's position as an industry leader amid aging populations and consumption upgrades [3][8]. Summary by Sections Product Matrix and Revenue Growth - The company is the largest and most professional Ejiao producer globally, with main products including Ejiao, Ejiao powder, and compound Ejiao syrup [8]. - The Ejiao block has maintained the highest market share from 2018 to 2024, establishing significant competitive barriers in the high-end price segment [8][56]. - The compound Ejiao syrup faced sales channel restrictions due to previous medical insurance directory limitations, but recent policy changes have removed these barriers, enhancing sales potential [9][61]. - The company continues to innovate its product line, introducing items like Ejiao powder and Ejiao cakes, and combining Ejiao with everyday foods to create new cross-category products [9][62]. Financial Projections - The company forecasts revenues of 6.988 billion, 8.157 billion, and 9.601 billion yuan for 2025-2027, with corresponding net profits of 1.839 billion, 2.200 billion, and 2.620 billion yuan [11][12]. Strategic Initiatives - The company launched a stock incentive plan to demonstrate confidence in long-term development, targeting 179 key employees with a total of 1.2472 million shares [10][25]. - The "Royal Enclosure 1619" brand strategy aims to capture the male health supplement market, with products designed for specific health needs [72][73]. Market Trends - The aging population in China is driving demand for health supplements, with the market size for Ejiao expected to grow significantly [36][38]. - The company is adapting to consumer trends by promoting younger, health-conscious products and leveraging digital marketing strategies [43][62].