Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 57.60 [1]. Core Insights - The company is expected to achieve a net profit of 11.00 to 11.75 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 40% to 50% [2]. - The third quarter performance is projected to significantly exceed market expectations, with a net profit forecast of 3.62 to 4.37 billion yuan, indicating a year-on-year increase of 43% to 73% [2]. - The company aims to solidify its position as a leader in the domestic health supplement market by leveraging a dual growth model of pharmaceuticals and health consumer products [2]. - A substantial cash dividend of 11.44 yuan per 10 shares was announced, totaling 737 million yuan, which accounts for 99.77% of the net profit for the first half of 2024 [2]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 58.76 billion yuan in 2024 to 81.35 billion yuan in 2026, with year-on-year growth rates of 24.62%, 20.39%, and 14.99% respectively [3]. - The net profit forecast for 2024 to 2026 is adjusted to 14.80 billion yuan, 17.82 billion yuan, and 20.92 billion yuan, with corresponding growth rates of 28.64%, 20.34%, and 17.45% [3]. - The earnings per share (EPS) is expected to increase from 1.79 yuan in 2024 to 3.25 yuan in 2026 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 32.23 in 2024 to 17.73 in 2026, indicating improving valuation metrics [3].

Investment Rating - The investment rating for the company is maintained at "Buy" [2][4]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.1 to 1.175 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 40% to 50%, with a midpoint of 1.138 billion yuan, which is a 45% increase [1]. - The company is focused on a "growth and quality" development theme for 2024, emphasizing the creation of new production capabilities and enhancing brand influence through integrated marketing and digital investment [1]. - The company aims to become the most trusted health supplement leader, leveraging its "1238" strategy to solidify its brand position and expand its dual-driven growth model of pharmaceuticals and health products [1]. Financial Summary - The forecasted revenue for 2024 is 5.96 billion yuan, with a year-on-year growth of 26.4% [3]. - The projected net profit for 2024 is 1.459 billion yuan, reflecting a year-on-year increase of 26.76% [3]. - The earnings per share (EPS) for 2024 is estimated at 2.27 yuan, with a price-to-earnings (P/E) ratio of 25.43x [3].

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is expected to be between 110,000 and 117,500 million yuan, representing an increase of 40% to 50% compared to the same period last year, which was 78,367.34 million yuan[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 101,495 and 108,995 million yuan, reflecting an increase of 45% to 56% compared to last year's figure of 70,042.39 million yuan[3]. - The estimated basic earnings per share for the first three quarters of 2024 is projected to be between 1.71 and 1.83 yuan per share, compared to 1.22 yuan per share in the same period last year[3]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is expected to be between 36,158 and 43,658 million yuan, indicating an increase of 43% to 73% compared to last year's 25,255.98 million yuan[4]. - The estimated net profit after deducting non-recurring gains and losses for the third quarter is projected to be between 31,537 and 39,037 million yuan, which is an increase of 50% to 85% compared to last year's 21,047.97 million yuan[4]. Business Strategy - The company is focusing on a "dual-driven" growth model combining pharmaceuticals and health consumer products, aiming to enhance brand penetration and consumer conversion[6]. - The company plans to strengthen its core business in traditional Chinese medicine while expanding into new health supplement markets, aiming to become a trusted leader in health supplements[6]. - The company has increased its R&D investment to enhance operational quality and profitability, with a focus on sustainable high-quality development[6]. Cautionary Notes - The financial data presented is preliminary and has not been audited by an accounting firm, with final figures to be confirmed in the Q3 2024 report[7]. - Investors are advised to make cautious decisions and be aware of investment risks due to the preliminary nature of the earnings forecast[7].

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-48 东阿阿胶股份有限公司 2024 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1．截至本公告披露日，东阿阿胶股份有限公司（以下简称"公司"）回购 专用证券账户持有公司股票 1,512,400 股。依据《中华人民共和国公司法》等相 关规定，公司通过回购专用证券账户持有的股份不享有利润分配权利，现按照现 金分红总额不变的原则对分配比例进行调整。2024 年半年度权益分派方案为： 以公司总股本 643,976,824 股剔除已回购股份 1,512,400 股后参与利润分配的 总股数 642,464,424 股为基数，向全体股东每 10 股派发现金红利 11.466930 元 （含税），即（现金红利派发总额÷参与利润分配的总股数）×10=736,709,486.66 元÷（643,976,824 股-1,512,400 股）×10。 2．本次权益分派实施后计算除权除息价格时，按公司总股本折算的每股现 金分红（含税）=实际现金分红总额÷总股本，即（11.4669 ...

Investment Rating - Maintain "Overweight" rating [2][3] Core Views - The company achieved steady growth in the first half of 2024, with significant improvement in profitability [2] - Revenue in H1 2024 reached 2 748 billion yuan, up 26 80% YoY, while net profit attributable to shareholders was 738 million yuan, up 39 03% YoY [2] - Gross margin in H1 2024 was 73 54%, up 3 20pct YoY, and net profit margin was 26 88%, up 2 34pct YoY [2] - The company announced a high proportion of interim dividend, planning to distribute 11 44 yuan per 10 shares, with a total cash dividend of 737 million yuan, accounting for 99 77% of H1 2024 net profit [3] Financial Performance - Revenue in 2023 was 4 715 billion yuan, expected to grow to 5 621 billion yuan in 2024E, 6 521 billion yuan in 2025E, and 7 539 billion yuan in 2026E [2] - Net profit attributable to shareholders in 2023 was 1 151 billion yuan, expected to grow to 1 432 billion yuan in 2024E, 1 711 billion yuan in 2025E, and 2 036 billion yuan in 2026E [2] - Gross margin is expected to increase from 70 2% in 2023 to 72 6% in 2026E [2] - ROE is expected to increase from 10 7% in 2023 to 18 7% in 2026E [2] Business Highlights - The company's Ejiao series performed well in H1 2024, with revenue of 2 551 billion yuan, up 32 52% YoY, and gross margin increased by 2 48pct to 75 36% [3] - The company continues to strengthen its brand advantage and product competitiveness, driving strong performance [3] Valuation - Based on the closing price on August 23, 2024, the PE ratio is 22 0x for 2024E, 18 4x for 2025E, and 15 5x for 2026E [3] - The PB ratio is 3 1x for 2024E, 3 0x for 2025E, and 2 9x for 2026E [4]

股票代码：000423 股票简称：东阿阿胶 东阿阿胶股份有限公司投资者关系活动记录表 编号：2024-05 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者 | □媒体采访 √业绩说明会 | | 关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 中信证券、中信建投、招商证券、浙商证券、国海证券、天风证券、 中金公司、华兴证券、瑞银证券、东吴证券、中泰证券、海通证券、申银 万国、光大证券、华泰证券、东北证券、华福证券、西部证券、国金证券、 | | | 国投证券、兴业证券、国盛证券、银河证券、平安证券、华安证券、国泰 | | | 君安、开源证券、华源证券、财通证券、江海证券、华西证券、嘉实基金、 | | | 中欧基金、汇添富基金、博时基金、交银施罗德、南方基金、东方红资管、 | | | 富国基金、平安资管、安信基金、国泰基金、瑞银资管、天弘基金、高毅 | | 及人员姓名 | 资产、中信保诚、华宝基金、信璞基金、长盛基金、淡水泉投资、沣谊投 | | | 资、摩根基金、易同投资、永禧投资、慎知资产、启峰资本、混沌投资、 | | | 毅 ...

证券研究报告 非金融公司|公司点评|东阿阿胶（000423） 阿胶系列产品表现亮眼，盈利能力持续 提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月24日 证券研究报告 |报告要点 公司披露 2024 年半年报，实现营收 27.48 亿元，同比增长 26.80%;归母净利润 7.38 亿元，同 比增长 39.03%;扣非归母净利润 7.00 亿元，同比增长 42.79%;单 Q2 实现营收 12.95 亿元，同 比增长 17.89%;归母净利润 3.85 亿元，同比增长 28.01%;扣非归母净利润 3.71 亿元，同比增 长 33.61%。业绩符合预期。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月24日 东阿阿胶(000423) 阿胶系列产品表现亮眼，盈利能力持续提升 | --- | --- | |------------|----------------| | 行 业： | 医药生物/中药Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： ...

证券研究报告·公司点评报告·中药Ⅱ 东阿阿胶（000423） 2024 年中报点评：H1 业绩表现亮眼，首次年 中高比例现金分红 2024 年 08 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4042 | 4715 | 5578 | 6490 | 7530 | | 同比（%） | 5.01 | 16.66 | 18.29 | 16.35 | 16.02 | | 归母净利润（百万元） | 780.00 | 1,150.88 | 1,417.80 | 1,682.06 | 1,995.13 | | 同比（%） | 77.10 | 47.55 | 23.19 | 18.64 | 18.61 | | EPS-最新摊薄（元/股） | 1. ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2024 年 08 月 22 日 王睿哲 C0062@capital.com.tw 目标价(元) 60 公司基本信息 | --- | --- | |---------------------|--------------| | 产业别 | 医药生物 | | A 股价(2024/8/21) | 48.90 | | 深证成指(2024/8/21) | 8229.75 | | 股价 12 个月高/低 | 71.05/43.39 | | 总发行股数(百万) | 643.98 | | A 股数(百万) | 643.98 | | A 市值(亿元) | 314.90 | | 主要股东 | 华润东阿阿胶 | | | 有限公司 | | | (23.50%) | | 每股净值(元) | 15.89 | | 股价/账面净值 | 3.08 | | | 一年 | | 股价涨跌(%) | -2.0 | 近期评等 | --- | --- | --- | |------------|----------|------- ...

华福证券 东阿阿胶（000423.SZ） 24 年半年报点评：业绩保持高增速，首次启动中期 分红 投资要点： 公司 H1 与 Q2 业绩延续趋势，实现较快增长。 24 年 H1：公司实现营业收入 27.48 亿元，同比增长 26.8%；实现归母 净利润 7.38 亿元，同比增长 39.03%；实现扣非归母净利润 7 亿元，同比增 长 42.79%。 24 年 Q2：公司实现营业收入 12.95 亿，同比增长 17.89%；实现归母 净利润 3.85 亿元，同比增长 28.01%，实现扣非归母净利润 3.71 亿元，同 比增长 33.61%。 盈利能力持续提高：24 年 Q2 公司销售毛利率 75.51%，同比提高 5.6pct； 销售净利率 29.75%，同比提高 2.3pct。 首次启动中期分红，分红率高达 99.77%。 公司启动历史首次中期分红，以 2024 年 6 月 30 日总股本 643976824 股为基数向全体股东每 10 股派发现金 11.44 元(含税)，现金分红总额为 7.37 亿元,占 2024 年上半年归属于上市公司股东净利润的 99.77%。 稳步推进"1238"发展战略，落地药品 ...