证券研究报告 非金融公司|公司点评|东阿阿胶（000423） 业绩表现持续亮眼，分红比例维持高水 平 |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 2025年03月20日 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月20日 证券研究报告 |报告要点 公司披露 2024 年报，实现营收 59.21 亿，同比增长 25.57%;归母净利润 15.57 亿元，同比增 长 35.29%；扣非归母净利润 14.42 亿元，同比增长 33.17%；单 Q4 实现营收 15.92 亿元，同 比增长 23.67%；归母净利润 4.05 亿元，同比增长 10.30%；扣非归母净利润 3.75 亿元，同比 下滑 1.94%。 东阿阿胶(000423) 业绩表现持续亮眼，分红比例维持高水平 | 行 业： | 医药生物/中药Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 58.18 元 | 基本数据 | 总股本/流通股本(百万股) | 644/644 ...

投资评级：买入（维持） | 日期 | 2025/3/18 | | --- | --- | | 当前股价(元) | 58.26 | | 一年最高最低(元) | 72.91/44.62 | | 总市值(亿元) | 375.18 | | 流通市值(亿元) | 375.18 | | 总股本(亿股) | 6.44 | | 流通股本(亿股) | 6.44 | | 近 3 个月换手率(%) | 51.3 | 医药生物/中药Ⅱ 东阿阿胶（000423.SZ） 经营业绩增速亮眼，2025 年深化产业布局突破发展 2025 年 03 月 19 日 股价走势图 -32% -16% 0% 16% 32% 2024-03 2024-07 2024-11 东阿阿胶 沪深300 数据来源：聚源 相关研究报告 《"药品+健康消费品"双轮驱动，滋 补品牌焕新生—公司首次覆盖报告》 -2024.12.13 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 经营业绩增速亮眼，产业链全面布局助力长期向好发展 公司 ...

Investment Rating - The investment rating for Dong'e Ejiao is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year increase of 25.57%. The net profit attributable to the parent company was 1.557 billion yuan, up 35.29% [4] - The company is expected to continue its strong growth trajectory, with projected net profits of 1.874 billion yuan, 2.248 billion yuan, and 2.679 billion yuan for 2025, 2026, and 2027 respectively [4] - The company is focusing on deepening its product categories, particularly in Ejiao and men's health products, which are expected to drive long-term growth [4] Financial Performance Summary - In 2024, the company's gross margin was 72.42%, an increase of 2.18 percentage points, while the net profit margin was 26.30%, up 1.87 percentage points [4] - The revenue from Ejiao and related products was 5.544 billion yuan, a growth of 27.04%, with a gross margin of 73.61% [5] - The company has set a strategic goal for 2025 to enhance its industrial chain layout, focusing on upstream resource protection and efficient breeding, midstream product development, and downstream consumer experience [6] Financial Projections - The projected revenue for 2025 is 6.919 billion yuan, with a year-on-year growth of 16.9% [7] - The earnings per share (EPS) are expected to be 2.91 yuan in 2025, 3.49 yuan in 2026, and 4.16 yuan in 2027 [7] - The price-to-earnings (P/E) ratio is projected to decrease from 20.0 in 2025 to 14.0 in 2027, indicating an attractive valuation [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 5.921 billion RMB in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to shareholders was 1.557 billion RMB, up 35.29% year-on-year. The operating cash flow was 2.171 billion RMB, an increase of 11.16% [8] - The company has shown strong performance in its core product line, with the Aojiao series generating 5.544 billion RMB in revenue, a growth of 27.04%. The gross margin for these products improved to 73.61% [8] - The company has implemented a "1238" strategy, focusing on dual-driven growth and integration across various sectors, leading to significant achievements in both upstream and downstream operations [8] - The company has increased its dividend payout, with a total cash dividend of approximately 818 million RMB for 2024, representing 99.70% of the net profit attributable to shareholders [8] - The profit forecasts for 2025 and 2026 have been revised upwards, with net profits expected to be 1.864 billion RMB and 2.215 billion RMB respectively, reflecting strong growth potential [8] Financial Summary - Total revenue for 2023 is projected at 4.715 billion RMB, with a year-on-year growth of 16.66%. The net profit for 2023 is expected to be 1.151 billion RMB, a growth of 47.55% [8] - The earnings per share (EPS) for 2024 is estimated at 2.42 RMB, with a price-to-earnings (P/E) ratio of 24.06 [8] - The company's sales gross margin for 2024 is projected at 72.42%, with a net profit margin of 26.30% [8] - The company's total assets are expected to reach 13.087 billion RMB in 2024, with a debt-to-asset ratio of 21.05% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%. The net profit attributable to shareholders was 1.557 billion yuan, up 35.29% [8] - The company maintained steady growth in Q4 2024 despite a high base from the previous year, with a revenue of 1.592 billion yuan (up 23.67%) and a net profit of 0.405 billion yuan (up 10.30%) [8] - The company has successfully enhanced its brand strength, with the medicinal industry revenue reaching 5.78 billion yuan (up 27%), accounting for 97.62% of total revenue [8] - The gross margin for the company's products improved to 73.61%, an increase of 1.23 percentage points compared to the same period last year [8] - The company has initiated a mid-year dividend distribution for the first time, with a total cash dividend of approximately 0.818 billion yuan, representing 99.70% of the net profit attributable to shareholders for 2024 [8] Financial Summary - Total revenue forecast for 2024 is 5.921 billion yuan, with a projected growth rate of 25.57% [9] - The net profit attributable to shareholders is expected to reach 1.557 billion yuan in 2024, with a growth rate of 35.29% [9] - The earnings per share (EPS) for 2024 is projected at 2.42 yuan, with a price-to-earnings (P/E) ratio of 24.06 [9] - The company’s sales gross margin is forecasted to be 72.42% in 2024, reflecting an increase of 2.18 percentage points [9] - The company’s total assets are projected to be 13.087 billion yuan in 2024, with a debt-to-asset ratio of 21.05% [9]

Investment 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].

Investment Rating - The report assigns a "Buy" rating for Dong'e Ejiao (000423) based on its strong performance and growth potential [1]. Core Views - 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][2]. - The company maintains a dual-driven growth model focusing on both pharmaceutical products and health consumer goods, which are expected to continue driving revenue growth [3]. Summary by Sections Financial Performance - In 2024, the pharmaceutical segment generated 5.780 billion yuan in revenue, a 27% increase year-on-year, with the core product, Dong'e Ejiao (block), showing stable operational trends [2]. - The gross margin for the pharmaceutical segment was 73.46%, an increase of 1.15 percentage points year-on-year, while the net profit margin rose to 26.30%, up 1.87 percentage points [2]. Strategic Development - The company adheres to the "1238" development strategy, which includes a focus on traditional Chinese medicine, a dual-driven business model, and integration across various sectors [3]. - Key products such as Dong'e Ejiao (block), Compound Ejiao Syrup, and new products are expected to contribute significantly to growth in 2025 [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 yield is estimated to be around 4.1%, indicating the company's status as a high-dividend core asset [5]. Financial Projections - Revenue projections for 2025-2027 are 6.815 billion yuan, 7.849 billion yuan, and 9.045 billion yuan, respectively, with net profits expected to reach 1.842 billion yuan, 2.152 billion yuan, and 2.516 billion yuan [7]. - The estimated EPS for the same period is projected to be 2.86 yuan, 3.34 yuan, and 3.91 yuan, with corresponding P/E ratios of 20.37, 17.43, and 14.91 [7].

Investment Rating - The report assigns a "Buy" rating for Dong'e Ejiao (000423) based on its strong performance and growth potential [1]. Core Insights - Dong'e Ejiao has demonstrated robust growth in its core products, particularly Ejiao and related products, which achieved a revenue of 5.544 billion yuan in 2024, marking a year-on-year increase of 27.04% [2]. - The company has maintained a steady improvement in profitability, with a gross margin of 73.61% for Ejiao products, up 1.23 percentage points year-on-year [2]. - The company emphasizes a dual-driven growth strategy focusing on pharmaceuticals and health consumer products, which are expected to continue driving business growth [3]. Financial Performance - In 2024, Dong'e Ejiao reported total revenue of 5.921 billion yuan, a 25.57% increase from the previous year, and a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [1][2]. - The company's operating cash flow for 2024 was 2.171 billion yuan, reflecting an 11.13% increase year-on-year, with a cash flow to net profit ratio of 139% [5]. - The report forecasts revenue growth for the next three years, estimating 6.815 billion yuan in 2025, 7.849 billion yuan in 2026, and 9.045 billion yuan in 2027 [7]. Dividend Policy - Dong'e Ejiao has a strong commitment to shareholder returns, with a total dividend payout of approximately 1.555 billion yuan for 2024, representing nearly 100% of its net profit [5]. - The company announced a cash dividend of 12.70 yuan per 10 shares for 2024, resulting in a dividend yield of about 4.1% based on the closing price on March 18, 2025 [5]. Strategic Development - The company adheres to the "1238" development strategy, focusing on cultural heritage, dual-driven business models, and integration across various sectors [3]. - Key products such as Dong'e Ejiao (block), Compound Ejiao Syrup, and new products are expected to contribute significantly to future growth [3].

Investment Rating - The report maintains an "Accumulate" rating for Dong'e Ejiao [8] Core Views - Dong'e Ejiao is expected to maintain strong growth momentum in 2024, with projected revenues, net profit attributable to shareholders, and net profit excluding non-recurring items of RMB 5.921 billion, RMB 1.557 billion, and RMB 1.442 billion respectively, representing year-on-year growth of 25%, 35%, and 33% [1][5] - The company has implemented comprehensive reforms since 2022, focusing on "four restructurings" to enhance sales and profits, which supports a positive outlook for the company's future growth [1][4] - The company plans to distribute a high dividend of RMB 1.554 billion, accounting for 99.7% of the annual net profit attributable to shareholders, reflecting strong cash flow and commitment to shareholder returns [1][4] Summary by Sections Financial Performance - The sales revenue of Dong'e Ejiao and its related products reached RMB 5.54 billion in 2024, up 27% year-on-year, with a gross margin of 73.6%, an increase of 1.3 percentage points year-on-year [2] - The fourth quarter of 2024 saw revenues of RMB 1.59 billion, with net profit attributable to shareholders at RMB 410 million, reflecting a 10% increase year-on-year [2] - The company reported a net cash flow from operating activities of RMB 2.171 billion, which is higher than the net profit, indicating strong operational efficiency [2] Strategic Initiatives - The company revised its stock incentive plan in January 2025, raising performance targets, including an increase in the exercise price from RMB 24.98 to RMB 37.22 per share and enhancing return on equity (ROE) targets for 2025-2027 [3] - The "four restructurings" and the "1238" development strategy are being actively implemented to focus on the core business of Ejiao and promote long-term healthy development [4] Valuation and Forecast - The report forecasts net profit attributable to shareholders for 2025-2027 to be RMB 1.840 billion, RMB 2.230 billion, and RMB 2.577 billion respectively, with an upward revision for 2025 [5] - The target price is set at RMB 85.72, based on a 30x PE valuation for 2025, reflecting a premium due to the expected continuous improvement in revenue and profit driven by strategic initiatives [5][9]

2025 年 03 月 18 日 机构投资者占流通 A 股比例 | 基金 | 8.8% | | --- | --- | | 一般法人 | 43.9% | 王睿哲 C0062@capital.com.tw 目标价(元) 71 公司基本信息 | 产业别 | | 医药生物 | | --- | --- | --- | | A 股价(2025/3/18) | | 58.26 | | 深证成指(2025/3/18) | | 11014.75 | | 股价 12 个月高/低 | | 69.46/44.62 | | 总发行股数(百万) | | 643.98 | | A 股数(百万) | | 643.98 | | A 市值(亿元) | | 375.18 | | 主要股东 | | 华润东阿阿胶 | | | | 有限公司 | | | | (23.50%) | | 每股净值(元) | | 16.01 | | 股价/账面净值 | | 3.64 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -1.1 -1.3 | 1.9 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | ...