证 券 研 究 报 告 东阿阿胶（000423）2025 年一季报点评 推荐（维持） 勿因短期现金流而低估经营韧性 目标价：72.5 元 事项： 公司公告 1Q25 实现收入 17.2 亿元（+18.2% yoy）、归母净利 4.3 亿元（+20.2% yoy）、扣非净利 4.2 亿元（+26.7% yoy），并召开一季度业绩说明会，对市场较 为关注的现金流及应收账款等财务指标变化进行解读。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,921 | 6,919 | 8,022 | 9,191 | | 同比增速(%) | 25.6% | 16.9% | 15.9% | 14.6% | | 归母净利润(百万) | 1,557 | 1,869 | 2,205 | 2,602 | | 同比增速(%) | 35.3% | 20.0% | 18.0% | 18.0% | | 每股盈利(元) | 2.42 | 2.90 | 3.42 | ...

Core Insights - Dong-E E-Jiao achieved strong performance in Q1 2025, with revenue of 1.719 billion yuan, a year-on-year increase of 18.24%, and a net profit of 425 million yuan, up 20.25% [1][2] - The company continues to implement a dual-driven strategy of "pharmaceuticals + health consumer products," contributing to its robust growth [2][3] - The gross profit margin improved significantly from 47.57% in 2019 to 73.63% in Q1 2025, driven by digital supply chain upgrades and a focus on high-margin products [1][2] Financial Performance - In Q1 2025, the company reported a net profit of 425 million yuan, with a non-recurring net profit of 416 million yuan, reflecting a growth of 26.69% [2] - Compared to Q4 2024, revenue increased by 7.98% and net profit grew by 4.93% [2] - The sales expense ratio decreased by 2.6 percentage points to 36.26%, while the management expense ratio stood at 5.04%, indicating effective cost control [2] Product Development - Dong-E E-Jiao is expanding into the men's health supplement market, introducing products like brain and kidney tonics, and has plans for further innovation [3] - The company continues to lead the OTC market with its core product, Dong-E E-Jiao blocks, and has seen strong sales in innovative products like instant dissolvable E-Jiao powder and ready-to-eat freeze-dried E-Jiao series [2][3] Strategic Moves - The company is divesting its 15% stake in China National Pharmaceutical Group Jinan, indicating a strategic focus on its core business of E-Jiao and related products [3] - Dong-E E-Jiao aims to solidify its position as the leading brand in health supplements by concentrating resources on its main business [3] Research and Development - Over the past five years, Dong-E E-Jiao has invested 787 million yuan in R&D, with annual expenditures showing a consistent commitment to innovation [4][5] - The company has established a collaborative innovation platform, focusing on developing high-quality health products and traditional Chinese medicine [5]

Core Viewpoint - Dong'e Ejiao reported strong revenue and profit growth in Q1 2025, but faced challenges in cash flow management and accounts receivable [2][5][6] Business Overview - In Q1 2025, Dong'e Ejiao achieved total revenue of 1.719 billion yuan, an increase of 18.24% year-on-year; net profit attributable to shareholders reached 425 million yuan, up 20.25% year-on-year; and net profit excluding non-recurring items was 416 million yuan, a rise of 26.69% year-on-year [2] Profitability - The company's gross margin reached 73.62%, an increase of 2.55 percentage points year-on-year; net margin was 24.73%, up 1.66 percentage points year-on-year, indicating effective cost control and enhanced product value [3] Cost Control - Total selling, administrative, and financial expenses amounted to 693 million yuan, accounting for 40.31% of total revenue, a decrease of 2.13 percentage points compared to the same period last year, reflecting progress in cost management [4] Cash Flow and Financial Position - Operating cash flow per share was -0.47 yuan, a significant decrease of 147.63% compared to 0.99 yuan in the same period last year; cash and cash equivalents fell from 6.791 billion yuan to 5.432 billion yuan, a year-on-year decrease of 20.02%; accounts receivable increased from 187 million yuan to 541 million yuan, a rise of 190.08%, indicating challenges in cash flow management and accounts receivable collection [5] Summary - Overall, Dong'e Ejiao demonstrated strong profitability in Q1 2025 but faces pressure in cash flow management and accounts receivable, necessitating close monitoring of future cash flow improvement measures and accounts receivable management [6]

Investment Rating - The investment rating for Dong'e Ejiao is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 1.719 billion yuan, representing a year-on-year growth of 18.24%. The net profit attributable to shareholders was 425 million yuan, up 20.25% year-on-year [9] - The company's product lines, particularly the Ejiao series, are experiencing steady growth, with various marketing strategies being employed to enhance sales and reach target demographics [9] - The company has initiated a mid-term dividend distribution, with a high dividend payout ratio of 99.7% in 2024, reflecting its commitment to returning value to shareholders [9] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.864 billion, 2.215 billion, and 2.565 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 14 [9] Financial Summary - Total revenue is projected to grow from 5.921 billion yuan in 2024 to 8.918 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.47% [1] - The net profit attributable to shareholders is expected to increase from 1.557 billion yuan in 2024 to 2.565 billion yuan in 2027, with a CAGR of approximately 15.83% [1] - The latest diluted EPS is forecasted to rise from 2.42 yuan in 2024 to 3.98 yuan in 2027 [1] - The company's return on equity (ROE) improved to 4.04% in Q1 2025, with a gross margin of 73.62% and a net profit margin of 24.73% [9]

Market Overview - On April 28, the Shanghai Composite Index fell by 0.2%, the Shenzhen Component Index decreased by 0.62%, and the ChiNext Index dropped by 0.65% [2] - A total of 58 stocks appeared on the "Dragon and Tiger List" due to significant price movements, with the highest net inflow of funds into Dawi Technology (600589.SH) amounting to 123 million yuan [2][4] Stock Performance - Dawi Technology saw a closing price increase of 10.06% with a turnover rate of 12.15%, and it accounted for 9.85% of the total trading volume [4][6] - The stock with the highest net outflow was Dong'e Ejiao (000423.SZ), which experienced a net sell-off of 360 million yuan, representing 22.56% of its total trading volume, and closed down by 10% [6][10] Institutional Activity - Among the 33 stocks on the Dragon and Tiger List, institutions were net sellers of 405 million yuan, buying 18 stocks and selling 15 [6][11] - The stock with the highest net purchase by institutions was Hongjing Optoelectronics (301479.SZ), which rose by 20% and had a turnover rate of 32.24% [7] Northbound Capital Flow - Northbound funds participated in 10 stocks on the Dragon and Tiger List, with a total net outflow of 116 million yuan [10] - Dawi Technology had the highest net inflow from northbound funds, amounting to 53.44 million yuan, while Dong'e Ejiao faced the largest net outflow of 93.92 million yuan [10][11] Summary of Key Stocks - Dawi Technology: +10.06%, net buy of 123 million yuan, turnover rate of 12.15% [4][6] - Dong'e Ejiao: -10%, net sell of 360 million yuan, turnover rate of 4.43% [6][10] - Hongjing Optoelectronics: +20%, highest institutional net buy [7] - Northbound funds showed mixed activity with Dawi Technology and Dong'e Ejiao [11]

东阿阿胶（000423）今日逼近跌停，成交额15.98亿元，换手率4.43%，盘后龙虎榜数据显示，深股通专 用席位买入8601.85万元并卖出1.80亿元，1家机构专用席位净买入3402.36万元，有4家机构专用席位净 卖出3.60亿元。 ...

Group 1: Financial Performance - The company reported a revenue of 1.719 billion yuan in Q1 2025, representing a year-on-year growth of 18.24% [1] - Net profit attributable to shareholders reached 425 million yuan, with a year-on-year increase of 20.25% [1] - The gross margin improved by 2.43 percentage points to 73.62% compared to the previous year [1] Group 2: Strategic Initiatives - The company is implementing a dual-driven strategy of "pharmaceuticals + health consumer products," maintaining a positive growth trend across its core products [2] - R&D investment in Q1 amounted to 39 million yuan, supporting the development of new products aligned with consumer trends [2] - The company is enhancing its tourism framework by integrating various cultural and health-related experiences, aiming to create a unique model for traditional Chinese medicine tourism [2] Group 3: Market Position and Opportunities - The dual-driven strategy is effectively modernizing the brand and expanding its consumer base, capitalizing on policy benefits and consumption upgrades in the traditional Chinese medicine sector [3] - The collaboration with China Resources Group has revitalized the company through strategic restructuring and resource integration, enhancing its competitive edge [4] - The establishment of a stock incentive plan marks a significant organizational change, expected to boost operational momentum and align with long-term performance goals [5]

Core Viewpoint - Dong-E E-Jiao Co., Ltd. has shown strong financial performance in 2024, driven by dual growth in pharmaceutical and health consumer products, leading to a buy rating from Zhonghang Securities [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 5.921 billion yuan, a year-on-year increase of 25.57% - The net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% - The net profit after deducting non-recurring gains and losses was 1.442 billion yuan, an increase of 33.17% - Operating cash flow net amount was 2.171 billion yuan, growing by 11.13% - Basic earnings per share were 2.42 yuan, reflecting a growth of 35.20% [1][2]. Business Segments - Revenue from E-Jiao and related products was 5.544 billion yuan, up 27.04%, with a gross margin of 73.61% - Other pharmaceuticals and health products generated 236 million yuan, a growth of 26.19% - Revenue from donkey breeding and sales decreased by 28.92% to 69 million yuan - E-Jiao blocks saw double-digit growth, while compound E-Jiao syrup achieved over 50% growth, with the medical market outpacing retail - The core health consumer brand, Taohua Ji, expanded by over 10% through partnerships with leading health snack brands - E-Jiao powder experienced a remarkable growth of over 75% through focused branding and digital marketing strategies [2]. Incentive Plan - On January 10, 2025, the company announced a restricted stock incentive plan, proposing to grant up to 1.2472 million shares, accounting for 0.19% of total equity - The initial grant price is set at 37.22 yuan per share, targeting 179 individuals including directors and key personnel - Performance targets include a compound annual growth rate of net profit of no less than 15% from 2023 to 2025-2027, and net asset returns of at least 11.50%, 12.00%, and 12.50% for the respective years [3]. Dividend Policy - The company maintains a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan - In September 2024, the company executed its first-ever interim dividend, distributing 737 million yuan, which is 99.77% of the net profit attributable to shareholders for the first half of 2024 - The annual dividend plan for 2024 is approximately 818 million yuan, representing 99.70% of the undistributed net profit for the year [4]. Investment Outlook - The company is expected to achieve earnings per share of 2.87 yuan, 3.40 yuan, and 4.02 yuan for 2025-2027, with corresponding dynamic price-to-earnings ratios of 21.91, 18.53, and 15.66 - As a leader in the E-Jiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth, leading to a buy rating [5].

Group 1 - Haiyuan Composite will implement delisting risk warning from April 29, 2025, with stock name changed to "*ST Haiyuan" and daily price fluctuation limit set at 5% [3] - Xinlaifu plans to acquire 100% of Jin Nan Magnetic Materials, with the transaction expected to constitute a major asset restructuring, and stock will resume trading on April 28, 2025 [4] - Hongbaoli's subsidiary successfully completed trial production of polyether technology transformation project, producing qualified products [5] - Xingguang Co. received a warning letter from Guangdong Securities Regulatory Bureau due to significant discrepancies in 2024 performance forecast and actual results [6] - Meirui New Materials' subsidiary successfully completed the production process for its polyurethane industrial park phase one project [7] Group 2 - Taigang Stainless Steel reported Q1 2025 net profit of 188 million yuan, a year-on-year increase of 5506.92%, with revenue of 23.31 billion yuan, down 4.71% [9] - Shen Shen Fang A reported Q1 2025 net profit of 72.42 million yuan, a year-on-year increase of 3718.51%, with revenue of 330 million yuan, up 457.38% [10] - Qingda Environmental reported Q1 2025 net profit of 68.71 million yuan, a year-on-year increase of 990.26%, with revenue of 619 million yuan, up 317.43% [11] - Jincai Hulin reported Q1 2025 net profit of 13.65 million yuan, a year-on-year increase of 466.95%, with revenue of 206 million yuan, down 33% [13] - New Sai Co. reported Q1 2025 net profit of 18.19 million yuan, a year-on-year increase of 315.74%, with revenue of 1.215 billion yuan, up 312.03% [14] - Kexing Pharmaceutical reported Q1 2025 net profit of 25.58 million yuan, a year-on-year increase of 106.21%, with revenue of 354 million yuan, down 1.97% [15] - Jiechang Drive reported Q1 2025 net profit of 113 million yuan, a year-on-year increase of 62.21%, with revenue of 961 million yuan, up 35.59% [16] - Taihe Co. reported Q1 2025 net profit of 78.53 million yuan, a year-on-year increase of 50.94%, with revenue of 1.033 billion yuan, up 18.5% [17] - Xiyu Co. reported Q1 2025 net profit of 499 million yuan, a year-on-year increase of 53.08%, with revenue of 9.729 billion yuan, up 15.82% [18] - Hualing Cable reported Q1 2025 net profit of 32.16 million yuan, a year-on-year increase of 55.54%, with revenue of 1.005 billion yuan, up 11.38% [19] - Dong'a Ejiao reported Q1 2025 net profit of 425 million yuan, a year-on-year increase of 20.25%, with revenue of 1.719 billion yuan, up 18.24% [20] - China Rare Earth reported Q1 2025 net profit of 72.62 million yuan, turning from loss to profit, with revenue of 728 million yuan, up 141.32% [21] - Gree Electric reported 2024 net profit of 32.185 billion yuan, a year-on-year increase of 10.91%, with revenue of 189.164 billion yuan, down 7.26% [22] - Luzhou Laojiao reported 2024 net profit of 13.473 billion yuan, a year-on-year increase of 1.71%, with revenue of 31.196 billion yuan, up 3.19% [24] - Yake Technology reported 2024 net profit of 872 million yuan, a year-on-year increase of 50.41%, with revenue of 6.862 billion yuan, up 44.84% [25] - Gujing Gongjiu reported 2024 net profit of 5.517 billion yuan, a year-on-year increase of 20.22%, with revenue of 23.578 billion yuan, up 16.41% [26] - Lanzhou Bank reported 2024 net profit of 1.888 billion yuan, a year-on-year increase of 1.29%, with revenue of 7.854 billion yuan, down 2.02% [27] - China Power Construction reported 2024 net profit of 12.015 billion yuan, a year-on-year decrease of 7.21%, with revenue of 633.685 billion yuan, up 4.07% [28] - China Communications Construction reported Q1 2025 net profit of 5.467 billion yuan, a year-on-year decrease of 10.98%, with revenue of 154.644 billion yuan, down 12.58% [29] Group 3 - Koweil plans to reduce its shareholding by up to 3.21% [31] - Nanya New Materials plans to reduce its repurchased shares by up to 238,480 shares, accounting for 1% of total shares [32] - Xiangsheng Medical's shareholders plan to reduce their holdings by up to 1.72% [33] Group 4 - Zhenhua Heavy Industry plans to repurchase shares worth 50 million to 100 million yuan [35] - Deep Keda plans to acquire 16.92% of the equity of its subsidiary Xianma Technology for 47.376 million yuan [37] - Jinchengxin signed a mining production contract with Western Mining, with an estimated contract value of approximately 377 million yuan [38]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The Chinese traditional medicine sector is expected to experience a relative recovery in 2025, with opportunities in key lines and individual stocks [4][12] - The overall market demand is gradually recovering due to the end of the pandemic and the impact of influenza, leading to a high base and inventory digestion pressure in 2024 [4][12] - The State Council's March 2025 document supports the quality improvement of traditional Chinese medicine, which is expected to stimulate innovation and commercialization of high-quality products [5][13] Summary by Sections Industry Trends - In April 2025, the pharmaceutical and biotechnology sector rose by 1.16%, outperforming the CSI 300 index by 0.77 percentage points [6][15] - The medical research outsourcing sector saw the largest increase of 6.34%, while the vaccine sector experienced the largest decline of 3.78% [20][21] Investment Opportunities - Four main investment lines are identified: 1. Innovative R&D-focused companies with strong capabilities, benefiting from accelerated approvals and optimized procurement, recommended stocks include Fangsheng Pharmaceutical, Yuyuan Pharmaceutical, Tianshili, and Yiling Pharmaceutical [5][14] 2. State-owned enterprises undergoing operational efficiency improvements, recommended stocks include Dong'e Ejiao, Jiangzhong Pharmaceutical, and Kunming Pharmaceutical [5][14] 3. Companies with strong brand power and relatively scarce products, recommended stocks include Zoli Pharmaceutical and Lingrui Pharmaceutical [5][14] 4. Companies experiencing turnaround and valuation recovery, recommended stock includes Jichuan Pharmaceutical [5][14] Market Performance - The traditional Chinese medicine sector has faced pressure since the pandemic, but the situation is expected to improve in 2025 as macro disturbances ease [4][12] - The price index of traditional Chinese medicine materials has been declining since mid-July 2024, which is expected to alleviate the gross margin pressure on companies in 2025 [5][12]