Investment Rating - The report assigns an "Accumulate" rating to the company for 2025 with a target price of 68.57 RMB based on a 24x PE ratio [4]. Core Views - The company demonstrates robust growth in its core business, with a strong brand presence and effective inventory management leading to resilient performance. The company is expected to achieve a net profit of approximately 1.56 billion RMB in 2024, reflecting a year-on-year increase of 35.3% [2][4]. - The company is focusing on the rapid growth of its unique product, Compound Ejiao Syrup, which has significant room for penetration in both retail and medical channels [2][3]. - The company has a healthy financial profile with a high dividend payout policy, maintaining a dividend payout ratio exceeding 96% from 2021 to 2024, and a cash reserve exceeding 8.5 billion RMB by the end of 2024 [3][4]. Summary by Sections Company Overview - Dong'e Ejiao Co., Ltd. is a leading producer of Ejiao and related products, with a history of over 70 years and a strong brand reputation. The company has successfully developed various products, including the top OTC product Ejiao and the unique Compound Ejiao Syrup [13][14]. Business Growth Drivers - The company is experiencing steady growth in its core product, Ejiao, supported by strong brand power and improved inventory management. The retail sales of Ejiao reached approximately 6.5 billion RMB in 2023, with a year-on-year growth of 11.8% [38]. - The Compound Ejiao Syrup has shown significant growth, with retail sales expected to reach 2.32 billion RMB in 2024, reflecting a year-on-year increase of 14.8% [2][55]. Financial Health - The company maintains a strong financial position with a low debt ratio of 21.1% and a negligible interest-bearing debt ratio of 1.4%. The dividend yield is projected to rise to 3.85% in 2024 [3][18]. - Revenue forecasts for 2025 to 2027 are 6.896 billion RMB, 7.997 billion RMB, and 9.223 billion RMB, respectively, with corresponding net profits of 1.84 billion RMB, 2.16 billion RMB, and 2.51 billion RMB [4][7]. Market Position - The company holds a dominant market share in the Ejiao segment, with a market share of 67.4% in 2024. The overall market for blood-nourishing products is expanding, with retail sales exceeding 16 billion RMB in 2023, growing by 21.7% year-on-year [30][38]. - The company is also expanding into the male health supplement market with the launch of the "Royal Arena 1619" brand, targeting a new consumer demographic [3][67].

Investment 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].

Core Insights - The company is the largest and most professional producer of Ejiao globally, with a product matrix centered around Ejiao and its series, including Ejiao powder and compound Ejiao syrup, driving performance growth [1] - The company has established a dual-driven layout of "Ejiao + youthful health products," aiming to cover the entire industry chain and maintain its leading position in the health supplement sector [1] - The "Ejiao+" strategy and full-channel penetration are expected to solidify the company's industry leadership amid aging demographics and consumption upgrades [1] Product Focus and Market Position - Ejiao blocks have maintained the top market share from 2018 to 2024, establishing significant competitive barriers in the high-end price segment, despite a noticeable price premium over competitors [2] - The company's sales performance is driven by a comprehensive quality control system, a brand strategy combining traditional craftsmanship and modern research, and a focus on online sales while collaborating with select offline distributors [2] - The compound Ejiao syrup faced sales channel restrictions due to regulatory changes, but recent policy adjustments have removed barriers, likely boosting hospital sales [2] Health Product Innovation - The company continues to expand its product line with offerings like Ejiao powder and Ejiao cakes, integrating Ejiao with everyday food products such as Ejiao yogurt and milk tea [3] - This dual-driven model of "medicinal products + health consumer goods" allows the company to transition from traditional heavy supplementation to lighter health maintenance [3] Employee Incentives and Growth Strategy - The company announced a stock incentive plan targeting 179 key employees, with a total of 1.2472 million shares granted, representing 0.1937% of total shares [4] - The plan includes performance targets such as a net asset return rate of at least 7.80% and a compound annual growth rate of net profit of no less than 15% from 2025 to 2027 [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 6.988 billion, 8.157 billion, and 9.601 billion yuan, respectively, with corresponding net profits of 1.839 billion, 2.200 billion, and 2.620 billion yuan [5] - The expected earnings per share (EPS) for the same years are 2.86 yuan, 3.42 yuan, and 4.07 yuan, with an initial coverage rating of "buy" [5]

东阿阿胶股份有限公司 关于控股股东的间接控股公司华润医药集团有限公司 刊发 2024 年业绩公告的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 东阿阿胶股份有限公司（以下简称"公司"）接控股股东华润东阿阿胶有限 公司（以下简称"华润东阿阿胶"）通知，华润东阿阿胶的间接控股公司华润医 药集团有限公司（以下简称"华润医药集团"）于 2025 年 3 月 26 日在香港联合 交易所有限公司（以下简称"香港联交所"）刊发了 2024 年业绩公告。 证券代码：000423 证券简称：东阿阿胶 公告编号：2025-19 公司投资者如需了解华润医药集团 2024 年业绩公告详细信息，请查询香港 联交所网站：http://www.hkexnews.hk。 特此公告。 东阿阿胶股份有限公司 董 事 会 二〇二五年三月二十六日 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [5][20]. Core Views - The company achieved a revenue of 5.92 billion yuan in 2024, representing a year-on-year growth of 25.6%, and a net profit of 1.56 billion yuan, up 35.3% year-on-year [2][5]. - The company continues to focus on a dual-driven strategy of "pharmaceuticals + consumer products," with plans to strengthen its overseas business [4][5]. - The company has implemented a significant cash dividend plan, distributing 8.18 billion yuan, which accounts for 99.7% of the net profit available for distribution [4]. Financial Performance - In Q4 2024, the company reported a revenue of 1.59 billion yuan, a year-on-year increase of 23.7%, and a net profit of 410 million yuan, up 10.3% year-on-year [2]. - The gross margin for 2024 was 72.4%, an increase of 2.2 percentage points, while the net margin was 26.3%, up 1.87 percentage points [2][5]. - The company forecasts revenues of 6.9 billion yuan, 8.06 billion yuan, and 9.25 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 17%, 17%, and 15% [5][7]. Product Performance - Revenue from the company's main product, Ejiao and its series, reached 5.54 billion yuan, growing 27% year-on-year, with a gross margin of 73.6% [3]. - The compound Ejiao paste saw a growth rate exceeding 50%, while the Ejiao powder achieved a growth rate of over 75% [3]. - Other pharmaceutical and health products generated 240 million yuan in revenue, reflecting a year-on-year increase of 26.2% [3]. Strategic Initiatives - The company plans to establish an overseas headquarters in Hong Kong and initiate clinical validation for its compound Ejiao paste in Europe, aiming to expand its international market presence [4].

Core Viewpoint - Dong-E E-Jiao has announced a substantial cash dividend of 1.555 billion, maintaining a high dividend payout ratio of 99.84%, which positions it among the top in the capital market for 2024 [1] Financial Performance - The company reported an annual revenue of 5.921 billion, reflecting a year-on-year growth of 25.57% [1] - The net profit attributable to shareholders reached 1.557 billion, marking a year-on-year increase of 35.29% [1] - The total cash dividend planned for shareholders is 818 million, with a previous distribution of 737 million in the first half of 2024, bringing the total to 1.555 billion, which is only 200 million less than the annual net profit [1] Shareholder Structure - The largest shareholder, China Resources Group, holds a 23.50% stake, while the second-largest shareholder, China Resources Pharmaceutical Investment Co., Ltd., has a 9.99% stake [1] - The remaining top ten shareholders are predominantly public funds, with only one individual investor, Zhang Xuan, among them [1] Management Changes - The management team has seen significant turnover, with four different chairpersons in the last five years, raising concerns about strategic continuity and stability [2] - The current board composition is heavily influenced by China Resources, with only three independent directors and limited representation from long-term employees [2] Equity Incentive Plan - The company has faced criticism regarding its equity incentive plan, which was revised to lower performance targets for 2025 compared to 2024 [3] - The revised plan includes performance conditions such as a minimum return on equity of 11.5% and a compound annual growth rate of net profit of at least 15% from 2023 [3] - Given that the company's return on equity for 2024 is projected at 14.6%, achieving the revised targets may not be challenging, leading to skepticism about the plan's effectiveness [3]

Group 1: Company Performance Overview - In 2024, the company achieved a revenue of 5.921 billion yuan, a year-on-year increase of 25.57% [2] - Net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% year-on-year [2] - The net profit excluding non-recurring gains and losses was 1.442 billion yuan, reflecting a growth of 33.17% [2] - The net cash flow from operating activities was 2.171 billion yuan, an increase of 11.13% [2] - Basic earnings per share were 2.42 yuan, up 35.20% year-on-year [2] Group 2: Strategic Initiatives - The company focuses on "value reshaping" to maintain its brand position as "the national treasure of nourishment" [2] - A dual-driven growth strategy combining pharmaceuticals and health consumer products is being implemented [3] - The company is enhancing its organizational structure to support high-quality development and talent cultivation [3] Group 3: Product Performance - In 2024, the sales of Ejiao blocks saw double-digit growth [3] - The compound Ejiao syrup experienced a growth rate exceeding 50% [3] - The Taohua Ji brand achieved over 10% growth by expanding its reach [3] - Ejiao powder recorded a growth rate of over 75% through digital marketing efforts [3] Group 4: Future Development Plans - In 2025, the company aims to deepen the integration of the gelatin industry chain and focus on product and service enhancement through digital capabilities [4] - The company plans to strengthen its global supply chain for high-quality raw materials [4] - There is a focus on optimizing product combinations and enhancing digital marketing to improve market competitiveness [5] Group 5: Marketing and Sales Strategies - The company emphasizes consumer-centric strategies and deep collaborations with major retail chains to enhance product quality [6] - The compound Ejiao syrup is positioned for growth in the medical market, which has outpaced retail growth [7] - The Taohua Ji brand will continue to innovate and expand its product matrix in the beauty and health sector [8] Group 6: Investment and Market Expansion - The company is actively seeking acquisition opportunities aligned with its strategic goals in health and beauty sectors [11] - Plans for overseas market expansion have been initiated, focusing on cultural promotion and clinical validation of products [15] - The company maintains a stable pricing strategy based on market supply and demand dynamics [10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative price increase of over 20% in the next six months [15]. Core Insights - The company achieved a strong revenue growth of 25.6% year-on-year in 2024, with total revenue reaching 59.2 billion yuan and a net profit attributable to the parent company of 15.6 billion yuan, reflecting a growth of 35.3% [7]. - The company is actively pursuing a dual-driven growth strategy, focusing on both pharmaceutical and health consumer products, with a significant increase in the revenue share from its core product, Ejiao, which accounted for 93.6% of total revenue [7]. - The company has implemented a stock incentive plan to enhance employee motivation and has initiated a cash dividend of 740 million yuan to shareholders [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is projected to grow from 59.2 billion yuan in 2024 to 91.3 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 15.7% [10]. - Net profit is expected to increase from 15.6 billion yuan in 2024 to 26.1 billion yuan in 2027, with a CAGR of around 18.86% [10]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 2.42 yuan in 2024 to 4.05 yuan in 2027 [2]. - **Return on Equity (ROE)**: - ROE is anticipated to improve from 15.07% in 2024 to 30.16% in 2027, indicating enhanced profitability [2]. Business Segment Analysis - **Pharmaceutical Industry**: - Revenue from the pharmaceutical segment is expected to grow from 55.4 billion yuan in 2024 to 84.3 billion yuan by 2027, with a stable gross margin of around 73% [10]. - **Health Products**: - Revenue from other health products is projected to grow significantly, with a CAGR of 30% from 2025 to 2027 [10]. - **Donkey Breeding and Trade**: - This segment is expected to see a decline in revenue, with a projected decrease of 5% annually from 2025 to 2027 [9]. Operational Efficiency - The company reported a gross margin of 72.4% in 2024, which is an increase of 2.2 percentage points year-on-year, indicating improved operational efficiency [7]. - Inventory turnover days decreased significantly to 213.7 days, down by 75.1 days year-on-year, reflecting better inventory management [7].

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.921 billion yuan in 2024, representing a year-on-year growth of 25.57%, with a net profit attributable to shareholders of 1.557 billion yuan, up 35.29% [4] - The company is expected to benefit from its deep focus on the Ejiao category, male health products, and comprehensive industry chain layout, leading to long-term growth potential [4] - The earnings forecast for 2025-2027 has been raised, with net profits projected at 1.874 billion yuan, 2.248 billion yuan, and 2.679 billion yuan respectively [4] Financial Performance Summary - In 2024, the company's gross margin was 72.42%, an increase of 2.18 percentage points, and the net margin was 26.30%, up 1.87 percentage points [4] - The revenue from Ejiao and related products reached 5.544 billion yuan, growing by 27.04%, while the gross margin for this segment was 73.61% [5] - The company plans to implement a "1238" strategy to enhance its industry chain layout, focusing on upstream resource protection, midstream product development, and downstream consumer experience [6] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 6.919 billion yuan, 8.075 billion yuan, and 9.313 billion yuan respectively, with year-on-year growth rates of 16.9%, 16.7%, and 15.3% [7] - The projected diluted EPS for 2025, 2026, and 2027 are 2.91 yuan, 3.49 yuan, and 4.16 yuan respectively, with corresponding P/E ratios of 20.0, 16.7, and 14.0 [7]