证券研究报告·公司深度研究·中药Ⅱ 东阿阿胶（000423） “双轮驱动”增长强劲，滋补国宝焕发新生 2024 年 04月 11日 买入（首次） 证券分析师 朱国广 [Table_EPS] 执业证书：S0600520070004 盈利预测与估值 2022A 2023A 2024E 2025E 2026E zhugg@dwzq.com.cn 营业总收入（百万元） 4,042 4,715 5,525 6,444 7,476 同比 5.01% 16.66% 17.17% 16.64% 16.01% 股价走势 归母净利润（百万元） 780.00 1,150.88 1,387.02 1,641.75 1,940.25 东阿阿胶 沪深300 同比 77.10% 47.55% 20.52% 18.37% 18.18% 28% 23% EPS-最新摊薄（元/股） 1.21 1.79 2.15 2.55 3.01 18% 13% 8% P/E（现价&最新摊薄） 54.05 36.63 30.40 25.68 21.73 -23% % [ [TT aab bl le e_ _T Sa ug m] mary] -1-7 2% % ...

[Table_MainInfo] 公司研究/医药与健康护理/中药 证券研究报告 东阿阿胶（000423）公司年报点评 2024年04月09日 [Table_InvestInfo] 投资评级 优于大市 维持 巩固滋补国宝品牌，探索男科第二增长曲线 股票数据 [Table_Summary] 0[4Ta月b0le8_日S收to盘ck价（In元fo）] 64.19 投资要点： 52周股价波动（元） 44.52-65.56 总股本/流通A股（百万股） 644/644 总市值/流通市值（百万元） 41111/41111  事件：公司公告2023年年报，实现营业收入47.15亿元（+16.66%），归母 相关研究 净利润 11.51 亿元（+47.55%），扣非归母净利润 10.83 亿元（+54.70%）。 [《Ta盈b利le能_R力e持p续or改tIn善fo，] 滋补顶流品牌价值提 分季度来看，单 Q4 实现收入 12.87 亿元（+29.30%），归母净利润 3.67 亿 元（+37.48%），扣非归母净利润3.82亿元（+54.41%）。 升》2023.09.20  阿胶产品稳健增长，品牌势能突出。2023年， ...

Core Insights - Dong'e Ejiao reported a revenue of 4.715 billion yuan in 2023, a year-on-year increase of 16.66%, with a net profit of 1.151 billion yuan, up 47.55% [2] - The revenue from Ejiao and related products reached 4.364 billion yuan, marking a 17.98% increase and the first time surpassing 4 billion yuan in four years [2] - The gross margin for Ejiao products has fluctuated, with a slight decrease in 2023 compared to 2022, but an overall increase of nearly ten percentage points from 2020 [2] Revenue and Profit Trends - From 2020 to 2023, the revenue from Ejiao products increased from 2.790 billion yuan to 4.364 billion yuan, with the proportion of total revenue rising from 81.82% to 92.55% [2] - The gross margin for Ejiao products was 62.74%, 65.95%, 73.16%, and 72.37% from 2020 to 2023 [2] Raw Material Supply Challenges - The primary raw material for Ejiao, donkey hide, is becoming increasingly scarce due to declining donkey populations in China, which have decreased by 57.46% over the past decade [2][3] - Dong'e Ejiao has been actively seeking international sources for donkey hides, having established procurement channels in over ten countries [2][3] Impact of Trade Regulations - A proposed 15-year ban on donkey hide trade by African Union member states could pose risks to Dong'e Ejiao's supply chain, although the company believes the impact will be minimal due to established supply channels [3][4] - Dong'e Ejiao currently imports approximately 1.4 million donkey hides annually, while domestic production is insufficient to meet demand [3] Pricing Strategies and Market Dynamics - The price of donkey hides has historically influenced the pricing of Ejiao products, with significant price increases observed from 2000 to 2016 due to supply constraints [5] - Dong'e Ejiao has previously raised prices multiple times in response to rising raw material costs, with revenue growth observed from 2010 to 2018 despite some fluctuations [5][6] New Product Development - Dong'e Ejiao is expanding its product line to include male health supplements under the "Royal Enclosure 1619" brand, targeting male health needs [7] - The company emphasizes academic research to support the efficacy of its new products, although sales figures for these products have been relatively low in recent years [7]

Investment Rating - The report maintains a "Buy" rating for Dong'e Ejiao (000423) [1] Core Views - The company achieved a robust revenue growth of 16.7% year-on-year, reaching 4.72 billion yuan in 2023, with a net profit increase of 47.6% to 1.15 billion yuan [2] - The implementation of an equity incentive plan is expected to enhance confidence among management and employees, potentially leading to stable growth [2] - The gross margin improved to 70.2%, driven by the strong performance of its flagship products, particularly Ejiao [2] - The company is focusing on a dual business model combining pharmaceuticals and health consumer products, solidifying its leading position in the tonic market [2] - Earnings per share (EPS) forecasts for 2024-2026 are projected at 2.33 yuan, 2.68 yuan, and 3.04 yuan, respectively, with corresponding dynamic PE ratios of 26x, 22x, and 20x [2] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 4.72 billion yuan, a 16.7% increase, and a net profit of 1.15 billion yuan, up 47.6% [2][9] - The fourth quarter of 2023 saw revenue of 1.29 billion yuan, reflecting a 29.3% year-on-year growth, and a net profit of 370 million yuan, up 37.5% [2] Business Strategy - The company is expanding its product lines, including Ejiao blocks and compound Ejiao syrup, while also targeting younger consumers through the "Peach Blossom Princess" brand [2] - The dual business model aims to leverage both traditional and modern health products to drive future growth [2] Profitability Metrics - The gross margin for 2023 was reported at 70.2%, with a decrease in sales expense ratio to 31.5% [2] - The company anticipates continued improvement in profitability, with gross margins projected to rise to 72.1% by 2026 [9] Earnings Forecast - Revenue projections for 2024-2026 are 5.61 billion yuan, 6.39 billion yuan, and 7.27 billion yuan, respectively, with net profits expected to be 1.5 billion yuan, 1.72 billion yuan, and 1.96 billion yuan [9][11]

Investment Rating - The report assigns a rating of "Outperform" for the company [1][9]. Core Views - The company has shown a strong recovery with a revenue of RMB 4.72 billion in 2023, representing a year-on-year growth of 16.7%, and a net profit of RMB 1.15 billion, up 47.6% year-on-year [2][3]. - The company is focusing on enhancing its flagship products and expanding its market presence, particularly in the OTC segment, where it maintains a leading position [3]. - Future revenue projections for 2024-2026 are estimated at RMB 5.30 billion, RMB 5.97 billion, and RMB 6.74 billion, respectively, with net profits expected to reach RMB 1.29 billion, RMB 1.46 billion, and RMB 1.62 billion [3]. Financial Summary - The company achieved a revenue of RMB 4.72 billion in 2023, with a net profit of RMB 1.15 billion, reflecting a net profit growth rate of 47.5% for 2024 [2][6]. - The projected earnings per share (EPS) for 2024 is RMB 2.00, with a growth rate of 11.9% [2][3]. - The company maintains a strong gross margin of 70.2% in 2023, with expectations to improve to 74.0% by 2024 [6][8]. Market Position and Strategy - The company is committed to strengthening its product portfolio, particularly focusing on the "Royal Weichang 1619" series aimed at male health supplements [3]. - The company is leveraging digital marketing and trendy branding to attract younger consumers, particularly for its powdered products [3]. - The company continues to lead in the traditional Chinese medicine market, particularly in the blood tonic category, with significant growth in its product lines [3].

东[Ta阿ble阿_Sto胶ckN（am0eR0p0tT4yp2e3] ） 公司研究/公司点评 营收利润双增长，领衔产业链高质量发展 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-03-26 ➢[T a事b件le_ Summary] 公司发布年报，2023年实现营收47.15亿元，同比+16.66%；实现归 [收Ta盘bl价e_（Ba元se）D ata] 59.91 母净利润11.51亿元，同比+47.55%，扣非归母净利润10.83亿元，同 近12个月最高/最低（元） 61.42/44.92 比+54.70%。 总股本（百万股） 644 ➢ 事件点评 流通股本（百万股） 644 ⚫ 营收利润双增长，毛利率进一步提升 流通股比例（%） 100.00 持续打造滋补行业引领品牌，23年利润端增速亮眼。2023年公司实现 总市值（亿元） 386 营收47.15亿元，同比+16.66%；实现归母净利润11.51亿元，同比 流通市值（亿元） 386 +47.55%，扣非归母净利润10.83亿元，同比+54.70%。其中，公司阿 [公Ta司ble价_C格ha与rt]沪 深300走势比 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][10]. Core Views - The company achieved impressive growth in 2023, with a revenue of 47.15 billion yuan, representing a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 11.51 billion yuan, up 47.55% year-on-year [5][7][8]. - The focus for 2024 is on "growth and quality" management, aiming to enhance the capabilities of key products and explore new product opportunities through investments and acquisitions [5][10]. - The company reported strong sales of its main product, Ejiao, with revenue from Ejiao and related products reaching 43.64 billion yuan, a year-on-year increase of 17.98% [5][8]. Financial Summary - For the fiscal year 2023, the company reported a gross margin of 70.24%, an increase of 1.94 percentage points year-on-year, and a net profit margin of 24.43%, up 5.15 percentage points [8][10]. - The company expects revenue for 2024 to reach 55.52 billion yuan, with a projected year-on-year growth of 17.7%, and net profit to be 14.01 billion yuan, reflecting a growth of 21.8% [3][10]. - The earnings per share (EPS) for 2024 is projected to be 2.18 yuan, with a price-to-earnings (PE) ratio of 27.3 based on the closing price on March 25, 2024 [3][10].

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-18 东阿阿胶股份有限公司 董 事 会 二〇二四年三月二十六日 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 2024 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 2023 年业绩公告。 公司投资者如需了解华润医药集团 2023 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 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 2023 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。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 58.99 [1]. Core Insights - The company reported a revenue of 4.715 billion yuan in 2023, representing a year-on-year growth of 16.66%. The net profit attributable to shareholders was 1.151 billion yuan, up 47.55% year-on-year, and the net profit excluding non-recurring items was 1.083 billion yuan, increasing by 54.70% [2][3]. - The fourth quarter showed strong performance, with revenue reaching 1.287 billion yuan, a year-on-year increase of 29.30%, and a net profit of 367 million yuan, up 37.48% year-on-year [2]. - The company achieved a gross margin of 70.2% in 2023, an increase of 1.94 percentage points from the previous year, and a net margin of 24.4%, up 5.13 percentage points year-on-year [2][3]. - The company has effectively managed its inventory and receivables, with inventory levels at a recent low of 10.1 billion yuan, down 18.3% from the previous year, and accounts receivable at 4.4 billion yuan, down 20.4% [2][3]. Financial Performance Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - Revenue: 5.776 billion yuan (2024), 6.874 billion yuan (2025), 8.085 billion yuan (2026), with growth rates of 22.50%, 19.01%, and 17.61% respectively [1][3]. - Net profit: 1.452 billion yuan (2024), 1.751 billion yuan (2025), 2.104 billion yuan (2026), with growth rates of 26.20%, 20.55%, and 20.16% respectively [1][3]. - The company’s earnings per share are projected to be 2.26 yuan in 2024, 2.72 yuan in 2025, and 3.27 yuan in 2026 [1][3]. Operational Efficiency - The company has improved its operational efficiency, with a decrease in various expense ratios, including sales, management, and financial expenses [2][3]. - The report highlights the positive impact of ongoing reforms and internal cost controls on profit margins [2][3].

证券研究报告 公 2024年03月24日 司 报 告 东阿阿胶(000423) 行 业： 医药生物/中药Ⅱ │ 公 投资评级： 买入（维持） 司 当前价格： 60.48元 业绩符合预期，盈利及营运能力有所提升 年 目标价格： 71.09元 报 点 事件： 评 基本数据 公司披露2023年年报，实现营收47.15亿元，同比增长17%；归母净利润 总股本/流通股本(百万股) 643.98/643.98 11.51亿元，同比增长48%；扣非归母净利润10.83亿元，同比增长55%； 流通A股市值(百万元) 38,947.72 单 Q4 实现营收 12.87 亿元，同比增长 29%；归母净利润 3.67 亿元，同比 每股净资产(元) 16.64 增长37%；扣非归母净利润3.82亿元，同比增长54%。业绩符合预期。 资产负债率(%) 19.28 ➢ 构建丰富的产品矩阵 一年内最高/最低(元) 62.00/44.52 公司核心产品为阿胶块、复方阿胶浆、“桃花姬”阿胶糕、阿胶速溶粉、“皇 家围场 1619”。2023 年公司阿胶及系列产品收入 43.64 亿元，同比增长 股价相对走势 17.98%，毛利率72.37%，同 ...