Investment Rating - The investment rating for the company is "Buy" and it is maintained [6] Core Views - The company reported a strong performance in 2023 with a revenue of 4.715 billion yuan, representing a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 1.151 billion yuan, up 47.55% year-on-year [1] - The company is focusing on enhancing its non-Ajiao product lines, which are expected to contribute to future growth [2][4] - The management team has undergone significant changes, with new leadership in key positions, and the implementation of an equity incentive plan aimed at boosting team motivation and performance [3][4] Financial Performance - In 2023, the overall gross margin was 70.24%, an increase of 1.94 percentage points year-on-year, while the net profit margin improved to 24.43%, up 5.15 percentage points [2] - The company achieved a revenue of 4.364 billion yuan from Ajiao and related products, a year-on-year increase of 17.98%, while other pharmaceutical and health products generated 187 million yuan, a slight decline of 0.25% [4] - The company has adjusted its revenue forecasts for 2024 and 2025 to 5.867 billion yuan and 6.790 billion yuan respectively, with net profit forecasts of 1.370 billion yuan and 1.647 billion yuan [4][5] Product Development - The company is implementing a dual-driven growth model focusing on pharmaceuticals and health consumer products, with core products like Fufang Ajiao Jiang and Taohua Ji Ajiao Cake expected to continue their growth trajectory [4] - The company is actively developing new products, including the "Royal Weichang 1619" brand for men's health supplements, to diversify its non-Ajiao product offerings [4]

1 东阿阿胶股份有限公司投资者关系活动记录表 编号：2024-01 | | □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 | | | 中信建投、中信证券、国海证券、中泰证券、海通证券、招商证券、 | | | 天风证券、浙商证券、光大证券、国盛证券、东北证券、国联证券、中 | | | 金公司、西部证券、信达证券、花旗证券、兴业证券、国金证券、国投 | | | 证券、国信证券、华安证券、华泰证券、华西证券、五矿证券、申银万 | | | 国、国泰君安、易方达基金、嘉实基金、财通基金、东方证券资管、交 | | | 银施罗德、泰康资管、南方基金、景顺长城基金、富国基金、摩根士丹 | | | 利华鑫基金、安信基金、中信保诚基金、宝盈基金、博时基金、鹏华基 | | | 金、创金合信基金、大成基金、高毅资产、东方阿尔法基金、富荣基金、 | | | 广发基金、广州春晖私募基金、国联基金、华西基金、金信基金、中国 | | 参与单位名称 | 人寿养老保险、中汇人寿保险、平安基金、前海开源基金 ...

2024 年 03 月 23 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 业绩快速增长，积极布局二次增长曲线 证券分析师： 周小刚 S0350521090002 zhouxg@ghzq.com.cn 证券分析师： 沈岽皓 S0350524010005 ——东阿阿胶（ ） 年年报点评报告 000423 2023 shendh01@ghzq.com.cn 最近一年走势 事件 : 2024年3月22日，东阿阿胶发布公告：2023年，公司实现营业收入47.15 亿元，同比增长16.66%；归母净利润11.51亿元，同比增长47.55%； 扣非归母净利润10.83亿元，同比增长54.70%。 投资要点 :  国企改革成效突显，公司保持着强劲的增长态势 2023年公司实 现营业收入47.15亿元，同比增长16.66%；归母净利润11.51亿元， 相对沪深300表现 2024/03/22 同比增长47.55%；扣非归母净利润10.83亿元，同比增长54.70%。 表现 1M 3M 12M 其中，单四季度实现营业收入12.87亿元，同比增长29.30%；归母 东阿阿胶 8.2% 23.7% ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月22日 东阿阿胶(000423.SZ) buy 买进 王睿哲 C0062@capital.com.tw 目标价(元) 71 净利持续快速恢复，期待Q1旺季高增 结论及建议： 公司基本信息 产业别 医药生物  公司业绩：公司发布年报，2023年实现营收47.2亿元,YOY+16.7%,录得归 A股价(2024/3/21) 58.99 深证成指(2024/3/21) 9682.51 母净利润11.5元，同比增长47.6%；扣非后归母净利润10.8亿元，同比增 股价12个月高/低 62/43.81 长54.7%，EPS为1.79元/股，公司业绩处于业绩预告范围的中位偏上，符 总发行股数(百万) 643.98 A股数(百万) 643.98 合我们的预期。分季度来看，23Q4单季度实现营收12.9亿元，YOY+29.3%, A市值(亿元) 379.88 录得归母净利润3.7亿元，同比+37.5%，扣非后归母净利润3.8亿元，同比 主要股东 华润东阿阿胶 有限公司 +54.4%。 (23.50%) 每股净值(元) ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 22 日 东 阿阿胶(000423.SZ) 证券研究报告 业绩符合预期，“滋补国宝”持续高质 中成药 投资评级 买入-A 量发展 首次评级 6个月目标价 70.08元 事件： 股价 (2024-03-21) 58.99元 2024 年 3 月 21 日，公司发布 2023 年年度报告。2023 年公司实现 营业收入 47.15 亿元，同比增长 16.66%，实现归母净利润 11.51 亿 交易数据 元，同比增长 47.55%，实现扣非净利润 10.83 亿元，同比增长 总市值(百万元) 37,988.19 54.70%。单季度来看，2023 年 Q4 公司实现营业收入 12.87 亿元， 流通市值(百万元) 37,988.19 同比增长 29.30%，实现归母净利润 3.67 亿元，同比增长 37.48%， 总股本(百万股) 643.98 实现扣非净利润 3.82亿元，同比增长54.41%。 流通股本(百万股) 643.98 12个月价格区间 44.92/61.42元 业绩符合预期，盈利能力大幅提升。 业绩符合预期，参考 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark by more than 15% within the next six months [7]. Core Insights - The company reported a strong performance in 2023, achieving a revenue of 47.15 billion yuan, a year-on-year increase of 16.6%, and a net profit attributable to shareholders of 11.51 billion yuan, up 47.55% year-on-year [1][2]. - The core product line, particularly the Ejiao series, continues to drive revenue growth, with sales reaching 43.63 billion yuan, representing a 17.98% increase and accounting for 92.55% of total revenue [1][2]. - The company maintains a high gross margin of 70.24%, with the pharmaceutical segment achieving a gross margin of 72.31% [1][2]. Financial Performance Summary - Total revenue for 2023 was 47.15 billion yuan, with a year-on-year growth rate of 16.6% [2]. - The net profit attributable to shareholders for 2023 was 11.51 billion yuan, reflecting a 47.55% increase compared to the previous year [1][2]. - The company’s earnings per share (EPS) for 2023 was 1.79 yuan, with a proposed dividend distribution of 17.8 yuan per 10 shares [1][2]. - The gross margin for 2023 was 70.24%, with the pharmaceutical segment achieving a gross margin of 72.31% [1][2]. Revenue and Profit Forecast - Revenue projections for 2024, 2025, and 2026 are estimated at 54.24 billion yuan, 61.75 billion yuan, and 61.75 billion yuan respectively, with corresponding net profits of 13.96 billion yuan, 16.07 billion yuan, and 16.07 billion yuan [1][2]. - The expected price-to-earnings (P/E) ratios for the next three years are 27, 24, and 23 respectively [1][2].

Financial Performance - The company's operating revenue for 2023 was CNY 4,715,265,729.50, representing a 16.66% increase from CNY 4,041,818,347.54 in 2022[15]. - The net profit attributable to shareholders for 2023 was CNY 1,150,878,550.46, a 47.55% increase compared to CNY 779,998,116.10 in 2022[15]. - The net profit after deducting non-recurring gains and losses was CNY 1,082,628,480.93, up 54.70% from CNY 699,829,938.05 in the previous year[15]. - The basic earnings per share for 2023 was CNY 1.79, an increase of 47.93% from CNY 1.21 in 2022[15]. - The total assets at the end of 2023 were CNY 13,306,306,533.41, a 5.34% increase from CNY 12,631,382,359.34 at the end of 2022[15]. - The net assets attributable to shareholders at the end of 2023 were CNY 10,719,014,633.60, reflecting a 3.77% increase from CNY 10,329,243,246.41 in 2022[15]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB for the fiscal year, representing a 15% year-over-year growth[73]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[73]. Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY 1,953,438,009.50, which is an 8.93% decrease from CNY 2,144,878,185.39 in 2022[15]. - The net cash flow from operating activities decreased by 8.93% to ¥1,953,438,009.50[45]. - Investment activities generated a net cash outflow of ¥718,144,353.72, a decline of 221.82% compared to the previous year[46]. - The company reported a decrease in investment cash flow, with a net cash outflow of CNY 718,144,353.72 in 2023, compared to a net inflow of CNY 589,507,998.15 in 2022[176]. Research and Development - The company is focusing on male health supplements with products like "Brain and Kidney Nourishing Oral Liquid" and "Turtle and Deer Immortal Oral Liquid" to capture new customer segments[5]. - Research and development expenses increased by 25.77% to ¥173,187,854.30 in 2023, compared to ¥137,705,813.17 in 2022[40]. - The company is developing 15 new "Ejiao+" health products and has completed research on the fastest project of traditional Chinese medicine[42]. - The company has established a unique R&D platform, including a national engineering technology research center, to address key challenges in the gelatin industry[27]. Product Development and Market Expansion - The company is expanding its product line with new offerings such as the "Peach Blossom Princess Ejiao Cake" and "Ejiao Instant Powder" targeting beauty and health markets[5]. - The introduction of new products, such as the "Royal Enclosure 1619" targeting men's health, indicates a strategic expansion into new market segments[23]. - The company aims to enhance its brand presence in the health supplement market, leveraging its historical reputation and product quality[22]. - Market expansion plans include entering three new provinces, targeting a 5% market share increase in these regions[73]. Governance and Management - The company has established a governance structure that complies with legal requirements, ensuring independent operations and decision-making[57]. - The management team is structured with clear responsibilities, ensuring effective governance and protection of shareholder interests[61]. - The company has experienced changes in its management team, with several executives leaving their positions during the reporting period[62]. - The current board includes experienced professionals with backgrounds in finance, management, and pharmaceuticals, which may enhance the company's strategic capabilities[66]. Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 17.80 per 10 shares, based on a total share capital of 643,976,824 shares[6]. - The company declared a cash dividend of 17.80 CNY per 10 shares, totaling 1,146,278,746.71 CNY, which represents 99.6% of the net profit attributable to shareholders for 2023[90][91]. - The total distributable profit for the year was 9,208,565,999.56 CNY, with the cash dividend amounting to 100% of the profit distribution[90][91]. Environmental and Social Responsibility - The company invested CNY 7.76 million in environmental governance and protection in 2023, with water resource tax expenditure amounting to CNY 2.52 million[105]. - The rooftop photovoltaic power generation in 2023 reached 3.84 million kWh, accounting for 13.21% of the total electricity consumption in the industrial park, reducing carbon emissions by 3,866 tons[105]. - The company has been recognized as a national-level green supply chain management enterprise in November 2023[106]. - The company emphasizes social responsibility and aims to balance the interests of shareholders, employees, and the community[61]. Compliance and Audit - The audit opinion issued by KPMG was a standard unqualified opinion, indicating that the financial statements fairly reflect the company's financial position[152]. - The internal control system has been maintained effectively, ensuring compliance and the integrity of financial reporting[94]. - The company has complied with the regulatory requirements regarding the change of auditors, ensuring the audit process remains timely and effective[116]. Risks and Challenges - The company faces long-term risks due to the decreasing number of free-range donkeys and the need for time-consuming research in breeding and disease prevention[53]. - Short-term risks include the need to enhance organizational capabilities and the increasing competition in the health supplement industry[53]. - The company plans to optimize its raw material supply mechanism to ensure sustainable sourcing[54].

东阿阿胶股份有限公司 年度环境、社会及治理报告 Dong-E-E-Jiao Co., Ltd.Environmental, Social and Governance Report 人命至重，有贵千金 一方济之，德逾于此 万物各得其和以生 各得其养以成 C O N T E N T S | 关于本报告 | 05 | 专题：我们的价值观 | | | --- | --- | --- | --- | | | | 企业文化 | 18 | | 前言：认知与实践 | 07 | 企业使命 | 18 | | | | 五立宣言 | 19 | | 关于东阿阿胶 公司简介 | 09 | 企业愿景 | 19 | | 经营业绩 | 11 | ESG管理 | | | 主要产品 | 12 | 实质性议题管理 | 20 | | 组织架构 | 13 | 利益相关方的识别与沟通 | 22 | | 公司创业与发展历程 | 15 | 风险与机遇 | 23 | | 2023年公司大事记 | 16 | 关键绩效 | 25 | | 守护瑰宝： 01 | | 绿色家园： 02 目 与青山绿水和谐共生 | | | 中医药的传承、弘扬与发展 | | | | | ...

自2023年1月1日 至 2023 年 12 月 31 日止年度财务报表 东阿阿胶股份有限公司 我们审计了后附的东阿阿胶股份有限公司(以下简称"东阿阿胶公司")财务报表,包括 2023 年 12 月 31 日的合并及母公司资产负债表,2023 年度的合并及母公司利润表、合并及母 公司现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照中华人民共和国财政部颁布的企业会计准 则(以下简称"企业会计准则")的规定编制,公允反映了东阿阿胶公司 2023 年 12 月 31 日 的合并及母公司财务状况以及 2023年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则(以下简称"审计准则")的规定执行了审计工作。审 计报告的"注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则,我们独立于东阿阿胶公司,并履行了职业道德方面的其他 责任。我们相信,我们获取的审计证据是充分、适当的,为发表审计意见提供了基础。 三、关键审计事项 KPMG Huazhen LLP 8th Floor, ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-13 东阿阿胶股份有限公司 关于追认 2023 年度日常关联交易额的公告 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。 一、日常关联交易基本情况 （一）日常关联交易概述 2023 年 3 月 23 日，公司第十届董事会第十六次会议审议通过了《关于预计 2023 年度日常关联交易额的议案》，预计公司及下属子公司 2023 年与关联方发 生的日常关联交易额，不超过 47,810 万元人民币。该议案已经公司 2022 年度股 东大会审议通过。 2023 年，通过与医药商业深度战略对接，加快推进渠道整合，部分区域业 务增长带来整体销量提升，使得关联交易实际发生金额较年初预计有所增加。 2023 年实际发生额为 54,425 万元人民币，超出年初预计金额 6,615 万元人民币， 占最近一期经审计净资产的 0.64%。 根据《深圳证券交易所股票上市规则》之规定，超出年初预计的金额占最近 一期经审计净资产 0.5%以上的部分，需提交公司董事会予以追认。 2024 年 3 月 20 日，公司第十届董事会第二十 ...