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 | | --- | --- | --- | ...

营收净利双增长 东阿阿胶靠什么实现业绩"再回春"？ 本报记者 王僖 全面优化和改善的财务数据背后是华润系（华润医药集团有限公司、华润医药控股有限公司）入主以来，通过高层调整和 组织优化，以及通过价值、业务、组织、精神"四个重塑"为东阿阿胶注入了新的活力。 公司有关负责人表示，通过华润系的支持，公司进一步优化了驴皮资源的供应链，确保了原材料的稳定供应和质量控制， 生产流程实现了智能化和标准化升级，提高了生产效率和产品质量。同时，华润系的赋能使得东阿阿胶在品牌、产品和市场拓 展上取得了显著成效。 3月17日晚，东阿阿胶交出了亮眼的2024年度业绩答卷：报告期内实现营业收入59.21亿元，同比增长25.57%，实现归属于 上市公司股东的净利润15.57亿元，同比增长35.29%。 此外，公司拟向全体股东每10股派发现金红利12.7元（含税）。 东阿阿胶曾在2019年因终端动销受阻等原因出现营收锐减，净利润亏损。但近年来，包括营收和净利润在内的各项财务指 标逐步回暖优化。东阿阿胶是靠什么快速地实现业绩"再回春"？ 华润持续赋能发展 战略协同效应释放 从年报财务数据来看，2024年，东阿阿胶实现了财务结构的系统性优化与 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - 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 the parent company was 1.557 billion yuan, up 35.29% year-on-year [7] - The company is actively implementing its "1238" strategy, which focuses on a dual-driven development model of pharmaceuticals and health consumer products, along with a three-industry integration of the gelatin industry chain [7] - The company plans to enhance brand exposure and terminal promotion, with sales expenses expected to increase to 1.973 billion yuan in 2024, a rise of 32.77% year-on-year [7] - The gross profit margin for 2024 is projected to be 72.42%, an increase of 2.18 percentage points year-on-year, primarily due to the higher proportion of high-margin gelatin products [7] - The company has shown significant improvement in operational efficiency, with accounts receivable turnover days reduced by 14.27 days to 23.51 days [7] - A high cash dividend payout ratio is noted, with a total cash dividend of 1.555 billion yuan for the year [7] Financial Summary - Revenue projections for 2025-2027 are 6.972 billion yuan, 8.074 billion yuan, and 9.283 billion yuan, respectively, with year-on-year growth rates of 17.75%, 15.80%, and 14.97% [3][8] - The net profit attributable to the parent company is expected to reach 1.943 billion yuan in 2025, 2.359 billion yuan in 2026, and 2.860 billion yuan in 2027, with growth rates of 24.80%, 21.41%, and 21.25% respectively [3][8] - Earnings per share (EPS) are projected to be 3.02 yuan in 2025, 3.66 yuan in 2026, and 4.44 yuan in 2027 [3][8] - The price-to-earnings (P/E) ratio is expected to decrease from 24.29 in 2024 to 13.22 in 2027 [3][8]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to less than 35% [2][7]. Core Insights - The company is expected to achieve a net profit of RMB 1.557 billion in 2024, reflecting a year-over-year growth of 35.3% [9]. - The revenue for 2024 is projected to be RMB 5.921 billion, with a year-over-year increase of 25.6% [9]. - The company has a strong dividend policy, with a total dividend payout of approximately RMB 1.56 billion for the year, resulting in an attractive dividend yield of about 4.1% [9]. - The gross margin for the company's main product, Ejiao, has improved, with revenue from Ejiao products reaching RMB 5.54 billion, a year-over-year increase of 27% [9]. - The company has a stable growth outlook, with projected net profits of RMB 1.890 billion, RMB 2.216 billion, and RMB 2.549 billion for 2025, 2026, and 2027, respectively [9]. Company Overview - The company operates primarily in the pharmaceutical and biotechnology sector, with a significant focus on Ejiao products, which account for 93.6% of its revenue [3]. - The company has a market capitalization of approximately RMB 37.518 billion, with a current share price of RMB 58.26 [1]. - The company has a total of 643.98 million shares outstanding, with a price-to-book ratio of 3.64 [1]. Financial Performance - The company reported a net profit of RMB 1.151 billion in 2023, with a projected increase to RMB 1.890 billion in 2025 [8][13]. - The earnings per share (EPS) for 2024 is expected to be RMB 2.42, with a year-over-year growth of 35.20% [8]. - The company’s overall gross margin for 2024 is projected to be 72.4%, an increase of 2.2 percentage points from the previous year [9].

资料来源：浙商证券研究所 东阿阿胶(000423) 报告日期：2025 年 03 月 18 日 投资评级: 买入(维持) 分析师：孙建 证券研究报告 | 公司点评 | 中药Ⅱ 经营效率提升显著，聚焦 25 年增长与突破 ——东阿阿胶 2024 年年报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、二线产品放量不及预期。 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 5,921 | 6,972 | 8,074 | 9,283 | | (+/-) (%) | 25.57% | 17.75% | 15.80% | 14.97% | | 归母净利润 | 1,557 | 1,943 | 2,359 | 2,860 | | (+/-) (%) | 35.29% | 24.80% | 21.41% | 21.25% | | 每股收益(元) | 2.42 | 3.02 | 3.66 | 4.44 | | P/E | 24.29 | 19.46 | 16.03 ...

东阿阿胶公告显示，报告期内，公司共实现营业收入59.21亿元，同比增长25.57%；实现归属于上市公 司股东的净利润15.57亿元，同比增长35.29%。基本每股收益2.42元/股，同比增长35.20%。 公司拟向全体股东每10股派发现金红利12.7元(含税)，不以公积金转增股本。本项议案尚需提交公司年 度股东大会审议。 经毕马威华振会计师事务所审计确认，2024年度母公司净利润约为14.48亿元，扣除2024年半年度权益 分派约7.37亿元，2024年剩余净利润约7.11亿元可供股东分配，加以前年度实现净利润，合计可供股东 分配的利润约为90.66亿元；2024年合并实现归属上市公司股东的净利润约为15.57亿元，扣除2024年半 年度权益分派约7.37亿元，2024年剩余净利润约8.2亿元可供股东分配，加以前年度实现净利润，合计可 供股东分配的利润约为88.83亿元。 资料显示，公司主要从事阿胶和阿胶系列及其他中成药等产品的研发、生产和销售。 多家上市公司公告 东阿阿胶拟10派12.7元！A股最新大额分红 3月17日晚，包括东阿阿胶、药明康德、澳弘电子、塔牌集团、梅花生物在内的多家A股上市公司发布 大额分 ...