Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Insights - The company achieved impressive growth in Q3 2024, with a revenue of 4.14 billion yuan, representing a year-on-year increase of 63.75% [2][3]. - The core products have shown significant growth, with the main product, Ejiao blocks, growing at approximately 10%, and the compound Ejiao syrup seeing nearly 50% growth [3]. - The company's operating quality continues to improve, with a gross margin of 74.13%, up 3.19 percentage points year-on-year [4]. Financial Performance - For the first three quarters of 2024, the company reported a total revenue of 43.29 billion yuan, a year-on-year increase of 26.28%, and a net profit of 11.52 billion yuan, up 47.00% [2][4]. - The company forecasts revenue growth for 2024-2026, estimating revenues of 56.75 billion yuan, 66.10 billion yuan, and 76.37 billion yuan, with corresponding net profits of 14.80 billion yuan, 17.70 billion yuan, and 21.07 billion yuan [4][5]. - The company's earnings per share (EPS) are projected to increase from 1.79 yuan in 2023 to 3.27 yuan by 2026 [5]. Market Position and Strategy - The company is focusing on brand and digitalization strategies to drive growth in new products, such as Ejiao powder and "Royal Weichang 1619" targeting the male health market [3]. - The company is also enhancing its core products through brand upgrades and academic result transformations, solidifying its market position [3].

北京市建国门外大街1号国贸大厦A座十层 100004 电话：010-5706 8585 传真：010-8515 0267 金诚同达律师事务所 法律意见书 北京金诚同达律师事务所 关于 东阿阿胶股份有限公司 2024 年第二次临时股东大会的 法律意见书 金证法意[2024]字 1105 第 0605 号 关于东阿阿胶股份有限公司 2024 年第二次临时股东大会的法律意见书 金证法意[2024]字 1105 第 0605 号 致：东阿阿胶股份有限公司 北京金诚同达律师事务所（以下简称"本所"）接受东阿阿胶股份有限公司 （以下简称"公司"）的委托，指派本所项颂雨律师、程幕君律师（以下简称"本 所律师"）出席公司于2024年11月8日召开的2024年第二次临时股东大会（以下 简称"本次股东大会"或"本次会议"），对公司本次股东大会召开的合法性进 行见证，并依法出具本法律意见书。 本法律意见书系依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会 规则》（以下简称"《股东大会规则》"）、《深圳证券交易所股票上市规则》 （以下简称"《上市规则》" ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-63 东阿阿胶股份有限公司 2024 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1．本次股东大会无否决议案。 2．本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （五）会议的召集与主持情况：本次会议由公司董事会召集，公司董事会过 半数的董事推举董事、董事会秘书、副总裁、财务总监丁红岩先生主持。 （六）会议的合法合规性：本次股东大会的召集和召开，符合《公司法》《上 市公司股东大会规则》《深圳证券交易所股票上市规则》及《公司章程》等法律 法规及规范性文件的规定。 （七）会议出席情况：出席会议的股东（或股东代理人）共计437人，代表 股份325,620,139股，占公司有表决权股份总数的50.6830％。其中： 通过现场投票的股东7人，代表股份210,101,781股，占公司有表决权股份总 数的32.7025％。 通过网络投票的股东430人，代表股份115,518,358股，占公司有表决权股份 总数的17.9805％。 （一）现场 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6]. Core Insights - The company reported strong Q3 performance, with revenue reaching 4.1 billion yuan, a 64% year-on-year increase, and a net profit of 15.8 billion yuan for the first three quarters, reflecting a 26% growth [1]. - The company has initiated its first-ever interim dividend, distributing 11.44 yuan per 10 shares, totaling 737 million yuan, which represents 99.77% of the net profit attributable to shareholders for the first half of 2024 [1]. - The company is advancing its "1238" development strategy, focusing on dual growth drivers of pharmaceuticals and health consumer products, with a strong emphasis on brand positioning and market expansion [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 4.33 billion yuan, a 26% increase year-on-year, and a net profit of 1.15 billion yuan, up 47% [1]. - The Q3 revenue was 1.58 billion yuan, marking a 25% increase year-on-year, with a net profit of 410 million yuan, reflecting a 64% growth [1]. - The gross profit margin for Q3 was 75.1%, an increase of 3.1 percentage points year-on-year, while the net profit margin rose to 26.1%, up 6 percentage points [1]. Earnings Forecast and Investment Recommendations - Revenue forecasts for 2024, 2025, and 2026 have been adjusted to 56.65 billion yuan, 66.69 billion yuan, and 78.19 billion yuan, respectively, with growth rates of 20%, 18%, and 17% [1]. - Net profit forecasts for the same years have been revised to 15.37 billion yuan, 18.47 billion yuan, and 21.71 billion yuan, with growth rates of 34%, 20%, and 18% [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated high-quality growth in Q3, with strong sustainability in its performance. The revenue for the third quarter reached 4.329 billion yuan, representing a year-on-year growth of 26.28%. The net profit attributable to the parent company was 1.152 billion yuan, up 47% year-on-year, slightly exceeding market expectations [1][2] - The company has made significant improvements in profitability and operational efficiency, with a gross margin of 74.13%, an increase of 3.75 percentage points compared to the same period last year. The net profit margin reached 26.61% [1][2] Financial Performance Summary - **Revenue Forecasts**: - 2022A: 4,042 million yuan - 2023A: 4,715 million yuan (growth rate: 17%) - 2024E: 5,885 million yuan (growth rate: 25%) - 2025E: 7,084 million yuan (growth rate: 20%) - 2026E: 8,146 million yuan (growth rate: 15%) [1][2] - **Net Profit Forecasts**: - 2022A: 780 million yuan - 2023A: 1,151 million yuan (growth rate: 48%) - 2024E: 1,501 million yuan (growth rate: 30%) - 2025E: 1,866 million yuan (growth rate: 24%) - 2026E: 2,206 million yuan (growth rate: 18%) [1][2] - **Earnings Per Share (EPS)**: - 2022A: 1.19 yuan - 2023A: 1.79 yuan - 2024E: 2.33 yuan - 2025E: 2.90 yuan - 2026E: 3.43 yuan [1][2] - **Valuation Ratios**: - P/E ratio for 2023A: 32.1 - P/B ratio for 2023A: 3.5 [1][2] Management and Strategic Developments - Recent management changes have been implemented, with the election of Cheng Jie as the new president, expected to lead the company towards continued high-quality growth and sustained shareholder returns [1]

Group 1 - The article emphasizes that the Securities Times is a key platform for authoritative information disclosure in the Chinese capital market [1] - It provides comprehensive financial and securities information 24/7, including market news, financial updates, fund values, bonds, futures, and company announcements [1] - The platform has developed the "Information Disclosure 168" service area and the "Spark Plan" for investor education, reinforcing its role as a comprehensive service platform for the capital market [1]

证 券 研 究 报 告 东阿阿胶（000423）2024 年三季报点评 推荐（维持） 季度业绩再超预期，合同负债高位运行 目标价：70.4 元 当前价：58.86 元 事项： 公司公告 1~3Q24 实现营业收入 43.3 亿元（+26% yoy），归母净利润 11.5 亿元 （+47% yoy），扣非净利润 10.7 亿元（+52% yoy）；3Q24 收入 15.8 亿元（+25% yoy），归母净利润 4.1 亿元（+64% yoy），扣非净利润 3.7 亿元（+75% yoy）。 评论： 阿胶系列：块平稳增长，浆与糕快速放量，粉贡献增量。我们预计 1~3Q24 核 心产品表现如下：1）阿胶块：预计 1~3Q24 阿胶块收入实现双位数增长，近 两年公司通过炼行计划、春雷行动等持续加强终端价格维护、提升品牌影响力， 阿胶块实现良性恢复。我们预计 4Q24 公司有望聚焦阿胶块动销，全年收入端 维持较快增长；2）阿胶浆：受益于医保解限及营销发力，我们预计 1~3Q24 阿 胶浆收入增速 40~50%，全年有望维持高速增长、2025~26 年有望保持快速增 长；3）阿胶糕 1~3Q24 预计 15~20%增长， ...

股票代码：000423 股票简称：东阿阿胶 东阿阿胶股份有限公司投资者关系活动记录表 编号：2024-06 | | □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 | | 参与单位名称 | 中信建投、中泰证券等券商分析师及广大投资者朋友 | | 及人员姓名 | | | 时间 | 2024 年 10 月 31 日 | | 地点 | 公司会议室 | | 上市公司 | 董事、董事会秘书、副总裁、财务总监 丁红岩 | | 接待人员姓名 | 证券事务代表、董事会办公室总经理 付延 | | | 一、公司总体情况介绍 2024 年，东阿阿胶围绕"增长·质量"关键主题，以汇聚新质生 | | | 产力为着力点，深度践行"四个重塑"。以品牌唤醒强化"滋补国宝 东 | | | 阿阿胶"顶流品牌地位，通过品牌焕新打造国潮特色新品牌，持续构建 | | | 药品+健康消费品"双轮驱动"业务增长模式，依托"一中心 三高地" | | 投资者关系活动 | 的研发布局，拓展新品类、推出新产品、开发新功效、吸 ...

◼ 风险提示：原料价格上涨、终端销售不及预期、高端消费疲软 2024 年 10 月 31 日 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 (2024/10/30) | | | 59.23 | | 深证成指 (2024/10/30) | | | 10530.85 | | 股价 12 个月高/低 | | | 69.46/42.59 | | 总发行股数 (百万) | | | 643.98 | | A 股数(百万 ) | | | 643.98 | | A 市值(亿元) | | | 381.43 | | 主要股东 | | | 华润东阿阿胶 | | 每股净值(元 ) | | | 有限公司 (23.50%) 15.39 | | 股价/账面净值 | | | 3.85 | | | 一个月 | 三 ...

证券代码：000423 证券简称：东阿阿胶 公告编号：2024-59 1．东阿阿胶股份有限公司（以下简称"公司"）第十一届监事会第三次会 议，于 2024 年 10 月 26 日以邮件方式发出会议通知。 2．本次监事会会议，于 2024 年 10 月 29 日以通讯表决方式召开。 3．会议应出席会议监事 5 人，实际出席会议监事 5 人。 4．本次监事会会议的召开，符合有关法律、行政法规、部门规章、规范性 文件和公司章程等规定。 二、监事会会议审议情况 本次会议审议并通过了以下议案： 东阿阿胶股份有限公司 第十一届监事会第三次会议决议公告 本公司及监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、监事会会议召开情况 经审议，监事会认为公司《2024 年第三季度报告》的编制，符合法律、法规、 中国证监会和深圳证券交易所的相关规定，报告内容真实、准确、完整地反映了 公司实际经营情况，不存在任何虚假记载、误导性陈述或重大遗漏。 公司《2024 年第三季度报告》是按照中国证监会和深圳证券交易所颁发的 信息披露内容与格式准则等有关要求编制的，所包含内容真实反映了公司财务状 况 ...