医药生物/中药Ⅱ 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kysec.cn 证书编号：S0790123110015 东阿阿胶（000423.SZ） 一季度业绩稳增，现金流短期承压不改长期向好信心 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 54.00 | | 一年最高最低(元) | 72.91/44.62 | | 总市值(亿元) | 347.75 | | 流通市值(亿元) | 347.75 | | 总股本(亿股) | 6.44 | | 流通股本(亿股) | 6.44 | | 近 3 个月换手率(%) | 60.45 | 股价走势图 -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 东阿阿胶 沪深300 数据来源：聚源 相关研究报告 《经营业绩增速亮眼，2025 年深化产 业布局突破发展—公司信息更新报 告》-2025.3.19 《"药品+健康消费品"双轮驱动，滋 补品牌焕新生—公 ...

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

证 券 研 究 报 告 东阿阿胶（000423）2025 年一季报点评 推荐（维持） 勿因短期现金流而低估经营韧性 目标价：72.5 元 事项： 公司公告 1Q25 实现收入 17.2 亿元（+18.2% yoy）、归母净利 4.3 亿元（+20.2% yoy）、扣非净利 4.2 亿元（+26.7% yoy），并召开一季度业绩说明会，对市场较 为关注的现金流及应收账款等财务指标变化进行解读。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,921 | 6,919 | 8,022 | 9,191 | | 同比增速(%) | 25.6% | 16.9% | 15.9% | 14.6% | | 归母净利润(百万) | 1,557 | 1,869 | 2,205 | 2,602 | | 同比增速(%) | 35.3% | 20.0% | 18.0% | 18.0% | | 每股盈利(元) | 2.42 | 2.90 | 3.42 | ...

Core Insights - Dong-E E-Jiao achieved strong performance in Q1 2025, with revenue of 1.719 billion yuan, a year-on-year increase of 18.24%, and a net profit of 425 million yuan, up 20.25% [1][2] - The company continues to implement a dual-driven strategy of "pharmaceuticals + health consumer products," contributing to its robust growth [2][3] - The gross profit margin improved significantly from 47.57% in 2019 to 73.63% in Q1 2025, driven by digital supply chain upgrades and a focus on high-margin products [1][2] Financial Performance - In Q1 2025, the company reported a net profit of 425 million yuan, with a non-recurring net profit of 416 million yuan, reflecting a growth of 26.69% [2] - Compared to Q4 2024, revenue increased by 7.98% and net profit grew by 4.93% [2] - The sales expense ratio decreased by 2.6 percentage points to 36.26%, while the management expense ratio stood at 5.04%, indicating effective cost control [2] Product Development - Dong-E E-Jiao is expanding into the men's health supplement market, introducing products like brain and kidney tonics, and has plans for further innovation [3] - The company continues to lead the OTC market with its core product, Dong-E E-Jiao blocks, and has seen strong sales in innovative products like instant dissolvable E-Jiao powder and ready-to-eat freeze-dried E-Jiao series [2][3] Strategic Moves - The company is divesting its 15% stake in China National Pharmaceutical Group Jinan, indicating a strategic focus on its core business of E-Jiao and related products [3] - Dong-E E-Jiao aims to solidify its position as the leading brand in health supplements by concentrating resources on its main business [3] Research and Development - Over the past five years, Dong-E E-Jiao has invested 787 million yuan in R&D, with annual expenditures showing a consistent commitment to innovation [4][5] - The company has established a collaborative innovation platform, focusing on developing high-quality health products and traditional Chinese medicine [5]

Core Viewpoint - Dong'e Ejiao reported strong revenue and profit growth in Q1 2025, but faced challenges in cash flow management and accounts receivable [2][5][6] Business Overview - In Q1 2025, Dong'e Ejiao achieved total revenue of 1.719 billion yuan, an increase of 18.24% year-on-year; net profit attributable to shareholders reached 425 million yuan, up 20.25% year-on-year; and net profit excluding non-recurring items was 416 million yuan, a rise of 26.69% year-on-year [2] Profitability - The company's gross margin reached 73.62%, an increase of 2.55 percentage points year-on-year; net margin was 24.73%, up 1.66 percentage points year-on-year, indicating effective cost control and enhanced product value [3] Cost Control - Total selling, administrative, and financial expenses amounted to 693 million yuan, accounting for 40.31% of total revenue, a decrease of 2.13 percentage points compared to the same period last year, reflecting progress in cost management [4] Cash Flow and Financial Position - Operating cash flow per share was -0.47 yuan, a significant decrease of 147.63% compared to 0.99 yuan in the same period last year; cash and cash equivalents fell from 6.791 billion yuan to 5.432 billion yuan, a year-on-year decrease of 20.02%; accounts receivable increased from 187 million yuan to 541 million yuan, a rise of 190.08%, indicating challenges in cash flow management and accounts receivable collection [5] Summary - Overall, Dong'e Ejiao demonstrated strong profitability in Q1 2025 but faces pressure in cash flow management and accounts receivable, necessitating close monitoring of future cash flow improvement measures and accounts receivable management [6]

证券研究报告·公司点评报告·中药Ⅱ 东阿阿胶（000423） 2025 年一季报点评：业绩符合预期，高分红， 稳增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,715 | 5,921 | 6,878 | 7,859 | 8,918 | | 同比（%） | 16.66 | 25.57 | 16.16 | 14.26 | 13.47 | | 归母净利润（百万元） | 1,151 | 1,557 | 1,864 | 2,215 | 2,565 | | 同比（%） | 47.55 | 35.29 | 19.73 | 18.80 | 15.83 | | EPS-最新摊薄（元/股） | 1.79 | 2.42 | 2.89 | 3.44 | 3.98 | | P/E（现价&最新摊薄） | 30.84 | 22.79 | 19.04 | 16.02 | 13.83 | [Table_Tag] [Table_Summa ...

东阿阿胶（000423）今日逼近跌停，成交额15.98亿元，换手率4.43%，盘后龙虎榜数据显示，深股通专 用席位买入8601.85万元并卖出1.80亿元，1家机构专用席位净买入3402.36万元，有4家机构专用席位净 卖出3.60亿元。 ...

Group 1: Financial Performance - The company reported a revenue of 1.719 billion yuan in Q1 2025, representing a year-on-year growth of 18.24% [1] - Net profit attributable to shareholders reached 425 million yuan, with a year-on-year increase of 20.25% [1] - The gross margin improved by 2.43 percentage points to 73.62% compared to the previous year [1] Group 2: Strategic Initiatives - The company is implementing a dual-driven strategy of "pharmaceuticals + health consumer products," maintaining a positive growth trend across its core products [2] - R&D investment in Q1 amounted to 39 million yuan, supporting the development of new products aligned with consumer trends [2] - The company is enhancing its tourism framework by integrating various cultural and health-related experiences, aiming to create a unique model for traditional Chinese medicine tourism [2] Group 3: Market Position and Opportunities - The dual-driven strategy is effectively modernizing the brand and expanding its consumer base, capitalizing on policy benefits and consumption upgrades in the traditional Chinese medicine sector [3] - The collaboration with China Resources Group has revitalized the company through strategic restructuring and resource integration, enhancing its competitive edge [4] - The establishment of a stock incentive plan marks a significant organizational change, expected to boost operational momentum and align with long-term performance goals [5]

Core Viewpoint - Dong-E E-Jiao Co., Ltd. has shown strong financial performance in 2024, driven by dual growth in pharmaceutical and health consumer products, leading to a buy rating from Zhonghang Securities [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 5.921 billion yuan, a year-on-year increase of 25.57% - The net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% - The net profit after deducting non-recurring gains and losses was 1.442 billion yuan, an increase of 33.17% - Operating cash flow net amount was 2.171 billion yuan, growing by 11.13% - Basic earnings per share were 2.42 yuan, reflecting a growth of 35.20% [1][2]. Business Segments - Revenue from E-Jiao and related products was 5.544 billion yuan, up 27.04%, with a gross margin of 73.61% - Other pharmaceuticals and health products generated 236 million yuan, a growth of 26.19% - Revenue from donkey breeding and sales decreased by 28.92% to 69 million yuan - E-Jiao blocks saw double-digit growth, while compound E-Jiao syrup achieved over 50% growth, with the medical market outpacing retail - The core health consumer brand, Taohua Ji, expanded by over 10% through partnerships with leading health snack brands - E-Jiao powder experienced a remarkable growth of over 75% through focused branding and digital marketing strategies [2]. Incentive Plan - On January 10, 2025, the company announced a restricted stock incentive plan, proposing to grant up to 1.2472 million shares, accounting for 0.19% of total equity - The initial grant price is set at 37.22 yuan per share, targeting 179 individuals including directors and key personnel - Performance targets include a compound annual growth rate of net profit of no less than 15% from 2023 to 2025-2027, and net asset returns of at least 11.50%, 12.00%, and 12.50% for the respective years [3]. Dividend Policy - The company maintains a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan - In September 2024, the company executed its first-ever interim dividend, distributing 737 million yuan, which is 99.77% of the net profit attributable to shareholders for the first half of 2024 - The annual dividend plan for 2024 is approximately 818 million yuan, representing 99.70% of the undistributed net profit for the year [4]. Investment Outlook - The company is expected to achieve earnings per share of 2.87 yuan, 3.40 yuan, and 4.02 yuan for 2025-2027, with corresponding dynamic price-to-earnings ratios of 21.91, 18.53, and 15.66 - As a leader in the E-Jiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth, leading to a buy rating [5].

4月27日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者参 考。 【品大事】 海源复材：公司股票自4月29日起实行退市风险警示 海源复材(002529)晚间公告，公司股票将于2025年4月28日停牌一天，自4月29日起被实行"退市风险警 示"特别处理，股票简称变更为"*ST海源"，日涨跌幅限制为5%。 新莱福：拟购买金南磁材100%股份 股票28日复牌 新莱福(301323)晚间公告，公司拟筹划发行股份及支付现金购买广州金南磁性材料有限公司（简称"金 南磁材"）100%股份并募集配套资金暨关联交易事项，本次交易预计构成重大资产重组。公司股票将于 2025年4月28日开市起复牌。本次交易完成后，公司将通过整合金南磁材在永磁材料、软磁材料及PM粉 末冶金领域的核心技术优势，实现业务边界的战略性拓展与产业链深度协同。 红宝丽：子公司聚氨酯公司聚醚技术改造项目试生产成功 红宝丽(002165)晚间公告，子公司聚氨酯公司聚醚技术改造项目已建设完工并试生产成功，产出单体聚 醚、组合聚醚和特种聚醚合格产品。 星光股份：公司及相关人员收到广东证监局警示函 星光股份(002076)晚间公告，公 ...