东阿阿胶更新报告：改革显著，高速成长

Investment Rating - The report maintains a "Buy" rating for Dong'e Ejiao [4] Core Views - The company has completed significant asset impairment since 2020, leading to a stabilization in operations. Positive operating cash flow has been recorded for twelve consecutive quarters, and inventory levels have decreased, enhancing the company's bargaining power with downstream partners [2][3] - Revenue growth is driven by new channels and products, including the Compound Ejiao Syrup, which has seen restrictions lifted for insurance coverage, facilitating smoother terminal sales. The company is also focusing on marketing strategies targeting younger consumers through new product endorsements [2] - Operational efficiency has improved, with accounts receivable at a record low since 2012 and a significant increase in operating cash flow. The company has a high dividend payout ratio, maintaining over 96% in the past three years, and has approved a mid-term dividend plan for 2024 [2][3] Financial Summary - For 2023, the company reported revenue of 4,715 million yuan, with a year-on-year growth of 16.66%. Projections for 2024, 2025, and 2026 are 6,261 million, 7,556 million, and 8,978 million yuan, respectively, indicating growth rates of 32.79%, 20.68%, and 18.82% [3] - The net profit attributable to the parent company for 2023 was 1,151 million yuan, with expected growth to 1,522 million, 1,879 million, and 2,300 million yuan in the following years, reflecting increases of 32.22%, 23.51%, and 22.37% [3] - Earnings per share (EPS) are projected to rise from 1.79 yuan in 2023 to 2.36 yuan in 2024, 2.92 yuan in 2025, and 3.57 yuan in 2026, with corresponding P/E ratios of 34.18, 25.85, 20.93, and 17.10 [3]