东阿阿胶：基本面坚实，回调已充分

Investment Rating - The investment rating for Dong'e Ejiao is "Buy" and is maintained [2][5]. Core Views - The report emphasizes that the demand for traditional Chinese medicine (TCM) health supplements remains resilient, particularly in the blood-nourishing category, which accounted for 63% of the market share in 2023 [6][11][13]. - The report indicates that the sales of the compound Ejiao syrup are expected to grow significantly due to the lifting of certain medical insurance restrictions, although these restrictions are not the sole factor influencing sales [7][20]. - The impact of pharmacy price comparisons on sales is expected to be minimal, with the price difference being within a reasonable range [8][39]. Financial Forecasts - The company is projected to achieve revenues of 57.76 billion, 68.74 billion, and 80.85 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.50%, 19.01%, and 17.61% [2][6][40]. - The net profit is expected to reach 14.51 billion, 17.46 billion, and 20.98 billion yuan for the same years, with growth rates of 26.10%, 20.32%, and 20.14% [2][6][40]. - Earnings per share (EPS) are forecasted to be 2.25 yuan in 2024, 2.71 yuan in 2025, and 3.26 yuan in 2026 [2][40]. Market Analysis - The TCM health supplement market is recovering post-pandemic, with a market size of 25.5 billion yuan in 2023, surpassing pre-pandemic levels [6][11]. - The report highlights that the sales of Ejiao products are maintaining a high growth trend, with a projected net profit increase of 31%-43% year-on-year for the first half of 2024 [18][19]. Competitive Landscape - The report notes that competing products in the blood-nourishing category, such as Huangqi essence and Qixue Kang oral liquid, have also shown impressive growth rates of 52% and 12% from 2019 to 2023, respectively [6][15]. Conclusion - The overall outlook for Dong'e Ejiao is positive, driven by strong demand in the TCM sector, effective brand strategies, and favorable market conditions, justifying the "Buy" rating [2][6][40].