东阿阿胶：业绩符合预期，高基数下Q2维持高增

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 48.90 and an expected relative increase of over 15% compared to the benchmark index in the next 6 to 12 months [1][8]. Core Insights - The company reported a strong performance in the first half of 2024, achieving a revenue of 2.748 billion yuan, a year-on-year increase of 26.80%, and a net profit of 738 million yuan, up 39.03% year-on-year [3]. - The second quarter showed resilience with a revenue of 1.295 billion yuan, a 17.89% increase year-on-year, and a net profit of 385 million yuan, reflecting a 28.01% growth [3]. - The company’s core product, the Ejiao series, contributed significantly to revenue, achieving 2.551 billion yuan in sales, a 32.52% increase year-on-year, with a gross margin of 75.36% [3]. - The company has implemented effective cost control measures, resulting in improved operating efficiency and profitability, with a net profit margin of 26.9% in the first half of 2024, an increase of 2.34 percentage points year-on-year [3]. - A substantial cash dividend of 11.44 yuan per 10 shares was announced, totaling 737 million yuan, which represents 99.77% of the net profit for the first half of 2024 [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 57.76 billion yuan, 68.74 billion yuan, and 80.85 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 22.50%, 19.01%, and 17.61% [4]. - Net profit forecasts for the same years are 14.51 billion yuan, 17.46 billion yuan, and 20.98 billion yuan, with year-on-year growth rates of 26.10%, 20.32%, and 20.14% [4]. - The report highlights a steady increase in return on equity (ROE), projected to reach 17.97% by 2026 [1][4].