东阿阿胶：业绩保持高增速，即将迎来销售旺季

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].