东阿阿胶：稳中求进，质效齐升-20260320

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 6.7 billion RMB for 2025, representing a year-on-year growth of 13.17%. The net profit attributable to shareholders was 1.739 billion RMB, up 11.67% year-on-year, indicating overall performance in line with expectations [1]. - The core product line, particularly the Ejiao series, shows strong resilience with a gross margin of 74.84%, slightly up by 1.23% year-on-year. The revenue from the pharmaceutical segment reached 6.584 billion RMB, growing by 13.91% [2]. - The company is investing 1.485 billion RMB in a health consumer goods industrial park, aiming to expand its product offerings in the health sector, which is expected to drive long-term growth [3]. Financial Performance Summary - For 2025, the company achieved a revenue of 6.7 billion RMB, with a net profit of 1.739 billion RMB, and a diluted earnings per share (EPS) of 2.700 RMB. The projected net profits for 2026, 2027, and 2028 are 1.994 billion RMB, 2.279 billion RMB, and 2.630 billion RMB, respectively, with corresponding EPS of 3.096 RMB, 3.538 RMB, and 4.085 RMB [4][10]. - The company plans to distribute a total cash dividend and share buyback amounting to approximately 1.819 billion RMB, which is 104.60% of the net profit for 2025, reflecting a strong commitment to shareholder returns [2].