2024H1 公司阿胶及系列产品实现收入25.51 亿元，同比增长32.52%，毛利率75.36%，同比提升2.48pp。其中，公司核心产品东阿阿胶块收入占比有所下降，复方阿胶浆占比逐步提升，桃花姬阿胶糕占比保持稳定。纯销方面，OTC 端，2024H1公司产品整体纯销增长10%左右，其中阿胶块实现个位数增长，复方阿胶浆增长20%以上，阿胶糕增长约20%左右；医疗端，公司产品整体纯销增长10%以上。渠道库存周期方面，阿胶块在3 个月以内，复方阿胶浆在80 天以内，阿胶糕在10天左右，均在良性区间的低分位水平。整体上半年销售情况表现亮眼。occurrences
The company disclosed its 2024 semi-annual report, achieving revenue of 2.748 billion yuan, a year-on-year increase of 26.80%; net profit to mother of 0.738 billion yuan, a year-on-year increase of 39.03%; net profit after deducting 0.7 billion yuan, an increase of 42.79%; a single Q2 revenue of 1.295 billion yuan, an increase of 17.89%; net profit to mother of 0.385 billion yuan, an increase of 28.01% year on year; net profit after deducting non-return to mother 0.371 billion yuan Yuan, up 33.61% year over year.
The performance of Ejiao series products is outstanding
2024H1's Ejiao and related products achieved revenue of 2.551 billion yuan, a year-on-year increase of 32.52%, gross profit margin of 75.36%, and a year-on-year increase of 2.48pp. Among them, the company's core product, Dong'e Ejiao block's share of revenue has declined, the share of compound Ejiao paste has gradually increased, and the share of Taohuaji Ejiao cake has remained stable. In terms of pure sales, on the OTC side, the overall net sales of 2024H1 products increased by about 10%. Among them, Ejiao block achieved single-digit growth, compound Ejiao paste increased by more than 20%, and Ejiao cake increased by about 20%; on the medical side, overall net sales of the company's products increased by more than 10%. In terms of the channel inventory cycle, Ejiao blocks are within 3 months, compound Ejiao paste is within 80 days, and Ejiao cake is around 10 days, all at low levels in the benign range. Overall sales performance in the first half of the year was impressive.
Profitability continues to improve to achieve mid-term dividends
2024H1 company gross profit margin 73.54% (yoy+3.20pp, same below), sales expense ratio 36.39% (+1.62pp), management expense ratio 4.89% (-1.26pp), R&D expense ratio 2.36% (-0.19pp), financial expense ratio -2.00% (+0.32pp), net profit margin 26.88% (+2.34pp); single Q2 gross margin 75.51% (+5.59pp), sales expense ratio 33.60% (+3.78pp), management expense ratio 5.22% (+22%) ( -1.21pp), R&D expense ratio 1.98% (-1.04pp), net profit margin 29.75% (+2.30pp). The 2024H1 company's inventory turnover days were 244.23 days, a year-on-year decrease of 100.4 days, and the number of accounts receivable turnover days was 12.99 days, a year-on-year decrease of 24.77 days. The company's profitability and operating capacity continued to improve. At the same time, the company implemented an interim dividend, paying cash of 11.44 yuan (tax included) for every 10 shares, and the total cash dividend accounted for 99.77% of 2024H1's net profit.
Profit Forecasts, Valuations, and Ratings
We expect the company's 2024-2026 revenue to be 5.581/6.529/7.515 billion yuan, respectively, with year-on-year growth rates of 18.37%/16.98%/15.10% billion yuan respectively, net profit to mother of 1.387/1.65/1.932 billion yuan, year-on-year growth rates of 20.49%/18.96%/17.11%, EPS 2.15/2.56/3.00 yuan/share, and 3-year C AGR of 18.84%. Since the company is a leader in tonic traditional Chinese medicine, it maintains a “buy” rating.
Risk warning: risk of declining or fluctuating gross margin; increased risk of market competition; risk of sales falling short of expectations.
