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研報掘金丨華創證券:東阿阿膠股權激勵目標提升,維持“推薦”評級
格隆匯 01-13 15:15

華創證券研報指出,東阿阿膠(000423.SZ)多維度修訂股權激勵草案。修訂稿業績考核目標以23年為基準,25~27年歸母淨利CAGR分別不低於15%,對應25-27年歸母淨利絕對值不低於15.2/17.5/20.1億元(前次草案對應25~26 年13.5/16.2億元),利潤絕對值考核目標明顯提升。預計阿膠系列有望受益於渠道及品牌重塑延續較快增長(阿膠塊穩健增長、阿膠漿快速增長,阿膠粉高速增長)、培育男科等新增長點;毛利率、淨利率持續優化,淨利率較歷史高位仍有提升空間,3Q24應收賬款維持低位、合同負債維持高位,認為公司仍有較強的業績增長潛力。公司為中藥滋補龍頭,股權激勵目標提升,維持“推薦”評級,目標價70.4元。

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