研報掘金丨浙商證券:東阿阿膠業績符合預期,維持“買入”評級
浙商證券研報指出,東阿阿膠(000423.SZ)24年歸母淨利潤15.57億元(同比+35.29%),單Q4歸母淨利潤4.05 億元(同比+10.30%),業績符合預期。公司積極實踐“1238”戰略,形成了藥品與健康消費品“雙輪驅動”、膠類產業鏈“三產融合”的發展模式。展望2025年,受益於阿膠系列產品規模效應漸顯,我們預計公司毛利率有望持續提升。考慮到公司是老字號滋補類中藥龍頭,核心產品集中採購降價可能性低,第一期限制性股票激勵計劃(草案修訂稿)激發管理層動力,改革成效顯著,維持“買入”評級。
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