云南白药：经营稳健，持续高分红

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][3] Core Views - The company is experiencing a recovery in performance with strong brand power and a solid product base serving as its competitive advantages. Yunnan Baiyao holds the leading market share in products like toothpaste and wound plasters, with a revenue of 6.481 billion yuan from its pharmaceutical segment in 2023, reflecting an 8.16% year-on-year growth [2] - The introduction of new business lines and management's commitment to performance improvement are expected to drive stable net profit growth in the long term. The company has repurchased approximately 12.6 million shares to implement employee stock ownership plans, enhancing employee motivation [2] - The company has maintained a high dividend payout ratio, exceeding 90% for two consecutive years, with a proposed dividend of 20.77 yuan per 10 shares in 2023, totaling 3.706 billion yuan [2] Financial Summary - Revenue projections for Yunnan Baiyao are as follows: 39.111 billion yuan in 2023, 41.320 billion yuan in 2024, 44.091 billion yuan in 2025, and 47.035 billion yuan in 2026, with respective growth rates of 6.71%, 7.19%, 5.65%, and 6.68% [1] - The net profit attributable to the parent company is projected to be 4.094 billion yuan in 2023, 4.584 billion yuan in 2024, 5.677 billion yuan in 2025, and 5.135 billion yuan in 2026, with growth rates of 36.41%, 11.96%, 12.02%, and 10.56% respectively [1] - Earnings per share (EPS) are expected to increase from 2.29 yuan in 2023 to 3.18 yuan in 2026, with corresponding P/E ratios decreasing from 22.02 in 2023 to 15.88 in 2026 [1][2]