贵州三力事件点评：控股股东承诺不减持+三年高分红+高额回购，重视投资回报，彰显发展信心

Investment Rating - The report maintains a "Buy" rating for Guizhou Sanli (603439.SH) [2] Core Views - The report highlights the commitment of the controlling shareholder not to reduce their stake for 18 months, a three-year high dividend plan, and a significant share buyback program, indicating strong confidence in the company's long-term development and commitment to shareholder returns [3][4] - The company has shown strong operational performance, with a 77% year-on-year revenue growth and a 33% increase in net profit for Q2 2024, reflecting successful integration of acquisitions and a diversified product portfolio [4] - The report projects net profits for 2024-2026 to be CNY 3.5 billion, CNY 4.3 billion, and CNY 5.2 billion respectively, with corresponding P/E ratios of 15, 12, and 10, suggesting the current market valuation is significantly undervalued [4] Summary by Sections Market Performance - The stock has shown a relative performance of +15.93% in September 2023 compared to the CSI 300 index [2] Financial Data - The company reported a total revenue of CNY 1.635 billion in 2023, with projections of CNY 2.593 billion in 2024, CNY 3.140 billion in 2025, and CNY 3.684 billion in 2026 [5][6] - The net profit for 2023 was CNY 293 million, expected to grow to CNY 350 million in 2024, CNY 430 million in 2025, and CNY 520 million in 2026 [5][6] - The gross margin is projected to remain stable around 72.4% to 72.8% over the next few years [6] Operational Highlights - The company has diversified its product offerings across multiple medical fields, including respiratory, gynecology, and cardiovascular departments, reducing reliance on a single product [4] - The integration of subsidiaries has shown positive results, with Dechangxiang achieving a revenue of CNY 97.03 million in H1 2024, a 67.1% increase year-on-year [4] Shareholder Returns - The controlling shareholder has committed to not selling shares for 18 months, and the company plans to distribute at least 50% of its distributable profits as dividends over the next three years [3][4] - A share buyback plan is in place, with an expected buyback amount of CNY 80-120 million, representing 1.09%-1.64% of the total share capital [3]