四季度增长提速，现金分红提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth and market performance [5][11][17]. Core Insights - The company achieved a revenue of 2.484 billion yuan in 2023, representing a year-on-year growth of 6.1%, and a net profit of 585 million yuan, up 11.1% year-on-year. The fourth quarter saw significant acceleration, with a revenue of 765 million yuan, a 46.53% increase year-on-year, and a net profit of 124 million yuan, up 93.12% year-on-year [19][20]. - The company plans to distribute a cash dividend of 20 yuan per 10 shares, totaling 469 million yuan, which corresponds to a dividend payout ratio of 80% [19]. - The company is focusing on its core pharmaceutical business while continuing to divest from non-core operations, which may have a short-term impact on performance [19][20]. Financial Summary - Revenue projections for 2024-2026 are 2.809 billion yuan, 3.169 billion yuan, and 3.556 billion yuan, with year-on-year growth rates of 13.1%, 12.8%, and 12.2% respectively [5][11]. - Net profit forecasts for the same period are 671 million yuan, 763 million yuan, and 862 million yuan, with growth rates of 14.6%, 13.7%, and 13.0% respectively [5][11]. - The company's gross margin is projected to remain stable at around 86.6% to 86.7% over the next few years, with a return on equity (ROE) increasing from 19.6% in 2023 to 23.5% in 2026 [3][5][11].