持续高分红，四季度业绩高增长

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.52 CNY per share [6][9]. Core Insights - The company reported a revenue of 27.8 billion CNY in 2023, a slight decrease of 0.6% year-on-year, and a net profit of 3.2 billion CNY, down 27.8% year-on-year. The proposed cash dividend is approximately 1.2 billion CNY [2][3]. - Despite the overall decline in revenue and net profit, the fourth quarter showed a significant recovery with a net profit of 1.02 billion CNY, marking a year-on-year increase of 29.1% and a quarter-on-quarter increase of 5.9% [3]. - The company has a strong commitment to shareholder returns, with a cumulative dividend payout of 9.15 billion CNY since its listing and a dividend payout ratio of 50.3% [4]. - The company is investing in synthetic biology, enhancing its R&D capabilities by recruiting nearly forty professionals from prestigious institutions, which is expected to open new growth avenues [5]. Financial Summary - Revenue projections for 2024-2026 are 29.1 billion CNY, 30.4 billion CNY, and 31.0 billion CNY, with year-on-year growth rates of 5%, 5%, and 2% respectively [6]. - The expected net profit for the same period is 3.3 billion CNY, 3.5 billion CNY, and 3.7 billion CNY, with growth rates of 4%, 7%, and 5% respectively [6]. - The company's earnings per share (EPS) are projected to be 1.13 CNY, 1.20 CNY, and 1.26 CNY for 2024, 2025, and 2026 respectively [6]. - The company has maintained a high dividend payout and share buyback strategy, with a recent buyback plan of 800-1,000 million CNY announced [4][6].