业绩符合预期，高比例分红彰显公司长期价值

Investment Rating - The report maintains a "Buy" rating for Meihua Biological (600873) [1][2] Core Views - The company's performance meets expectations, with a revenue of 27.761 billion yuan in 2023, a slight increase of 0.63% year-on-year, and a net profit attributable to shareholders of 3.181 billion yuan, down 27.81% year-on-year [1] - The company demonstrates long-term value through a high dividend payout ratio, with a proposed cash dividend of approximately 1.2 billion yuan, representing 65.71% of the net profit attributable to shareholders for 2023 [1] - The company expects net profits attributable to shareholders to be 3.229 billion yuan, 3.834 billion yuan, and 4.253 billion yuan for 2024, 2025, and 2026, respectively [1] Financial Performance and Forecast - Revenue for 2023 is reported at 27,761 million yuan, with projected revenues of 29,658 million yuan, 31,586 million yuan, and 34,586 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 6.83%, 6.50%, and 9.50% [2][4] - The EBITDA for 2023 is 5,185 million yuan, with projections of 5,812.27 million yuan, 6,438.37 million yuan, and 6,694.88 million yuan for the following years [2] - The net profit attributable to shareholders is forecasted to grow from 3,181 million yuan in 2023 to 4,253 million yuan in 2026, with growth rates of 1.53%, 18.72%, and 10.93% for the respective years [2][4] - The earnings per share (EPS) is expected to increase from 1.08 yuan in 2023 to 1.44 yuan in 2026 [2][4] Company Overview - The latest closing price for Meihua Biological is 10.49 yuan, with a total market capitalization of 30.9 billion yuan [3] - The company has a total share capital of 2.943 billion shares, with a debt-to-asset ratio of 44.8% [3]