业绩符合预期，高股息优质资产

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 26.20 yuan over the next six months, based on a 20x PE valuation for 2024 [11][23]. Core Insights - The company achieved a revenue of 4.39 billion yuan in 2023, representing a year-on-year growth of 13%, and a net profit of 708 million yuan, up 18.4% year-on-year [1][2]. - The growth in net profit was primarily driven by cost reduction and efficiency improvements, with a non-GAAP net profit margin reaching 16.03%, an increase of 2.74 percentage points from the previous year [3][19]. - The company plans to distribute a cash dividend of 7 yuan per 10 shares, amounting to approximately 440 million yuan, reflecting a high dividend payout ratio [4][27]. Financial Performance - In Q4 2023, the company reported a revenue of 1.15 billion yuan, a 23.04% increase year-on-year, and a net profit of 116 million yuan, up 27.26% year-on-year [1][2]. - The non-prescription drug segment generated 3.05 billion yuan in revenue, growing 16.46% year-on-year, while the health products segment saw a remarkable growth of 49.96% [2][19]. - The company has maintained a gross margin of 65.28%, slightly up from the previous year, and has effectively reduced its selling and administrative expenses [3][19]. Future Projections - The company is expected to continue its growth trajectory, with projected revenues of 4.92 billion yuan, 5.52 billion yuan, and 6.21 billion yuan for 2024, 2025, and 2026, respectively [11][26]. - The net profit is forecasted to reach 823.8 million yuan in 2024, with a steady growth rate anticipated for both non-prescription and health products [11][26]. Strategic Development - The company is focused on strengthening its OTC (over-the-counter) business, expanding its health product offerings, and developing its prescription drug segment through a dual strategy of organic growth and acquisitions [37]. - Recent acquisitions have enhanced the company's product portfolio, particularly in the digestive and respiratory fields, demonstrating strong integration capabilities [37].