全年稳步收关，分红比例提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 22.80 HKD per share, compared to the current price of 18.96 HKD [4]. Core Insights - The company reported a revenue of 98.624 billion RMB for 2023, representing a year-on-year increase of 6.51%, while the net profit attributable to shareholders was 4.809 billion RMB, down 9.31% year-on-year [2][3]. - The liquid milk segment continued to show steady growth, with revenue reaching 82.071 billion RMB, up 4.86% year-on-year. The premium product line, including organic series, maintained over 10% growth, contributing to structural upgrades [2][3]. - The company increased its dividend payout ratio to 40% for 2023, up from 30% in 2022, reflecting a commitment to returning value to shareholders [2][3]. Financial Summary - Revenue for 2023 was 98.624 billion RMB, with a growth rate of 6.51%. The projected revenue for 2024 is 102.723 billion RMB, indicating a growth rate of 4.16% [3]. - The net profit attributable to shareholders for 2023 was 4.809 billion RMB, with a forecasted increase to 5.503 billion RMB in 2024, representing a growth rate of 14.43% [3]. - The company's gross margin improved by 1.85 percentage points to 37.15% in 2023, driven by lower milk prices and structural upgrades [2][3].