四大事业群均衡发展，高股息优质资产

Investment Rating - The investment rating for Yunnan Baiyao is "Buy-A" with a target price of 62.00 CNY over the next six months [3][8]. Core Views - The company has achieved balanced development across its four major business segments, contributing to stable revenue growth. In 2023, Yunnan Baiyao reported a revenue of 39.11 billion CNY, a year-on-year increase of 7.19%, and a net profit of 4.09 billion CNY, up 36.41% [2][3][8]. Summary by Sections Business Performance - The pharmaceutical segment generated 6.48 billion CNY in revenue, growing by 8.16%, with the core Baiyao products maintaining strong growth and a gross margin of 70.6% [2][3]. - The health products segment achieved 6.42 billion CNY in revenue, a 6.50% increase, with Yunnan Baiyao toothpaste maintaining market leadership [2][6]. - The traditional Chinese medicine resources segment saw a revenue increase of approximately 22%, with a significant 81% growth in the sales of Sanqi herbal materials [2]. - The provincial pharmaceutical company reported a revenue of 24.49 billion CNY, up 5.63%, with improvements in order fulfillment and delivery speed [2]. Market Position - Yunnan Baiyao's core products continue to lead the market, with the Baiyao aerosol spray contributing over 1.7 billion CNY in sales, a 15.27% increase. The company holds the top market share in various categories, including 14.5% in the muscle and bone system category [3][6]. - Other traditional Chinese medicine products also showed significant growth, with sales of Pudilan tablets and Huoxiang Zhengqi water exceeding 100 million CNY, growing by nearly 16% and 124%, respectively [3]. Dividend Policy - The company has a strong focus on cash dividends, with a proposed dividend of 20.77 CNY per 10 shares for 2023, totaling 3.706 billion CNY, which represents 90.53% of the net profit [7]. Financial Projections - Revenue projections for 2024-2026 are estimated at 41.62 billion CNY, 44.29 billion CNY, and 47.15 billion CNY, respectively, with net profits expected to reach 4.46 billion CNY, 4.87 billion CNY, and 5.27 billion CNY [8][11].