业绩符合预期，积极培育新兴业务

Investment Rating - The report assigns a "Buy" rating with an expectation of outperforming the market by over 10% in total returns over the next 12 months [5][13]. Core Insights - The company reported a revenue of RMB 39.11 billion for 2023, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of RMB 4.09 billion, up 36.4% year-on-year [7][10]. - The fourth quarter saw a slight decline in revenue to RMB 9.42 billion, down 1.6% year-on-year, with net profit at RMB 30 million, impacted by higher expense provisions and decreased investment income [7]. - The four main business segments showed steady growth, with the pharmaceutical segment achieving RMB 6.48 billion in revenue, a growth of 8.2%, and a gross margin of 70.6% [7][10]. - The company is actively exploring and incubating new business divisions, including health supplements, skincare, medical devices, and tea products, aiming to create new revenue growth points through a "comprehensive solution" business model [7][10]. Financial Summary - Revenue projections for 2024-2026 are RMB 43.69 billion, RMB 48.83 billion, and RMB 54.58 billion, respectively, with net profit estimates of RMB 4.43 billion, RMB 4.80 billion, and RMB 5.24 billion [8][10]. - The current stock price corresponds to a 2024 PE ratio of 21 times [8]. - The company’s revenue growth rate is projected at 11.7% for 2024 and remains stable at around 11.8% for 2026 [10]. - The gross margin is expected to stabilize around 26.5% over the forecast period [10]. Shareholder Information - The major shareholders include Yunnan State-owned Assets Management Co., Ltd. (25.02%), Xinhua Duhua Industrial Group Co., Ltd. (24.25%), and Yunnan Hehe Group Co., Ltd. (8.14%) [9].