Q4业绩超预期，分红率再度提高

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 37.78 [1]. Core Insights - The company reported a revenue of 9.655 billion yuan in 2023, representing a year-on-year growth of 7.32%. The net profit attributable to the parent company was 2.823 billion yuan, up 30.04% year-on-year [4][5]. - The fourth quarter performance exceeded expectations, with a record quarterly revenue of 3.118 billion yuan, a slight increase of 0.49% year-on-year. The net profit for Q4 reached 879 million yuan, a significant increase of 51.84% year-on-year [4][9]. - The company’s core products, particularly those for respiratory diseases, saw strong sales due to seasonal demand, contributing to the overall revenue growth [4][5]. Financial Performance Summary - Revenue and Profit Forecasts: - 2022A: Revenue of 8.996 billion yuan, net profit of 2.171 billion yuan - 2023A: Revenue of 9.655 billion yuan, net profit of 2.823 billion yuan - 2024E: Revenue expected to be 10.203 billion yuan, net profit of 3.114 billion yuan - 2025E: Revenue expected to be 11.084 billion yuan, net profit of 3.430 billion yuan - 2026E: Revenue expected to be 11.944 billion yuan, net profit of 3.730 billion yuan [1][5]. - Growth Rates: - Revenue growth rates for 2024-2026 are projected at 6%, 9%, and 8% respectively, while net profit growth rates are expected to be 10%, 10%, and 9% [5]. - Profitability Metrics: - The company achieved a gross margin of 81.5% in 2023, with a net margin of 29.3%, reflecting a year-on-year increase of 5.14 percentage points [4][5]. - Earnings Per Share (EPS): - EPS for 2023 was reported at 3.06 yuan, with projections of 3.38 yuan, 3.72 yuan, and 4.05 yuan for 2024, 2025, and 2026 respectively [1][5]. Segment Performance - Product Categories: - The company’s revenue from the heat-clearing and detoxifying category reached 3.380 billion yuan, growing by 17.68%. The pediatric category generated 2.741 billion yuan, up 13.01%, while the digestive category saw a decline of 4.60% to 1.687 billion yuan [4][5]. - Cost and Margin Analysis: - The gross margins for the heat-clearing, digestive, and pediatric categories were 78.03%, 89.93%, and 87.30% respectively, with slight declines attributed to rising raw material costs [4][5]. Dividend Policy - The company announced a cash dividend of 1.197 billion yuan, representing 42.41% of the net profit for 2023, indicating an increase in the dividend payout ratio compared to previous years [4][5].