四大业务保障高分红，推进新兴业务布局

Investment Rating - The investment rating for Yunnan Baiyao is to "hold," indicating that the stock is expected to perform within a range of 10% to 20% relative to the market index over the next six months [16]. Core Insights - Yunnan Baiyao reported a total revenue of 39.11 billion yuan in 2023, a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 4.09 billion yuan, up 36.4% year-on-year [2]. - The company has a robust dividend plan, proposing a dividend of 20.77 yuan per 10 shares, totaling 3.706 billion yuan, which represents 90.53% of the net profit for 2023 [2]. - The company is focusing on enhancing its innovation capabilities, particularly in nuclear medicine, with significant progress in its nuclear drug development pipeline [3]. Summary by Sections Financial Performance - In 2023, Yunnan Baiyao's industrial revenue reached 13.74 billion yuan, reflecting a growth of 7.58% year-on-year. The pharmaceutical segment generated 6.481 billion yuan, an increase of 8.16% [2]. - The gross profit margin for 2023 was 26.51%, with the industrial segment achieving a gross margin of 64.24% [3]. Business Segments - The pharmaceutical segment's revenue was 6.481 billion yuan, driven by aging population trends and recovery in sports demand, with key products like Yunnan Baiyao aerosol contributing over 1.7 billion yuan [2]. - The health products segment generated 6.422 billion yuan, benefiting from a focus on oral health and personal care products, maintaining a market share of 24.60% in oral care [2]. - The traditional Chinese medicine resources segment saw a revenue increase of 22.2%, reaching 1.71 billion yuan, driven by customer demand [2]. Future Outlook - The company forecasts net profits of 4.48 billion yuan, 4.98 billion yuan, and 5.46 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 18, and 17 [8]. - Revenue growth is expected to continue at approximately 8% annually through 2026, with specific segments like the traditional Chinese medicine resources projected to grow at 20% annually [12].