CONBA(SH:600572) Tianfeng Securities·2024-04-22 07:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [9][21]. Core Insights - The company achieved a revenue of 6.733 billion yuan in 2023, representing a year-on-year growth of 12.20%. The net profit attributable to the parent company was 591.57 million yuan, up 65.20% year-on-year [4][8]. - The core business of traditional Chinese medicine continues to grow, with revenue from this segment reaching 4.544 billion yuan, a 16.13% increase year-on-year, accounting for 67.49% of total revenue [5][8]. - The company emphasizes shareholder returns, proposing a cash dividend of 2.00 yuan per 10 shares, resulting in a dividend yield of 3.97% for 2023 [7][8]. Financial Performance Summary - The company forecasts revenue for 2024, 2025, and 2026 to be 7.756 billion yuan, 8.799 billion yuan, and 9.918 billion yuan respectively, with corresponding net profits of 786.26 million yuan, 943.33 million yuan, and 1.062 billion yuan [8][15]. - The EBITDA for 2023 is projected at 1.344 billion yuan, with a growth rate of 24.5% compared to the previous year [15][16]. - The company’s net profit margin is expected to improve, with net profit margins of 8.79% in 2023 and projected to reach 10.14% in 2024 [8][15]. Business Development - The company has successfully increased its product offerings, with 17 products generating over 100 million yuan in sales, contributing to 68.6% of total revenue [6][8]. - The company is actively seeking potential acquisition opportunities to enhance revenue and profit growth [8][9].