“六五规划”提出百亿销售目标，高股息优质资产

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.64 CNY over the next six months [7][17]. Core Views - The company aims to achieve a sales target of over 10 billion CNY by the end of the "Six Five Plan" period in 2028, driven by both organic and external growth strategies [3][17]. - The company reported a robust performance in 2023, with a revenue of 5.7 billion CNY, a year-on-year increase of 11.89%, and a net profit of 1.12 billion CNY, up 29.05% [1][2]. - The first quarter of 2024 showed a decline in revenue and net profit, attributed to a high base effect from the previous year due to increased demand for cold medications following the lifting of COVID-19 restrictions [2][3]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 5.7 billion CNY, with a breakdown showing traditional Chinese medicine sales at 4.145 billion CNY (up 15.33%), chemical drugs at 1.36 billion CNY (up 2.80%), and nutritional health products at 181 million CNY (up 8.54%) [2]. - The first quarter of 2024 saw a revenue of 1.518 billion CNY, a decrease of 14.01%, and a net profit of 255 million CNY, down 37.17% [1][2]. Strategic Goals - The company is recognized as a leading brand in the OTC market, with a focus on enhancing its product lineup and market presence through both internal development and strategic acquisitions [3][17]. - The company plans to leverage its brand and distribution advantages to introduce new products and achieve significant sales growth [10][16]. Dividend Policy - The company has increased its cash dividend payout ratio, proposing a distribution of 15 CNY per 10 shares, totaling approximately 876 million CNY, which represents 78.27% of the net profit for 2023 [10][16]. - The dividend yield based on the closing price as of April 25, 2024, is estimated at 5.45% [10][16]. Future Projections - Revenue projections for 2024 to 2026 are estimated at 6.278 billion CNY, 7.210 billion CNY, and 8.287 billion CNY, respectively, with net profits expected to reach 1.158 billion CNY, 1.308 billion CNY, and 1.485 billion CNY [17][18].