业绩阶段性承压，分红比例提升

Investment Rating - The report maintains a "Buy" rating for the company [9][20]. Core Insights - In 2023, the company experienced a revenue decline of 10.3% year-on-year, totaling 468.25 billion yuan, with a net profit attributable to shareholders of 1.91 billion yuan, down 46.7% year-on-year. The fourth quarter of 2023 saw a significant drop in revenue by 42.6% year-on-year to 67.53 billion yuan, and a net profit decline of 96.2% to 0.05 billion yuan. The challenging external environment and insufficient domestic demand led to pressure on the supply chain segment's profitability [11][12][44]. - The company is focusing on shareholder returns, proposing a cash dividend of 5.0 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 57.6%, which offers a competitive dividend yield [12][20]. - The company is accelerating its internationalization efforts by establishing platform companies in Indonesia, UAE, and Brazil, and expanding its supply chain business in various countries, including Chile, Turkey, and Thailand [2]. Financial Performance Summary - The company's revenue for 2023 was 468.25 billion yuan, with a net profit of 1.91 billion yuan. The fourth quarter revenue was 67.53 billion yuan, with a net profit of 0.05 billion yuan [11][12]. - The supply chain management segment saw a revenue decline of 7.9%, while health technology revenue increased by 64.8%. Other segments experienced a significant drop of 86.3% [19]. - The company anticipates a return to growth in 2024, with projected net profits of 2.12 billion yuan, 2.50 billion yuan, and 2.86 billion yuan for 2024, 2025, and 2026, respectively, corresponding to price-to-earnings ratios of 7.8, 6.7, and 5.8 [20].