Investment Rating - The report does not provide a specific investment rating for the company [4][6]. Core Insights - The company achieved a total revenue of 2.59 billion RMB in 2023, representing a year-on-year growth of 10.7%, primarily driven by the robust performance of its nephrology segment [4][6]. - The overall gross margin was 74.2%, slightly down from 75.3% in 2022. The net profit attributable to shareholders reached 784.534 million RMB, with a year-on-year increase of 14.9%, resulting in a net profit margin of 30.3%, up by 1.1 percentage points [4][6]. - The company declared a dividend of 0.45 HKD per share, with a payout ratio of 42%, significantly higher than the 30% in 2022 [4][6]. Summary by Sections Market Data - Closing price: 7.16 HKD - Total shares: 818 million - Total market capitalization: 5.856 billion HKD - Net assets: 3.627 billion RMB [2]. Financial Performance - Revenue (million RMB): - 2020: 1,753 - 2021: 2,045 - 2022: 2,340 - 2023: 2,590 - Year-on-year growth rates: - 2021: 16.6% - 2022: 14.4% - 2023: 10.7% - Net profit (million RMB): - 2020: 499 - 2021: 590 - 2022: 683 - 2023: 784.534 - Net profit growth rates: - 2021: 18.2% - 2022: 15.8% - 2023: 14.9% - Earnings per share (RMB): - 2020: 0.61 - 2021: 0.74 - 2022: 0.86 - 2023: 0.99 [3]. Business Segments - Nephrology segment revenue: 1.741 billion RMB in 2023, up 11.0% year-on-year, with key products maintaining strong growth [4][6]. - Pediatric and women's health segment revenue: 294 million RMB, a growth of 22.7% year-on-year, with significant market penetration [4][6]. - Imaging segment revenue: 156 million RMB, down 4.6% year-on-year, with some products showing growth while others declined due to procurement issues [4][6]. - Yulin Pharmaceutical revenue: 400 million RMB, up 10.2% year-on-year, benefiting from a strong marketing strategy [4][6]. Research and Development - The company has a diverse product pipeline covering nephrology, MRI, and CT, with several products making significant progress in clinical trials and regulatory approvals [4][6]. Future Outlook - The nephrology and pediatric segments are expected to be the company's main growth drivers, with plans to deepen market penetration and launch new products [5][6].
康臣药业：全年业绩持续稳健增长，派息比例大幅提升