云南白药：发布五年战略规划，彰显发展信心

Investment Rating - The investment rating for the company is "Buy" with a target price of 64.63 CNY, maintaining the rating from previous assessments [3][5]. Core Insights - The company has released a five-year strategic plan aimed at achieving coordinated growth in scale, quality, and structure, with specific revenue and profit growth targets set for 2024-2028 [2][7]. - The company has adjusted its revenue and profit forecasts, lowering the estimates for 2024 while increasing those for 2025-2026, predicting earnings per share of 2.53 CNY, 2.81 CNY, and 3.11 CNY for the years 2024, 2025, and 2026 respectively [3][4]. - The company plans to implement a special dividend, distributing 12.13 CNY per 10 shares, totaling 21.64 billion CNY, which is 50.02% of the net profit attributable to the parent company for the first three quarters of 2024 [7]. - The major shareholder has increased their stake in the company, reflecting confidence in its future development and long-term value [7]. Financial Summary - The company's revenue for 2022 was 36.488 billion CNY, with projections of 39.111 billion CNY for 2023, 40.809 billion CNY for 2024, 42.590 billion CNY for 2025, and 44.470 billion CNY for 2026, indicating a growth rate of 0.3%, 7.2%, 4.3%, 4.4%, and 4.4% respectively [4][10]. - The net profit attributable to the parent company is expected to grow from 3.001 billion CNY in 2022 to 4.094 billion CNY in 2023, and further to 4.505 billion CNY in 2024, 5.017 billion CNY in 2025, and 5.554 billion CNY in 2026, with growth rates of 7.0%, 36.4%, 10.1%, 11.3%, and 10.7% respectively [4][10]. - The company's earnings per share are projected to increase from 1.68 CNY in 2022 to 2.29 CNY in 2023, and further to 2.53 CNY, 2.81 CNY, and 3.11 CNY in the following years [4][10].