Investment Rating - The report maintains an "Overweight" rating for the company [1][6] Core Views - The company achieved a steady revenue growth of 4.9% in 2023, with a total revenue of 17.638 billion yuan, and a net profit of 1.754 billion yuan, reflecting a year-on-year increase of 6.01% [3][4] - The integration with Guodu Securities is expected to enhance the company's competitive edge and resource allocation [6] - The forecast for net profit for 2024, 2025, and 2026 is set at 1.784 billion yuan, 1.938 billion yuan, and 2.148 billion yuan respectively, indicating growth rates of 1.70%, 8.63%, and 10.84% [6][7] Summary by Sections Financial Performance - In 2023, the company's main revenue was 17.638 billion yuan, with a net profit of 1.754 billion yuan, and basic earnings per share of 0.46 yuan, marking a 6.98% increase year-on-year [3][4] - The company's leverage ratio increased to 4.64x, with total assets and net assets at 145.5 billion yuan and 27 billion yuan respectively, showing year-on-year growth of 6.25% and 3.41% [3][4] Business Segments - The growth in revenue was primarily driven by self-operated business, with brokerage and investment banking showing resilience and double-digit growth [4][5] - Brokerage business net income increased by 21.12%, while investment banking revenue grew by 12.58% [4][5] - The asset management business remained stable, with a total asset management scale of 911 billion yuan, consistent with the previous year [5] Strategic Initiatives - The company is pursuing external expansion through the acquisition of Guodu Securities, which will enhance its resource integration and business synergy [6] - The company aims to strengthen its wealth management and research integration, focusing on a customer-centric approach [4][6] Future Outlook - The report projects a reasonable price range for the company's stock at 11.30 yuan to 12.80 yuan based on a price-to-book ratio of 1.5 to 1.7 for 2024 [6][7] - The expected return on equity (ROE) for the next three years is forecasted to be 6.35%, 6.42%, and 6.67% respectively [6][7]

本报告由财信证券研究发展中心对许可范围内人员统一发送，任何人不得在公众媒体或其它渠道对外公开发布。 任何机构和个人（包括本公司内部客户及员工）对外散发本报告的，则该机构和个人独自为此发送行为负责，本 公司保留对该机构和个人追究相应法律责任的权利。 % 1M 3M 12M 上证指数 -1.60 4.60 -8.88 沪深 300 -3.16 5.47 -15.23 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 1 经济金融高频数据周报（04.01-04.05）2024- 04-08 3 宏观经济研究周报（03.25-03.29）：国内制造 业 PMI 回升，美国核心 PCE 回落 2024-03-31 宏观经济研究周报（04.15-04.19）) 本周观点：国内方面，3 月规上工业增加值增长 4.5%，较 1-2 月份回 落 2.5 个百分点，环比增速转负，工业生产边际放缓较多。这主要是 由于 1月和 2月生产端基数偏高，导致部分库存积压，同时国内房地 产等传统需求不足，对工业生产造成了一定制约。此外，出口增速的 转负和外资及私营企业预期的偏弱也进一步影响了工 ...

0 5000 10000 15000 20000 25000 2018-012018-062018-112019-042019-092020-022020-072020-122021-052021-102022-032022-082023-012023-062023-11 美国:建造支出:季调:折年数 美国:私人部门建造支出:季调:折年数 美国:建造支出:公共安全:季调:折年数 美国:建造支出:制造业:季调:折年数 图 18：美国:建造支出:季调:折年数（亿美元） 图 19：美国:私人部门建造支出:制造业:季调:折年数 （亿美元、分部门） 0 500 1000 1500 2000 2500 0 500 1000 1500 2000 2500 2018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-092024-01 美国:私人部门建造支出:制造业:运输设备:季调:折年数（右 美国:私人部门建造支出:制造业轴）:计算机、电 ...

美欧经济不确定指数： 资料来源：财信证券，wind | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|---------|--------------------------|---------|---------|--------|-------------------|----------------------|---------|---------|---------| | 图 4 | | ：布伦特原油结算价（美元 | / 桶） | | 图 5 | | ：美国通胀国债利率（ | % ） | | | | | | | | | | | | | | | | 140 | | | | | 3.0 | | | | | | | 120 | | | | | 2.5 | | | | | | | | | | | 88.36 | 2.0 | | | | | | | 100 | | | | | 1.5 | | | | | | | 80 | | | | | 1.0 | | | | | | | 60 | | | | | ...

证券研究报告 公司点评 长安汽车（000625.SZ） 汽车｜ 乘用车 业绩稳健增长，电动智 能化转型布局提速 2024年 04月 22日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 增持 主营收入（亿元） 1212.53 1512 .98 1815.57 2178.69 2509.81 归母净利润（亿元） 77.98 113.27 86.29 101.29 123.70 评级变动 维持 每股收益（元） 0.79 1.14 0.87 1.02 1.25 交易数据 每股净资产（元） 6.34 7.25 7.85 8.57 9.44 当前价格（元） 16.68 P/E 21.66 14.91 19.57 16.67 13.65 52周价格区间（元） 10.99-21.48 P/B 2.69 2.35 2.17 1.99 1.80 总市值（百万） 144410.65 资料来源：iFinD（2024-4-19收盘价），财信证券 流通市值（百万） 143382.00 总股本（万股） 991729.00 投资要点： 流通股（万股） 985562.00  事件：公司发布 2023年年度报告 ...

证券研究报告 公司点评 珀莱雅(603605.SH) 美容护理｜ 化妆品 业绩增长亮眼，品牌势能有望持续向上 2024年04月22日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 6,385.45 8,904.57 11,336.53 13,719.01 16,023.52 归母净利润(百万元) 817.40 1,193.87 1,583.28 1,899.09 2,233.59 评级变动 维持 每股收益（元） 2.06 3.01 3.99 4.79 5.63 交易数据 每股净资产（元） 8.75 10.83 13.86 17.48 21.74 当前价格（元） 104.40 P/E 50.67 34.70 26.16 21.81 18.54 52周价格区间（元） 78.24-173.86 P/B 11.92 9.64 7.53 5.97 4.80 总市值（百万） 41421.50 资料来源：iFinD，财信证券 流通市值（百万） 41217.20 总股本（万股） 39675.80 投资要点： 流通股（万股） 39480.10  业绩概览：1）2023全 ...

证券研究报告 公司点评 三七互娱(002555.SZ) 传媒｜ 游戏Ⅱ 短期业绩低于预期 ，分红频次提升 2024年 04月 23日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(亿元) 164.06 165.47 174.26 180.50 183.63 归母净利润(亿元) 29.54 26.59 27.96 29.63 30.72 评级变动 维持 每股收益（元） 1.33 1.20 1.26 1.34 1.39 交易数据 每股净资产（元） 5.49 5.73 6.41 7.14 7.89 当前价格（元） 17.19 P/E 12.90 14.34 13.64 12.87 12.41 52周价格区间（元） 15.96-36.94 P/B 3.13 3.00 2.68 2.41 2.18 总市值（百万） 38125.09 资料来源：iFinD，财信证券 流通市值（百万） 27630.33 总股本（万股） 221786.50 投资要点： 流通股（万股） 160734.90  公司发布 2023年报和 2024一季报业绩预告。2023年实现营收、归母 净利润 165 ...

| --- | --- | --- | --- | --- | --- | |-------------------------------------|----------|-------------------------|-------------|--------|-------------------------------------------------------------------------------------------| | | 2024 | 晨会纪要 \n年 04 月 | \n 23 日 | | 晨会纪要 | | 市场数据 | | | | | 晨会聚焦 | | 指数名称 | | 收盘 | 涨跌 | % | 一、财信研究观点 | | 上证指数 | | 3044.60 | | -0.67 | 【市场策略】市场全天震荡调整，消费板块逆势领涨 | | 深证成指 | | 9239.14 | | -0.43 | | | 创业板指 | | 1750.46 | | -0.32 | 【基金研究】基金数据日跟踪 | | 科创 50 | | 731.81 | | 0.17 | 【债券研究】债券市 ...

证券研究报告 行业月度点评 新能源电池 3 月半固态电池装车 311.6MWh 2024年04月16日 2022A 2023E/A 2024E 重点股票 评级 EPS（元） PE（倍） EPS（元） PE（倍） EPS（元） PE（倍） 评级 领先大市 宁德时代 6.99 28.20 10.03 19.66 11.25 17.52 买入 评级变动： 维持 科达利 3.34 27.54 4.45 20.67 4.63 19.87 买入 天赐材料 2.97 8.16 0.98 24.74 0.74 32.77 买入 行业涨跌幅比较 东方电热 0.20 24.20 0.46 10.52 0.35 13.83 买入 新能源电池 沪深300 资料来源：同花顺iFinD，财信证券 15% 投资要点： -5%  行情回顾：3月 14日至 4月 15日，电池指数上涨2.44%，同期沪深 -25% 300指数下跌0.37%，根据近一月的走势来看，电池指数走势稍强于沪 -45% 深 300指数走势。个股方面，近一月电池板块中上涨个股 38只，下跌 2023-04 2023-07 2023-10 2024-01 2024-04 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 Index [30]. Core Insights - The company's net interest margin (NIM) has come under pressure, narrowing by 31 basis points year-on-year to 1.7%, although it remains at a leading level within the industry. This decline is primarily due to a 21 basis point drop in the yield on interest-earning assets, which was more pronounced than the industry average [2][8]. - The company has effectively managed its liabilities, with a slight increase of 2 basis points in the cost of interest-bearing liabilities compared to the first half of the year. The deposit cost rate remained stable, and the overall cost of liabilities rose less than that of peers due to proactive adjustments in the liability structure [2][8]. - The asset quality remains stable, with a non-performing loan (NPL) ratio of 1.37% at the end of 2023, a decrease of 1 basis point year-on-year. The coverage ratio for provisions stands at 239.85%, maintaining a strong risk mitigation capability [8][18]. Financial Performance Summary - In 2023, the company achieved total revenue of 769.736 billion yuan, a year-on-year decrease of 1.79%. Net interest income was 617.233 billion yuan, down 4.11% year-on-year, while non-interest income from fees and commissions was 115.746 billion yuan, a slight decline of 0.29% [26][28]. - The company reported a net profit attributable to shareholders of 332.653 billion yuan, reflecting a year-on-year increase of 2.44% [26][28]. - The company’s loan portfolio grew by 12.6% year-on-year, with corporate loans increasing by 18.4%. Personal loans saw a growth of 5.3%, driven mainly by consumer and business loans [18][26]. Valuation Metrics - The report forecasts earnings per share (EPS) for 2024-2026 to be 1.35, 1.39, and 1.44 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 5.40, 5.24, and 5.08 [28][29]. - The price-to-book (P/B) ratio is projected to be 0.56, 0.51, and 0.46 for the same period, indicating a reasonable valuation range of 9.81 to 10.46 yuan for the stock [28][29].