营收增速环比上行，存贷增长强劲

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue growth has improved quarter-on-quarter, while net profit growth has slightly declined. In 2023, the company's revenue and net profit attributable to the parent company increased by 6.4% and 10.66% year-on-year, respectively. The revenue growth rate rose by 0.95 percentage points compared to the first three quarters of 2023, with a quarterly revenue of 14.3 billion, representing a year-on-year increase of 9.5% [1][2] - The company has maintained strong credit growth, with total assets, loans, and non-credit asset scales increasing by 14.6%, 19.76%, and -2.3% year-on-year, respectively. The loan growth rate increased by 0.54 percentage points compared to the first three quarters of 2023, indicating robust lending activity [2][3] - Deposit growth has moderated, aligning more closely with loan growth. Total liabilities and deposit scales increased by 14.19% and 20.76% year-on-year, respectively, with a notable decrease in deposits in the fourth quarter [3] - Asset quality remains stable, with a non-performing loan ratio of 0.76%, unchanged from the previous quarter and down 1 basis point year-on-year. The provision coverage ratio is at 461.36%, reflecting solid asset quality management [4] - The company is well-positioned in the economically developed regions of Zhejiang and surrounding areas, with a clear market segmentation and competitive advantages. The management team is stable, and the governance structure is sustainable [5] Summary by Sections Revenue and Profitability - In 2023, the company's revenue is projected to be 61.23 billion, with a year-on-year growth of 6.41%. The net profit attributable to the parent company is expected to reach 25.54 billion, reflecting a 10.66% increase year-on-year [12] Asset and Liability Management - The total assets are expected to grow to 2,715.12 billion by 2024, with loans projected to reach 1,246.83 billion. The company maintains a healthy loan-to-deposit ratio of 80% at the end of 2023 [13] Financial Ratios - The return on average assets (ROAA) is projected to be 1.01% in 2023, while the return on average equity (ROAE) is expected to be 14.31%. The price-to-earnings (P/E) ratio is forecasted to decrease to 5.38 by 2024 [12][13]