2023年度业绩快报点评：营收增速回升，利润增速回落

Investment Rating - The investment rating for Ningbo Bank is "Buy" [1][3]. Core Views - Ningbo Bank reported a stable overall performance in its 2023 annual earnings preview, with a slight recovery in revenue growth and a minor decline in net profit growth compared to the previous quarter [1]. - The bank achieved an operating income of 61.6 billion yuan in 2023, representing a year-on-year growth of 6.4%, with a notable increase of 9.5% in the fourth quarter alone [1]. - The net profit attributable to shareholders reached 25.5 billion yuan, reflecting a year-on-year increase of 10.7%, although the growth rate decreased by 1.9 percentage points compared to the third quarter [1]. - The bank's total assets stood at 2.71 trillion yuan at the end of 2023, marking a 14.6% increase from the previous year, with stable growth in both loans and deposits [1]. - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 461%, indicating a solid asset quality [1]. Financial Performance Summary - The bank's basic earnings per share (EPS) for 2023 was 3.75 yuan, up 11.0% year-on-year [1][4]. - The weighted average return on equity (ROE) was 15.1%, down 0.5 percentage points from the previous year, but still at a high level [1]. - The forecast for net profit attributable to shareholders for 2023-2025 has been adjusted to 25.5 billion, 27.8 billion, and 30.1 billion yuan, with corresponding growth rates of 10.6%, 9.0%, and 8.3% respectively [1][4]. - The current price-to-earnings (PE) ratios are projected at 5.7, 5.2, and 4.8 for the years 2023, 2024, and 2025, while the price-to-book (PB) ratios are 0.81, 0.72, and 0.64 respectively [1][4].