业绩平稳高增长，资产质量继续优异

Investment Rating - The investment rating for the company is "Buy" with a current price of 6.92 CNY and a reasonable value of 10.91 CNY, maintaining the previous rating of "Buy" [3]. Core Views - The company reported a revenue growth of 12.04% year-on-year for 2023, with a net profit growth of 19.61%. The growth rates have slightly decreased compared to the first three quarters of 2023 [1][2]. - In Q4 2023, the revenue and net profit increased by 10.5% and 15.0% year-on-year, respectively, indicating a significant recovery in revenue growth compared to Q4 2022 [1]. - The company continues to enhance its provisioning efforts, maintaining high asset quality with a non-performing loan ratio of 0.75%, which is a decrease of 6 basis points from 2022 [2]. - The company’s total assets and loans grew by 16.19% and 15.00% year-on-year, respectively, although loan growth has slowed due to factors such as early mortgage repayments and new credit card regulations [1][2]. - The company’s total liabilities and deposits increased by 16.52% and 16.16% year-on-year, with a significant increase in deposits in Q4 2023 [1]. Summary by Sections Financial Performance - Revenue for 2023 increased by 12.04% year-on-year, while net profit grew by 19.61%. Q4 2023 saw a revenue increase of 10.5% and net profit increase of 15.0% compared to Q4 2022 [1]. - The company’s total assets and loans grew by 16.19% and 15.00% year-on-year, with total liabilities and deposits increasing by 16.52% and 16.16% year-on-year [1][2]. Asset Quality - The non-performing loan ratio for 2023 is 0.75%, stable compared to the previous year, and the provisioning coverage ratio is 537.88%, up from the previous year [2]. - The company has implemented effective risk control measures, particularly in its micro-loan business, contributing to stable asset quality [2]. Earnings Forecast - The company is expected to maintain robust growth, with projected net profit growth rates of 16.7% and 16.2% for 2024 and 2025, respectively. The earnings per share (EPS) is forecasted to be 1.41 CNY and 1.63 CNY for 2024 and 2025 [2]. - The current A-share price corresponds to a price-to-earnings (PE) ratio of 4.9X for 2024 and 4.2X for 2025, and a price-to-book (PB) ratio of 0.7X for 2024 and 0.6X for 2025 [2].