Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.9 HKD per share based on a 5x PE valuation for 2024 [4][2]. Core Insights - The company reported a slight increase in revenue for 2023, reaching 37.96 billion CNY, up 3.76% year-on-year, while net profit attributable to shareholders was 6.193 billion CNY, reflecting a 1.04% growth [6][2]. - The financial consulting segment has adopted a more cautious approach to asset allocation, with a significant reduction in the proportion of urban public utilities, which decreased from 50.97% in 2022 to 39.82% in 2023 [6][8]. - The industrial operations segment showed robust growth, with revenue increasing by 11.38% to 14.739 billion CNY, driven by strong performance in construction and health sectors [10][6]. Summary by Sections Financial Performance - In 2023, the company’s total interest-earning assets amounted to 269.085 billion CNY, a slight decrease of 0.56% year-on-year [8]. - The net interest margin and non-performing loan ratio for 2023 were 3.98% and 1.04%, respectively, indicating stable core metrics despite a cautious asset allocation strategy [9][6]. - The average cost of liabilities increased from 4.06% in 2022 to 4.26% in 2023, influenced by overseas borrowing costs [9][6]. Revenue Breakdown - The financial and consulting segment accounted for 61.32% of total revenue, a decrease of 0.58% from the previous year, while the industrial operations segment's revenue grew significantly [6][10]. - The industrial operations segment's revenue was 14.739 billion CNY, with notable contributions from Hongxin Jianda and Hongxin Health, which grew by 22.00% and 15.53%, respectively [10][6]. Future Projections - For 2024, the company is expected to generate revenue of 39.569 billion CNY, representing a growth of 4.24%, with net profit projected at 6.333 billion CNY, a 2.26% increase [2][3]. - The earnings per share (EPS) for 2024 is estimated to be 1.47 CNY, with a historical PE average of 5-5.5x over the past five years [2][3].
弱化城市公用投放，各指标稳中求进