Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][6]. Core Insights - The company reported a revenue of 37.96 billion yuan for 2023, a year-on-year increase of 3.76%, and a net profit attributable to shareholders of 6.19 billion yuan, up 1.04% year-on-year [2][4]. - The financial segment showed stability, while new business expansions helped mitigate declines in consulting revenue, which fell by 50.82% year-on-year [2]. - The company is focusing on expanding its inclusive finance, commercial factoring, and asset management businesses, which contributed 2.09 billion yuan in interest income, a 12.09% increase year-on-year [2]. - The average balance of interest-earning assets was 271.02 billion yuan, a 0.67% increase year-on-year, while the average balance of interest-bearing liabilities rose by 5.60% to 234.09 billion yuan [2]. - The company maintained strong pricing power, with the yield on interest-earning assets increasing by 24 basis points to 8.24%, supporting a 3.64% rise in interest income to 22.47 billion yuan [2]. - The company announced a special dividend and plans to distribute a cash dividend of 0.50 HKD per share, maintaining a payout ratio above 30%, resulting in a dividend yield of 8.24% based on the closing price of 6.07 HKD [2][4]. Financial Projections - Revenue projections for 2024-2026 are 41.23 billion yuan, 43.96 billion yuan, and 46.35 billion yuan, with growth rates of 8.63%, 6.61%, and 5.43% respectively [4]. - Net profit projections for the same period are 6.78 billion yuan, 7.30 billion yuan, and 7.63 billion yuan, with growth rates of 9.53%, 7.55%, and 4.56% respectively [4]. - The diluted earnings per share (EPS) are expected to be 1.57, 1.69, and 1.77 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 3.55, 3.30, and 3.16 [4].
2023年报点评：稳金融、扩产业、强化高股息