2023年报点评：资产结构明显改善

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 9.3 yuan, compared to the current price of 7.99 yuan [1]. Core Views - The company's asset structure and profitability indicators have significantly improved, with total assets (excluding client funds) reaching 180.2 billion yuan, an increase of 40 billion yuan year-on-year [1]. - The financial leverage ratio stands at 3.98 times, which is above the industry average of 3.87 times as of the first half of 2023 [1]. - The company benefited from a decline in market interest rates, reducing its cost of liabilities to 2.6%, a decrease of 0.5 percentage points year-on-year [1]. - Regulatory indicators have improved, with a liquidity coverage ratio of 223%, up 84 percentage points year-on-year, and a net stable funding ratio of 162%, which is significantly above the warning line [1]. - The company recorded a credit impairment reversal of 281 million yuan, accounting for 13.04% of net profit, primarily due to the recovery of previously impaired assets [1]. - The light asset business faced pressure due to market downturns, with net income from brokerage fees declining by 9.06% year-on-year to 3.274 billion yuan [1]. - The capital-intensive business remained stable, with revenue from proprietary trading increasing by 53.54% to 1.705 billion yuan [1]. Financial Summary - The company's total operating revenue for 2023 was 71.19 billion yuan, a year-on-year decrease of 8.46%, while net profit attributable to shareholders was 21.52 billion yuan, a slight increase of 0.21% [1][2]. - The average daily trading volume in the A-share market was 877.2 billion yuan, reflecting a year-on-year increase of 5.23% [1]. - The company expects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.31, 0.35, and 0.39 yuan, respectively [1][2]. - The price-to-book (PB) ratios for 2024, 2025, and 2026 are projected to be 1.38, 1.31, and 1.23 times, respectively [1][2].