资产规模稳步扩张，自营表现亮眼

Investment Rating - The report maintains an "Accumulate-A" rating for the company [5] Core Views - The company has shown resilience with a steady expansion in asset scale and impressive performance in proprietary trading, despite declines in other business segments [4][5] - The company is expected to achieve revenue growth in the coming years, with projected revenues of 8.87 billion yuan, 9.85 billion yuan, and 10.83 billion yuan for 2024, 2025, and 2026 respectively [5] Summary by Relevant Sections Market Performance - As of March 21, 2024, the closing price was 8.39 yuan, with a yearly high of 10.24 yuan and a low of 6.18 yuan [1] - The circulating A-share market capitalization is 69.067 billion yuan [1] Financial Performance - In 2023, the company reported total revenue of 7.119 billion yuan, a decrease of 8.46% year-on-year, while net profit attributable to shareholders was 2.152 billion yuan, a slight increase of 0.21% [3][7] - The return on equity (ROE) was 4.88%, down from the previous year [3][7] Business Segments - The proprietary trading segment saw significant growth, with revenues increasing by 53.54% to 1.705 billion yuan, while investment banking revenues fell sharply by 60.38% to 211 million yuan due to a slowdown in the primary market [4] - The brokerage business remains the largest revenue contributor, generating 3.274 billion yuan, although it declined by 9.06% [4] Asset Management - The company’s fund management business net income grew by 5.17% to 299 million yuan, with managed assets reaching 16.354 billion yuan, a 41.32% increase [2] - The asset management scale decreased by 18.95% to 57.608 billion yuan due to various market factors [2] Future Projections - The company is projected to achieve net profits of 2.726 billion yuan, 3.073 billion yuan, and 3.358 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 26.67%, 12.71%, and 9.28% [5][7]