成本收入比下降，小微韧性持续

Investment Rating - The report assigns a "Buy" rating to the company [1]. Core Insights - The company reported a stable high growth in its 2023 annual report, with revenue, PPOP, and net profit attributable to shareholders increasing by 12.1%, 15.1%, and 19.6% year-on-year, respectively [2][3]. - The growth rates for these metrics showed slight fluctuations compared to the first three quarters of 2023, with PPOP growth exceeding expectations [2]. - Key drivers of cumulative performance include scale expansion, other income, a decrease in cost-to-income ratio, and positive contributions from provisioning, despite some drag from narrowing net interest margin and declining non-interest income [2][3]. Summary by Sections Financial Performance - In 2023, the company's loan growth rate was 15.0%, with new loans amounting to 29.006 billion yuan, where 55.4% of the loan increase came from personal loans [3]. - The non-performing loan (NPL) ratio remained stable at 0.75% at the end of 2023, with retail loan NPLs decreasing by 11 basis points [3]. - The cost-to-income ratio improved significantly to 36.87%, down 1.71 percentage points year-on-year, indicating effective cost management [3]. Profitability Forecast - The company is expected to achieve net profit growth rates of 18.1% and 14.6% for 2024 and 2025, respectively, with EPS projected at 1.41 and 1.62 yuan per share [3]. - The current stock price corresponds to a PE ratio of 4.91X for 2023 and 4.28X for 2024, with PB ratios of 0.68X and 0.60X, respectively [3]. Market Position - The company maintains a strong focus on small and micro enterprises, with a strategic goal to serve the agricultural sector, which has contributed to its loan growth [3]. - The report highlights the company's commitment to reducing the cost-to-income ratio further, which is expected to positively impact profitability in the future [3].