营收表现优异，跨区域发展战略深化

Investment Rating - Strongly Recommended (maintained) [2][4][8] Core Insights - The company achieved a revenue of 9.87 billion yuan in 2023, representing a year-on-year growth of 12.1%, while the net profit attributable to shareholders reached 3.28 billion yuan, up 19.6% year-on-year [3][4] - The annualized ROE for 2023 was 13.69%, an increase of 0.63 percentage points compared to the previous year [3][4] - Total assets at the end of 2023 were 334.46 billion yuan, a growth of 16.2% from the beginning of the year, with loans amounting to 222.4 billion yuan, up 15.0% year-on-year [3][4] - The company plans to distribute a dividend of 0.25 yuan per share, with a payout ratio of 20.88% [3][4] Revenue Performance - The company's revenue growth was supported by a stable net interest income, which accounted for 86.1% of total revenue, with a growth rate of 11.7% for the year [4][7] - Non-interest income increased by 14.3% year-on-year, with a significant growth of 32.4% when excluding certain fees [4][7] Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.75% at the end of 2023, indicating strong asset quality [7][13] - The provision coverage ratio was 538%, reflecting a solid risk mitigation capacity [7][13] Future Outlook - The company is expected to benefit from the continued recovery in demand from small and micro enterprises and retail customers, with projected EPS for 2024-2026 being 1.42, 1.69, and 2.01 yuan respectively [8][11] - The company maintains a differentiated market positioning focusing on inclusive finance and regional expansion, which is anticipated to support future growth [8][11]