2023年报点评：泛财富管理布局完善，协同整合打开成长空间

Investment Rating - The report maintains an "Overweight" rating for the company [2] Core Insights - The company achieved operating revenue and net profit attributable to shareholders of 2.955 billion and 671 million yuan in 2023, representing year-on-year changes of +12.7% and -12.5% respectively [3][4] - In Q4 alone, the company reported operating revenue and net profit attributable to shareholders of 448 million and -55 million yuan, with quarter-on-quarter changes of -36.0% and -143.9% [3] - The weighted average ROE decreased by 0.73 percentage points year-on-year to 3.9% [3] - The company’s operating leverage, excluding customer funds, increased by 13.6% from the beginning of the year to 4.31 times [3] Summary by Sections Revenue and Profitability - The company’s revenue from fee-based and capital-based businesses increased to 1.554 billion and 1.304 billion yuan, with year-on-year growth of +19.8% and +2.4% respectively [3] - Management expenses rose significantly by 31.2% to 2.152 billion yuan, primarily due to expansion-related increases in personnel costs, leading to a management expense ratio increase of 10.28 percentage points to 72.8% [3] Wealth Management and Business Development - Wealth management showed strong resilience, with net income from brokerage, investment banking, and asset management at 515 million, 489 million, and 443 million yuan, reflecting year-on-year changes of -6.3%, +2.5%, and +128.5% [3] - The company added 150,500 new wealth management clients in 2023, with financial product holdings increasing by 8.2% year-on-year to 19.33 billion yuan [3] - The company’s investment banking business focused on the Beijing Stock Exchange, achieving growth in IPO, refinancing, and bond underwriting, with respective scales of 2.368 billion, 1.588 billion, and 51.581 billion yuan [3] Asset and Investment Management - Interest income and investment income were reported at 81 million and 1.222 billion yuan, with year-on-year changes of -32.5% and +6.1% respectively [3] - By the end of 2023, the company’s financial asset scale increased by 13.7% year-on-year to 49.711 billion yuan, with trading financial assets up by 20.3% to 39.027 billion yuan [3] Future Outlook - The company is expected to enhance its comprehensive business strength through organic growth and external mergers and acquisitions, with projected net profits attributable to shareholders of 829 million and 1.120 billion yuan for 2024 and 2025, representing year-on-year growth of +23.5% and +35.2% respectively [3][4]