机构业务维持优势，扩表速度加快

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a total revenue of 60.1 billion, a year-on-year decrease of 7.7%, and a net profit attributable to shareholders of 19.72 billion, down 7.5% year-on-year. The return on equity (ROE) stands at 7.81%, a decrease of 0.86 percentage points compared to the same period last year [1][2]. Summary by Sections Revenue Breakdown - Brokerage business revenue for 2023 was 10.22 billion, down 8.5% year-on-year, accounting for 18.8% of the main securities revenue. In Q4 2023, brokerage revenue was 2.39 billion, showing a 1% increase year-on-year but a 6% decrease quarter-on-quarter due to a decline in stock trading volume and reduced new fund issuance [1]. - Asset management revenue totaled 9.85 billion, a decrease of 10% year-on-year, with Q4 2023 revenue at 2.45 billion, down 14% year-on-year but up 1% quarter-on-quarter. The company's controlled public fund, Huaxia Fund, contributed a net profit of 2.01 billion, accounting for 6.3% of the company's net profit [1]. - Investment banking revenue was 6.29 billion, down 27% year-on-year. The company maintained its leading position with an IPO scale of 50 billion, a 67% decrease year-on-year, and a market share of 14%. The refinancing scale was 227.88 billion, up 0.62% year-on-year, with a market share of 29.29% [1]. Investment and Credit Business - The company achieved a total investment net income (including exchange gains) of 22.38 billion, an increase of 21% year-on-year, with Q4 2023 net income at 4.58 billion, up 15% year-on-year but down 14% quarter-on-quarter. The operating leverage was 4.35 times, slightly up by 0.29 times from the beginning of the year [2]. - Credit business faced some pressure, with net interest income of 4.03 billion, down 31% year-on-year, primarily due to a significant increase in liability costs. The annualized liability cost for 2023 was 3.62%, up 0.27 percentage points year-on-year [2]. Financial Forecast and Valuation - The company is expected to achieve revenues of 62.56 billion, 68.45 billion, and 82.22 billion for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 4.1%, 9.4%, and 9.7%. The net profit attributable to shareholders is projected to be 21.43 billion, 23.59 billion, and 26.82 billion for the same years, with corresponding growth rates of 8.7%, 10.1%, and 10.3% [2][3]. - The report maintains a price-to-book (PB) ratio of 1.6 for 2024, with a target price of 27.69 yuan [2].