市场变化扰动业绩，综合优势凸显韧性

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a current price of CNY 19.60 and HKD 13.24, and a target value of CNY 25 and HKD 16.89 [4][28]. Core Insights - The overall performance in 2023 was relatively stable, with a revenue of CNY 600.68 billion, down 7.74% year-on-year, and a net profit attributable to shareholders of CNY 197.21 billion, down 7.49% year-on-year. The weighted ROE was 7.81%, a decrease of 0.86 percentage points [2][9][10]. - The company's comprehensive advantages and domestic and international collaboration have highlighted the resilience of its light asset business. The brokerage business revenue was CNY 102.23 billion, down 8% year-on-year, while the revenue from selling financial products increased by 0.63% to CNY 16.94 billion [2][16][18]. - The heavy asset business showed steady growth, with proprietary investment income rising by 17% to CNY 174.04 billion. However, investment banking revenue faced pressure, declining by 27.3% to CNY 62.93 billion [2][22][24]. Summary by Sections Performance Overview - Revenue decreased by 7.74% year-on-year to CNY 600.68 billion, and net profit decreased by 7.49% to CNY 197.21 billion. The adjusted leverage ratio increased to 4.27 times, and the weighted ROE was 7.81% [2][9][10]. Business Optimization and Advantages - The investment business saw a recovery, with proprietary investment income increasing by 17% to CNY 174.04 billion. The brokerage business faced challenges, with net income of CNY 102.23 billion, down 8% year-on-year [2][12][16]. - Wealth management showed slight growth, with financial product sales revenue increasing by 0.63% to CNY 16.94 billion, accounting for 15% of brokerage business revenue [2][18]. - Asset management revenue decreased by 38% to CNY 19.32 billion, while fund business revenue was CNY 76.35 billion, down 3% [2][19]. Investment Banking and Capital Intermediation - Investment banking revenue decreased by 27.3% to CNY 62.93 billion, with a market share in domestic equity underwriting increasing to 24% [2][22][24]. - Capital intermediation income grew by 2.67% to CNY 88.05 billion, with financing and securities lending interest income at CNY 83.43 billion, down 5.2% [2][27]. Profit Forecast and Investment Recommendations - The report forecasts a net asset value per share of CNY 19.23 for 2024 and CNY 20.58 for 2025, with a target price of CNY 25 per share based on a 1.3 times PB valuation for 2024 [2][28].