业绩稳健，分红亮眼

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 40.77 CNY based on a projected PB of 1x for 2024 [3][31]. Core Insights - The company's performance remains stable, with a revenue growth rate of -1.6% in 2023, showing a slight recovery compared to the previous quarters. The net profit attributable to shareholders increased by 6.2%, although this is a decrease from earlier quarters [1][3]. - Loan growth is stable, with a 7.67% increase in 2023, driven by strong performance in consumer loans and small micro-loans, reflecting effective marketing strategies [1]. - The net interest margin continues to decline, dropping by 4 basis points to 2.15% in Q4, primarily due to pressures in retail business [2]. Financial Performance Summary - Revenue (in million CNY) for 2023 is reported at 3,391, with a growth rate of -1.64%. Projections for 2024-2026 show expected growth rates of 1.83%, 9.81%, and 9.87% respectively [5][22]. - Net profit (in million CNY) for 2023 is 1,466, with a growth rate of 6.22%. Projections for 2024-2026 are 7.3%, 9.1%, and 9.3% respectively [5][22]. - The company’s EPS for 2023 is 5.63, with projections of 6.24, 6.81, and 7.44 for the following years [5][22]. - The P/E ratio for 2023 is 5.75, with a projected decrease to 4.36 by 2026, indicating a potential increase in valuation [5][22]. Dividend and Shareholder Returns - The company has increased its cash dividend to 1.972 CNY per share, with a payout ratio of 35.01%, marking the highest dividend ratio in its history [8]. Asset Quality and Loan Performance - The asset quality remains stable, with a slight decrease in non-performing loan (NPL) ratio by 1 basis point, while the attention rate increased by 9 basis points, indicating pressure mainly in retail loans [28]. - The company reported a significant slowdown in deposit growth, with a rate of 8.22% in Q4, down by 4.34 percentage points from previous quarters, primarily affecting retail demand deposits [29]. Future Projections - The report projects revenue growth for 2024 at 3,453 million CNY, with net profit expected to reach 1,574 million CNY [47]. - The company anticipates a stable growth trajectory in loans, with total loans expected to reach 72,879 million CNY by 2024 [47]. Conclusion - Overall, the report indicates a stable performance with potential for growth, supported by strong loan demand and effective marketing strategies, while also highlighting challenges in net interest margins and deposit growth [1][2][3][8][28][29].