投资及信用逆势增长，资产减值损失拖累业绩

Investment Rating - The report maintains a "Buy" rating for the company [6][12]. Core Insights - The company reported a slight decline in revenue and net profit for 2023, with total revenue at 17.09 billion yuan, down 9% year-on-year, and net profit at 2.754 billion yuan, down 8.5% year-on-year. The fourth quarter of 2023 saw a significant drop in revenue, with a 49% year-on-year decrease [6][7]. - Investment and credit business showed growth against the trend, while fee-based income was affected by market conditions. The company’s brokerage, investment banking, asset management, net interest income, net investment income, and long-term stock investment revenues experienced varied changes [6][7]. - The report highlights the impact of market volatility on the company's performance, particularly in the fourth quarter, where investment losses were a significant factor in the reported net loss [6][7]. - The company’s asset management performance was below industry standards, with a notable decline in profit contributions from public funds due to fee reduction policies [6][7]. - The report projects a recovery in net profit for 2024, estimating it at 3.07 billion yuan, representing an 11.5% year-on-year increase [7][9]. Summary by Sections Financial Performance - Total revenue for 2023 was 17.09 billion yuan, down 9% year-on-year, with a net profit of 2.754 billion yuan, also down 8.5% year-on-year. The fourth quarter saw a revenue of 3.39 billion yuan, down 49% year-on-year [6][7]. - The company’s return on equity (ROE) for 2023 was 3.45%, a decrease of 0.71 percentage points year-on-year [6][7]. Revenue Breakdown - The revenue from brokerage services was 2.78 billion yuan, down 10% year-on-year, while net investment income increased by 35% to 2.33 billion yuan. The company’s income from investment and credit business showed resilience [6][7]. Asset Management - The company’s public asset management unit reported a net profit of 490 million yuan, down 41% year-on-year, indicating pressure from fee reduction policies [6][7]. Future Projections - The report anticipates a recovery in net profit, projecting 3.07 billion yuan for 2024, with subsequent years showing continued growth [7][9].