Caixin Securities·2024-03-28 16:00Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company maintains a strong leading position in the non-bank financial sector, with accelerated overseas business expansion [1][7] - The company reported a revenue of 60.068 billion yuan in 2023, a year-on-year decline of 7.74%, and a net profit of 19.721 billion yuan, also down by 7.49% [6][8] - The company is expected to benefit from favorable capital market policies and has a stable market share in wealth management and brokerage services [7][8] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a total revenue of 600.68 billion yuan, with a net profit of 197.21 billion yuan, and basic earnings per share of 1.30 yuan, reflecting a decline of 8.45% year-on-year [6][8] - The company's total assets reached 1.45 trillion yuan, with a year-on-year increase of 11.09%, and total liabilities of 1.18 trillion yuan, up by 12.29% [6][8] Business Segments - Brokerage and proprietary trading revenues were 102.23 billion yuan and 218.47 billion yuan, respectively, with the proprietary trading segment showing a year-on-year growth of 23.87% [6][8] - The company’s overseas business revenue reached 9.404 billion yuan, marking a year-on-year increase of 14.78% [6][8] - The investment banking segment faced challenges, with net income from investment banking services declining by 27.28% to 62.93 billion yuan [7][8] Future Outlook - The company is expected to see a gradual increase in net profit, with projections of 22.264 billion yuan, 24.863 billion yuan, and 27.381 billion yuan for 2024, 2025, and 2026, respectively [6][8] - The company is focusing on enhancing its wealth management services and expanding its overseas wealth management footprint, which is anticipated to contribute positively to future growth [7][8]