2023年年报点评：业绩稳健，普惠标杆

Investment Rating - The report maintains a "Buy" rating for the company, with a recommendation to "Increase Holdings" [5][6]. Core Insights - The company's performance is relatively stable, with revenue growth showing a marginal increase. In 2023, revenue and net profit attributable to the parent company grew by 7.9% and 13.0% year-on-year, respectively [5][25]. - Loan growth is slowing down, with total assets increasing by 23.3% year-on-year, while loans grew by 10.2%. The company is actively seeking breakthroughs in inclusive finance, with a significant increase in small and micro loans [8][35]. - Asset quality continues to improve, with a non-performing loan ratio of 0.97% at the end of 2023, down by 1 basis point from the previous quarter [9][26]. Summary by Sections Loan Growth and Asset Quality - Total assets increased by 23.3% year-on-year, with loans growing by 10.2%. New credit issued in 2023 amounted to 10.5 billion, with corporate loans contributing 117% of the increase, while retail loans saw a decline of 2.4% [8][35]. - The company is focusing on inclusive finance, with small and micro loans reaching a balance of 45.2 billion yuan, a year-on-year increase of 29% [8][35]. Revenue and Profitability - The company's net interest income decreased by 4.2% year-on-year, while fee-based income surged by 83.9% due to a low base effect. Other non-interest income also saw a significant increase of 81.9% [5][25]. - The net interest margin narrowed to 1.73%, down 48 basis points year-on-year, primarily due to a decrease in loan yields [13][21]. Capital and Dividends - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 12.68%, 12.69%, and 13.88%, respectively. The dividend payout ratio increased from 14.82% to 20.45% [27][35]. Earnings Forecast - The earnings per share (EPS) for 2024 and 2025 are adjusted to 0.98 yuan and 1.11 yuan, respectively, with an estimated book value per share of 9.47 yuan by the end of 2024 [6][15].