以量补价，资产质量指标全面向好

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has shown stable performance with a revenue of 63.704 billion yuan in 2023, representing a year-on-year growth of 4.2%, and a net profit of 15.048 billion yuan, up 10.5% year-on-year [1][2] - The total assets of the company reached 3.14 trillion yuan by the end of 2023, an increase of 19.9% from the beginning of the year, driven by increased bond allocations [1] - The company has improved its asset quality, with a non-performing loan ratio of 1.44%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 183%, up approximately 1 percentage point [1][5] Summary by Relevant Sections Financial Performance - In 2023, the company achieved an operating income of 63.704 billion yuan, a 4.2% increase from 2022, and a net profit of 15.048 billion yuan, reflecting a 10.5% growth [2][5] - The diluted earnings per share (EPS) for 2023 was 0.53 yuan, with projections for 2024, 2025, and 2026 at 0.58, 0.65, and 0.72 yuan respectively [5] Asset Quality - The company reported a non-performing loan ratio of 1.44% at the end of 2023, a decrease from 1.47% in 2022, indicating improved asset quality [5] - The provision coverage ratio increased to 183%, reflecting a decrease in provisioning pressure due to improved asset quality [1][5] Future Projections - The company expects a slight adjustment in net profit forecasts for 2024-2026 to 16.4 billion, 18.2 billion, and 20.2 billion yuan, with corresponding year-on-year growth rates of 9.3%, 10.7%, and 10.8% [1][2] - The price-to-earnings (PE) ratio is projected to be 4.7, 4.3, and 3.8 for the years 2024, 2025, and 2026 respectively, while the price-to-book (PB) ratio is expected to be 0.44, 0.41, and 0.38 [1][5]