战略红利释放，资产质量持续向好

Investment Rating - The report maintains a "Recommendation" rating for the company [2][8][11] Core Views - The company has released strategic benefits, with asset quality continuing to improve. In 2023, the company achieved an operating income of 63.7 billion yuan, a year-on-year increase of 4.29%, and a net profit attributable to shareholders of 15 billion yuan, up 10.5% year-on-year [3][4][7] - The company's total asset scale reached 3.14 trillion yuan by the end of 2023, growing by 19.9% compared to the beginning of the year, with loan and deposit scales increasing by 12.5% and 11.1%, respectively [3][4][7] - The company has a cash dividend plan for 2023, proposing a distribution of 1.64 yuan per 10 shares, with a cash dividend ratio of 31.98% [3][4] Summary by Sections Financial Performance - The company's net interest income grew steadily, with a year-on-year increase of 0.99% in 2023, despite a narrowing interest margin. The net interest margin at the end of 2023 was 2.01% [4][9] - Non-interest income from fees and commissions saw a slight decline, with a year-on-year growth of 5.20% [4][9] - The company’s asset quality indicators improved, with a non-performing loan (NPL) ratio of 1.44% at the end of 2023, down from the previous quarter [7][9] Strategic Initiatives - The company has adopted a strategy focused on "weakly sensitive assets to the economic cycle," which has contributed to the improvement in asset quality and profitability [4][8] - The company is enhancing its wealth management capabilities with the establishment of a new wealth management subsidiary [4][8] Future Outlook - The report anticipates a gradual improvement in the company's profitability quality, with projected earnings per share (EPS) for 2024-2026 being 0.58, 0.62, and 0.68 yuan, respectively [8][10] - The company’s price-to-book (P/B) ratios for 2024-2026 are projected to be 0.48x, 0.45x, and 0.42x, respectively, indicating a favorable valuation outlook [8][10]