2023年报点评：业绩有所承压，大资管业务空间广阔

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company reported a revenue of 170.90 billion and a net profit attributable to shareholders of 27.54 billion for the year, reflecting a year-on-year decline of 8.7% and 8.5% respectively. In the fourth quarter, the company achieved a revenue of 33.95 billion, a quarter-on-quarter decrease of 32.1%, and a net loss attributable to shareholders of 1.03 billion [1] - The company has seen a recovery in its funding-related business, with credit impairment losses remaining high, impacting overall performance. The revenue from fee-based and funding-related businesses was 69.35 billion and 46.78 billion respectively, with year-on-year changes of -13.7% and +16.2% [1] - The company is steadily advancing its wealth management transformation, despite pressure on fee-based businesses. The net income from brokerage, investment banking, and asset management was 27.81 billion, 15.10 billion, and 20.29 billion respectively, with year-on-year declines of -9.8%, -12.9%, and -23.3% [1] - The company is expanding its balance sheet, with a recovery in proprietary investments. Net interest income and investment income were 17.64 billion and 29.14 billion respectively, with year-on-year increases of +7.6% and +22.0% [1] - The company maintains a competitive advantage in its large asset management business, and the repurchase of shares during the reporting period reflects management's confidence. The expected net profit attributable to shareholders for 2024 and 2025 is projected to be 32.85 billion and 37.78 billion, representing year-on-year growth of +19.3% and +15.0% [1] Summary by Sections - Revenue and Profit Forecast: The company is expected to achieve revenues of 176.78 billion in 2024 and 188.03 billion in 2025, with net profits of 32.85 billion and 37.78 billion respectively [2] - Income Breakdown: The projected net income from fee-based services is expected to decline to 62.69 billion in 2024, while investment income is expected to rise to 38.49 billion [2] - Cost Management: Operating expenses are projected to decrease to 137.14 billion in 2024, with management expenses expected to be 75.69 billion [2]