市场波动拖累业绩，市场回暖弹性可期

Investment Rating - The report assigns a "Buy" rating for both A-shares and H-shares of the company [1]. Core Views - The company's performance in 2023 showed a decline in revenue and net profit due to market fluctuations and impairment provisions, with revenue at CNY 17.09 billion, down 8.75% year-on-year, and net profit at CNY 2.75 billion, down 8.53% year-on-year. The quality of the balance sheet has further strengthened [5][15]. - The company anticipates a rebound in performance in 2024 due to a low base effect, with a reasonable value estimated at CNY 11.37 per share for A-shares and HKD 4.30 for H-shares [1][5]. Summary by Sections Market Fluctuations and Impairment Impacting Company Performance - Revenue decreased by 8.75% year-on-year, while net profit fell by 8.53% due to market volatility and impairment provisions [5][15]. - The weighted ROE was 3.45%, a decrease of 0.71 percentage points year-on-year, with total assets increasing by 4.24% to CNY 383.69 billion [8][15]. - The revenue structure shows a slight increase in the proportion of heavy asset business, reaching 40.15% [13]. Asset Management and Proprietary Business Performance - The asset management segment saw a revenue decline of 24.5% year-on-year, with net profit down 40.7% [15]. - Brokerage business revenue was CNY 2.78 billion, down 9.9% year-on-year, while the number of client accounts increased by 10.3% [20]. - Capital intermediary business revenue increased by 6.5%, with interest income from lending down by 7.5% [28]. Investment Banking and Proprietary Business Developments - Investment banking revenue decreased by 12.87% year-on-year, with a significant drop in equity underwriting [33]. - Proprietary business revenue increased by 19.01%, with notable improvements in off-exchange business [39]. Profit Forecast and Investment Recommendations - The report maintains a "Buy" rating, projecting a recovery in the wealth management business and overall market conditions in 2024 [1][5].