2024-03-28 16:00Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Views - The company reported a significant increase in net investment income in Q4, exceeding expectations, with a total revenue of 19.8 billion yuan in 2023, a year-on-year increase of 3.1%, and a net profit of 8.76 billion yuan, up 8.6% year-on-year [6][7]. - The company's net investment remains the largest source of income, contributing 67.9 billion yuan in 2023, a year-on-year increase of 34% [6]. - The brokerage business shows a steady increase in market share, with a trading market share of 5.23% in 2023, reflecting a growth trend since 2019 [6]. Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 4.95 billion yuan, a year-on-year increase of 26% and a quarter-on-quarter increase of 21% [6]. - The total revenue for 2023 was 19.8 billion yuan, with a net profit of 8.76 billion yuan, indicating a positive growth trajectory [6][7]. Investment Income - The net investment income for 2023 was 67.9 billion yuan, with a growth rate of 34% year-on-year, while brokerage income decreased by 14% to 55.3 billion yuan [6]. - The investment asset scale reached 374.6 billion yuan by the end of 2023, with an investment return rate of 2.0%, up 0.36 percentage points year-on-year [6]. Brokerage Business - The company’s brokerage business has shown a consistent increase in market share, with a customer base of approximately 17.76 million, an 8% year-on-year growth [6]. - The average monthly active users of the company's app increased by 4.7%, ranking fifth among the top ten brokerages [6]. Public Fund Business - The company holds stakes in two public funds, with significant contributions to profits, accounting for nearly 20% of total profits [6]. - The public fund business saw a year-on-year increase in non-monetary public fund scale, with the company ranking high in the industry [6]. Future Outlook - The report projects net profits for 2024-2026 to be 9.64 billion, 10.77 billion, and 11.90 billion yuan respectively, reflecting a growth of 10% to 12% year-on-year [6][7].