Xinda Securities·2024-03-28 16:00Investment Rating - The investment rating for CEB (601818) is currently "No Rating" as it was the first report issued on the company [2]. Core Insights - CEB reported a total operating income of 145.685 billion yuan in 2023, a year-on-year decrease of 3.92%, and a net profit attributable to shareholders of 40.792 billion yuan, down 8.96% year-on-year [2][3]. - The annualized weighted average ROE for 2023 was 8.38% [2]. - The bank's total assets reached 6.77 trillion yuan by the end of 2023, reflecting a year-on-year growth of 7.5% [3]. - The loan balance at the end of 2023 was 3.79 trillion yuan, with a year-on-year growth of 6% [3]. - CEB has focused on modern industrial systems and high-quality financial credit development, with significant growth in key areas such as technology innovation loans (up 50.64%), manufacturing loans (up 24.74%), inclusive small and micro enterprise loans (up 24.18%), and green loans (up 57.44%) [3]. - Retail AUM reached 2.73 trillion yuan, growing 12.42% year-on-year, with private banking clients achieving double-digit growth for four consecutive years [3]. - The bank's non-performing loan ratio decreased by 10 basis points to 1.25% at the end of 2023 [3]. - CEB's core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio were 9.18%, 11.36%, and 13.5%, respectively, showing improvements from the previous quarter [3]. Financial Summary - The total operating income for 2023 was 145.685 billion yuan, with a projected increase to 152.007 billion yuan in 2024 [5]. - The net profit attributable to shareholders for 2023 was 40.792 billion yuan, with forecasts of 44.404 billion yuan in 2024 [5]. - The EPS for 2023 was 0.69 yuan, expected to rise to 0.75 yuan in 2024 [5]. - The P/E ratio for 2023 was 4.20, projected to decrease slightly to 4.15 in 2024 [5]. - The P/B ratio for 2023 was 0.38, expected to decline to 0.37 in 2024 [5].