2023年年报点评：经营效益稳定，资产质量向好

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Views - The company achieved a total revenue of 28 billion yuan in 2023, a year-on-year decrease of 3.6%, while the net profit attributable to shareholders was 10.9 billion yuan, reflecting a year-on-year increase of 6.1% [2]. - The improvement in asset quality is supported by a significant reduction in asset impairment losses, which decreased by 24.2% year-on-year [2]. - The company has a strong competitive advantage in the local market, with rapid growth in corporate loans and small micro-loans, increasing by 12.2% and 13.7% respectively [2]. - The net interest margin (NIM) was 1.73% at the end of 2023, with a decline of 24 basis points for the year, but the rate of decline has slowed [2]. - The non-performing loan (NPL) ratio was 1.19%, showing a slight improvement, while the provision coverage ratio increased to 367% [2]. Summary by Sections Financial Performance - Total revenue for 2023 was 28 billion yuan, with a growth rate of -3.6% [4]. - Net profit attributable to shareholders was 10.9 billion yuan, with a growth rate of 6.1% [4]. - The company’s earnings per share (EPS) for 2023 was 0.96 yuan, with projected EPS for 2024, 2025, and 2026 being 0.99, 1.03, and 1.07 yuan respectively [4][33]. Asset Quality - The NPL ratio at the end of 2023 was 1.19%, with a downward trend observed [34]. - The provision coverage ratio improved to 367%, indicating a strong risk mitigation capacity [34]. Loan and Deposit Growth - Total assets, loan amounts, and deposits increased by 6.6%, 7.0%, and 8.6% year-on-year respectively [2]. - The company has focused on supporting local economic projects, leading to significant growth in corporate loans [2]. Dividend and Valuation - The cash dividend ratio for 2023 was 30.05%, translating to a dividend yield of 6.2% based on the closing price on March 29, 2024 [3]. - The report estimates a price-to-book (PB) ratio of 0.4 for 2024 based on the closing price [3].