2024-03-30 16:00Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company reported a revenue of 23.2 billion yuan in 2023, a year-on-year decrease of 16%, with a net profit of 7.03 billion yuan, down 6% year-on-year [6] - The investment banking revenue is expected to remain under pressure in 2024 due to regulatory changes affecting IPO issuance [6] - The brokerage business has shown better performance compared to peers, with a more balanced revenue structure [6] Summary by Sections Market Data - Closing price: 21.93 yuan - One-year high/low: 29.45/20.39 yuan - Market capitalization: 83,583 million yuan [3] Financial Overview - As of December 31, 2023, the company had a net asset value per share of 12.57 yuan and an asset-liability ratio of 81.34% [4] - Total revenue for 2023 was 23,243 million yuan, with a net profit of 7,034 million yuan [7] Revenue Breakdown - The company's revenue sources are relatively balanced, with net investment income increasing by 49% year-on-year to 6.9 billion yuan, while investment banking revenue decreased by 19% to 4.8 billion yuan [6] - The revenue structure shows net investment accounting for 33%, brokerage for 27%, investment banking for 23%, net interest for 8%, and asset management for 6% [6] Investment Banking Performance - The company ranked second in equity financing with a total of 94.8 billion yuan in 2023, and third in IPO underwriting with 40.8 billion yuan [6] - The company has 61 IPO projects under review, ranking second in the industry [6] Brokerage Business - The brokerage business saw a 6% year-on-year decline, the smallest among top firms, with a total client base of 13.37 million, up 10.2% year-on-year [6] - The revenue from financial product sales grew by 4% year-on-year [6] Investment Business - The investment asset scale reached 294.2 billion yuan, a 13% increase year-on-year, with a return on investment of 2.48% [6] Profit Forecast - The report forecasts net profits of 6.22 billion yuan, 7.03 billion yuan, and 7.77 billion yuan for 2024, 2025, and 2026 respectively [6][7]