弱β带来业绩承压，新能源业务持续推进

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.7 CNY per share, compared to the current price of 5.57 CNY [4][17]. Core Views - In 2023, the company achieved total revenue of 14.793 billion CNY, a year-on-year increase of 4.39%, while the net profit attributable to shareholders was 2.404 billion CNY, a decrease of 4.33% [2][8]. - The total assets as of the end of 2023 were 187.17 billion CNY, an increase of 13.875 billion CNY from the beginning of the year, primarily due to increased investments in fixed assets related to the renewable energy business [2][8]. - The company is accelerating its green business transformation in line with the Guangdong provincial government's directives [2]. Summary by Sections 1. Revenue and Profitability - The company reported a total revenue of 14.793 billion CNY in 2023, with a growth rate of 4.39% [3][8]. - The net profit attributable to shareholders was 2.404 billion CNY, reflecting a decline of 4.33% year-on-year [3][8]. - The return on equity (ROE) for 2023 was 8.66% [8]. 2. Business Segments - Yuexiu Leasing: Generated revenue of 4.309 billion CNY, up 4.51% year-on-year, with a net profit of 1.386 billion CNY, a growth of 6.52% [2][8]. - Guangzhou Assets: Revenue decreased to 1.914 billion CNY, down 2.75%, and net profit fell significantly by 79.94% to 154 million CNY [2][11]. - Long-term Investment Income: The company recognized investment income of 1.631 billion CNY, accounting for 49% of the net profit [2][14]. - Other Businesses: Revenue from other businesses was 861 million CNY, a slight decline of 0.90%, while net profit decreased by 24.82% to 355 million CNY [2][13]. 3. Future Projections - The forecast for 2024 indicates a net profit of 2.405 billion CNY, remaining stable compared to 2023, with an expected EPS of 0.48 CNY [2][17]. - The company is projected to maintain a PE ratio of 14x for 2024, with a reasonable share value of 6.7 CNY [2][17]. 4. Financial Metrics - The company’s total assets reached 187.17 billion CNY, with a debt-to-asset ratio of 77.8% [8][22]. - The company’s EBITDA for 2023 was reported at 978 million CNY [3][22]. 5. Investment Strategy - The report emphasizes the company's focus on expanding its renewable energy business, which is expected to contribute significantly to future revenue growth [2][8].