息差展现较强韧性，重点领域风险化解成效显著

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.35 CNY, based on a current price of 15.78 CNY [5]. Core Insights - The company reported a revenue of 210.83 billion CNY for 2023, a decrease of 5.19% year-on-year, while the net profit attributable to shareholders was 77.12 billion CNY, down 15.61% year-on-year [2]. - The net interest margin for 2023 was 1.93%, showing resilience despite a decline in loan yields [2]. - The bank's retail assets under management (AUM) grew by 42.14% year-on-year, reaching 4.79 trillion CNY, indicating improved customer service capabilities [3]. - Asset quality remains stable, with a non-performing loan ratio of 1.07% and a provision coverage ratio of 245.21% as of the end of 2023 [3]. Financial Performance Summary - Revenue for 2023 was 210,831 million CNY, with a growth rate of -5.19% [4]. - Net profit for 2023 was 77,116 million CNY, with a growth rate of -15.61% [4]. - The bank's earnings per share (EPS) for 2023 was 3.51 CNY, with a projected EPS of 3.75 CNY for 2024 [4]. - The price-to-earnings (P/E) ratio for 2023 was 4.50, and the price-to-book (P/B) ratio was 0.46 [4]. Future Projections - Projected revenues for 2024, 2025, and 2026 are 219.65 billion CNY, 232.05 billion CNY, and 244.62 billion CNY, respectively, with compound annual growth rates (CAGR) of 5.08% over three years [3]. - Projected net profits for the same years are 82.12 billion CNY, 88.19 billion CNY, and 94.60 billion CNY, with a CAGR of 7.05% [3].