息差韧性较强，资产质量扎实

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.66 CNY, maintaining the current price of 3.70 CNY [18][12]. Core Insights - The company has shown strong credit growth, with a loan balance of 115.35 billion CNY as of the end of 2023, reflecting a year-on-year increase of 11.85% [25]. - The asset quality has improved, with a non-performing loan ratio of 0.98% and a focus rate of 1.06% as of the end of 2023, indicating a stable financial position [2]. - The net interest margin for 2023 was 2.06%, demonstrating resilience despite pressures on the asset side [22]. - The company is expected to achieve revenue growth of 7.55%, 8.32%, and 11.68% for the years 2024, 2025, and 2026 respectively, with a three-year CAGR of 9.17% [12]. Financial Performance - In 2023, the company reported a revenue of 3.865 billion CNY, a year-on-year increase of 2.25%, and a net profit of 1.888 billion CNY, up 16.83% from the previous year [25]. - The average yield on interest-earning assets was 3.92%, while the average loan yield was 4.47%, reflecting a decline due to adjustments in benchmark interest rates [22]. - The provision coverage ratio stood at 409.46% as of the end of 2023, indicating strong risk mitigation capabilities [2]. Future Projections - The projected operating revenues for 2024, 2025, and 2026 are 4.157 billion CNY, 4.503 billion CNY, and 5.029 billion CNY respectively, with corresponding net profit projections of 2.097 billion CNY, 2.347 billion CNY, and 2.665 billion CNY [12][23]. - The company is expected to maintain a strong capital position with total assets projected to reach 204.287 billion CNY by 2024 [17].