息差下行拖累营收，风险化解力度持续加大

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][10]. Core Views - The company's revenue decreased by 5.2% year-on-year, with a net profit decline of 15.6% due to weak revenue growth and increased provisioning [2][4]. - The bank's total assets reached 10.2 trillion yuan, growing by 9.6% year-on-year, with loans and deposits both increasing by 9.6% and 8.4% respectively [2][5]. - The bank's net interest margin was 1.93%, which is a smaller decline compared to peers, indicating a relatively stable interest income despite market pressures [3][5]. - The bank's provisioning for credit losses increased by 25.8% year-on-year, reflecting rising pressure on asset quality [2][5]. Financial Performance Summary - Revenue and Profit: The bank reported operating income of 210.8 billion yuan in 2023, down 5.2% year-on-year, and a net profit attributable to shareholders of 77.1 billion yuan, down 15.6% [2][7]. - Return on Equity (ROE): The annualized ROE was 10.64% [2][7]. - Earnings Per Share (EPS): The diluted EPS for 2024 is projected to be 4.40 yuan, with a forecasted decline in earnings growth for 2024-2026 [2][6]. - Asset Quality: The non-performing loan (NPL) ratio remained stable at 1.07%, with a provisioning coverage ratio of 245% [5][9]. Future Outlook - The bank aims to enhance its business model by focusing on a "commercial bank + investment bank" strategy, with a projected increase in dividends to 29.64% [6][9]. - The bank's loan growth is expected to remain robust, with a focus on corporate loans, particularly in the manufacturing sector [5][9]. - The bank's valuation appears attractive, with a price-to-book (P/B) ratio projected at 0.43x for 2024, indicating a favorable risk-reward profile [6][9].