自营收入大增，归母净利润+7.9%

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1][3]. Core Views - The report highlights the company's continuous efforts in wealth management transformation and deepening active management, leading to sustained growth in the sales of financial products and asset management income. The reasonable value range is estimated at 5.20-5.68 yuan per share [3][4]. Summary by Relevant Sections Financial Performance - In 2023, the company achieved operating revenue of 3.65 billion yuan, a year-on-year increase of 15.6%, and a net profit attributable to the parent company of 1.27 billion yuan, up 7.9% year-on-year. The corresponding EPS is 0.27 yuan, with an ROE of 6.2%, an increase of 0.3 percentage points year-on-year [3][4]. - In Q4 2023, the company reported operating revenue of 930 million yuan, a year-on-year increase of 22.8% and a quarter-on-quarter increase of 14.4%. The net profit attributable to the parent company was 320 million yuan, up 40.5% year-on-year and 4.3% quarter-on-quarter [3][4]. Business Segments - The company's brokerage business revenue was 970 million yuan, down 6.0% year-on-year, accounting for 26.4% of total revenue. The average daily trading volume of stock funds in the market was 962.5 billion yuan, a decrease of 4.0% year-on-year. Revenue from the sale of financial products surged by 112.5% year-on-year, reaching 5.8 million yuan, which accounted for 6.0% of brokerage revenue [3][4]. - The investment banking segment generated 110 million yuan in revenue, down 28.7% year-on-year, with equity underwriting down 86.6% year-on-year, while bond underwriting increased by 38.4% year-on-year. The company ranked 59th in equity underwriting with a total of 1.05 billion yuan and 42nd in bond underwriting with 28 billion yuan [3][4]. Asset Management - The asset management income was 490 million yuan, a slight increase of 0.7% year-on-year. The actively managed assets reached 607 million yuan, up 10.5% year-on-year. The company is actively preparing to establish an asset management subsidiary, which received approval from the CSRC in September 2023 [4][5]. Investment Income - The company reported investment income (including fair value) of 900 million yuan, a year-on-year increase of 45.5%. In Q4 2023, investment income was 170 million yuan, up 81.1% year-on-year [4][5]. Future Projections - The estimated net profits for 2024, 2025, and 2026 are projected to be 1.36 billion yuan, 1.45 billion yuan, and 1.55 billion yuan, respectively, with year-on-year growth rates of 7%, 6%, and 7%. The EPS for these years is expected to be 0.29, 0.31, and 0.33 yuan, respectively [4][5].