Haitong Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company has shown a significant recovery in self-operated income under a low base, with a year-on-year increase in net profit attributable to shareholders of 15.4% [6]. - The company is focusing on building a differentiated competitive advantage in wealth management and expanding its brand influence [6]. - The company is actively developing a first-class investment banking service system with an international perspective [6]. - The asset management business continues to deepen its investment research system and enhance active investment management capabilities [6]. - The self-operated investment performance has improved significantly, contributing to overall performance enhancement [6]. - The valuation remains low, with a reasonable value range of 16.62-18.69 yuan, maintaining the "Outperform the Market" rating [6]. Financial Performance Summary - In 2023, the company achieved operating revenue of 365.8 billion yuan, a year-on-year increase of 14.2%, and a net profit of 127.5 billion yuan, up 15.4% [6][7]. - The earnings per share (EPS) for 2023 is 1.41 yuan, with a return on equity (ROE) of 8.1%, an increase of 0.6 percentage points year-on-year [6]. - The company expects EPS for 2024-2026 to be 1.48, 1.65, and 1.80 yuan respectively, with book value per share (BVPS) projected at 20.77, 21.96, and 23.25 yuan [7][11].