EBSCN·2024-03-31 16:00Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company experienced a decline in revenue and profit in 2023, with total revenue of 17.09 billion yuan, down 8.75% year-on-year, and a net profit of 2.75 billion yuan, down 8.53% year-on-year [4][5] - The brokerage business faced continuous pressure, while interest income saw a slight increase [5] - The investment business contributed positively, with investment income rising by 15.8% year-on-year [6] Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 170.9 billion yuan, a decrease of 8.75% year-on-year, and a net profit of 27.5 billion yuan, down 8.53% year-on-year [4][5] - The company's revenue structure showed slight changes, with self-operated, brokerage, investment banking, asset management, and credit contributing 17.4%, 16.3%, 8.8%, 11.9%, and 10.3% respectively to total revenue [5] Brokerage and Investment Banking - Brokerage business net income was 2.78 billion yuan, down 9.8% year-on-year, primarily due to a decline in A-share market trading [5] - Investment banking revenue decreased by 12.9% year-on-year, with the company raising 6.83 billion yuan in 2023 [6] Investment Business - The investment business reported an income of 2.97 billion yuan, an increase of 15.8% year-on-year, mainly due to changes in the fair value of financial assets [6] - The company’s asset management scale was 235.75 billion yuan at the end of 2023, with a slight contraction in public fund management scale [6] Future Outlook - The company is expected to benefit from the registration system reform, which may help restore performance in the investment banking sector [6] - The forecast for net profit for 2024-2026 is adjusted to 3.12 billion, 3.26 billion, and 3.54 billion yuan respectively, with corresponding EPS of 0.37, 0.38, and 0.42 yuan [6][7]