Investment Rating - The investment rating for the company is "Outperform the Market" [2][6] Core Views - The company maintains a solid leading position in the investment banking sector, with wealth management rapidly growing through product, service, and model innovation, as well as financial technology empowerment. The reasonable value range is estimated at HKD 14.25-16.29, maintaining the "Outperform the Market" rating [5][6]. Summary by Sections Financial Performance - In 2023, the company achieved operating revenue of CNY 22.99 billion, a year-on-year decrease of 11.9%, and a net profit attributable to shareholders of CNY 6.16 billion, down 19.0%. The corresponding EPS is CNY 1.28, with an ROE of 6.43%, a decrease of 2.45 percentage points year-on-year. In Q4, the company reported operating revenue of CNY 5.52 billion, down 17.5% year-on-year but up 9.5% quarter-on-quarter. The net profit for Q4 was CNY 1.55 billion, down 2.3% year-on-year but up 47.9% quarter-on-quarter, mainly due to increased investment banking and proprietary income, along with reduced management expenses [5][6]. Brokerage and Wealth Management - Brokerage income decreased to CNY 4.53 billion in 2023, down 13.4% year-on-year, accounting for 19.7% of total revenue. The average daily trading volume in the market was CNY 962.5 billion, down 4.0% year-on-year. Wealth management continues to grow, with a product retention scale of approximately CNY 350 billion, marking four consecutive years of positive growth. The income from selling financial products was CNY 1.26 billion, up 3.5% year-on-year, representing 27.7% of brokerage income, an increase of 4.5 percentage points year-on-year [5][6]. Investment Banking - The company ranks high in investment banking, with a significant increase in bond underwriting scale and a rich IPO pipeline. In 2023, investment banking revenue was CNY 3.70 billion, down 47.2% year-on-year. The bond underwriting scale reached CNY 1,155.9 billion, up 27.6% year-on-year, ranking third. The company has 43 IPO projects in reserve, ranking fourth [6][7]. Asset Management - The asset management income for 2023 was CNY 1.21 billion, down 11.2% year-on-year, with an asset management scale of CNY 552.6 billion, a decrease of 21.3% year-on-year [6][7]. Investment Returns - The company's total investment income (including fair value) for 2023 was CNY 10.56 billion, down 0.5% year-on-year. In Q4, investment income was CNY 3.58 billion, up 3.0% year-on-year and up 40.4% quarter-on-quarter [6][7]. Future Projections - The company expects EPS for 2024-2026 to be CNY 1.18, CNY 1.44, and CNY 1.53, respectively. The reasonable value range for 2024 is estimated at CNY 13.16-15.04, corresponding to HKD 14.25-16.29 [6][7].
公司年报点评：四季度业绩环比改善，投行业务龙头地位稳固