Guoxin Securities·2024-03-31 16:00Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company's revenue for 2023 was 622.9 billion yuan, representing a year-on-year increase of 6.41%, while the net profit attributable to shareholders was 231.9 billion yuan, up 2.38% year-on-year [2] - The total assets at the end of 2023 reached 32.43 trillion yuan, a growth of 12.25% from the beginning of the year, with a loan balance of 19.91 trillion yuan, increasing by 13.71% [2] - Non-interest income saw a significant increase of 23.98% year-on-year, contributing greatly to revenue growth [2] - The asset quality remained stable, with a non-performing loan ratio of 1.27%, down 0.05 percentage points from the beginning of the year [2] Financial Performance Summary - Revenue for 2023 was 622.9 billion yuan, with a year-on-year growth of 6.4% [3] - Net profit for 2023 was 231.9 billion yuan, with a year-on-year growth of 2.0% [3] - The diluted EPS for 2023 was 0.74 yuan, with projections for 2024, 2025, and 2026 being 0.76, 0.78, and 0.81 yuan respectively [3] - The average ROE for 2023 was 11.5%, a decrease of 0.5 percentage points year-on-year [3] - The total assets for 2023 were 32.43 trillion yuan, with a year-on-year increase of 12.2% [3] Future Earnings Forecast - The forecasted net profit for 2024, 2025, and 2026 is 236.8 billion, 242.8 billion, and 250.7 billion yuan respectively, with corresponding year-on-year growth rates of 2.1%, 2.6%, and 3.2% [2][3] - The projected PE ratios for 2024, 2025, and 2026 are 5.2, 5.1, and 4.9 times respectively, while the PB ratios are 0.49, 0.46, and 0.43 times [2][3]