Guotai Junan Securities·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.94 CNY per share, corresponding to a 2024 PE of 20.63x and a PB of 1.17x [2][3]. Core Views - The company's asset management business has faced pressure due to a decline in net income, but its investment business has shown significant growth, supporting overall performance. The net income from asset management decreased by 13.55% year-on-year to 7.728 billion CNY, while investment income surged by 94.95% to 4.290 billion CNY [2][3]. - The company is expected to benefit from the continuous improvement in its asset management and institutional service capabilities, which align with regulatory policies promoting high-quality development in the asset management industry [2][3]. Financial Summary - For 2023, the company reported revenue of 23.3 billion CNY and a net profit of 6.978 billion CNY, reflecting a year-on-year decline of 7.29% and 12.00%, respectively. The weighted average ROE decreased by 1.57 percentage points to 5.66% [2][3]. - The forecast for EPS is adjusted to 0.87 CNY for 2024 and 0.96 CNY for 2025, down from previous estimates of 1.22 CNY and 1.37 CNY [2][3]. - The company’s total assets increased to 682.182 billion CNY in 2023, with total liabilities at 541.506 billion CNY, resulting in total equity of 140.676 billion CNY [13][14]. Market Data - The current stock price is 13.35 CNY, with a 52-week price range of 13.13 to 16.97 CNY. The total market capitalization is approximately 102.275 billion CNY [3][7]. - The average daily trading volume is 29.74 million shares, with an average daily trading value of 413.81 million CNY [3].