Haitong Securities·2024-04-04 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [17][4]. Core Views - The report highlights that the company's revenue growth has improved compared to the first three quarters of 2023, and asset quality remains stable with an increase in core assets and high-quality liabilities [17][18]. - The report predicts EPS for 2024-2026 to be 1.33, 1.40, and 1.47 CNY, with net profit growth rates of 1.65%, 5.13%, and 5.16% respectively [4][5]. Financial Performance Summary - The company's total revenue for 2023 was 769,736 million CNY, showing a year-over-year decline of 1.79% [5]. - Net profit for 2023 was 332,653 million CNY, reflecting a year-over-year increase of 2.44% [5]. - The non-performing loan ratio remained stable at 1.37%, with a provision coverage ratio of 239.85%, which is higher than the industry average [3][5]. Asset Quality and Growth - Total assets increased by 10.76% compared to the end of the previous year, with net loans and advances rising by 12.64% [18]. - High-quality liabilities also grew, with deposits increasing by 10.52% [18]. - The report indicates a continuous improvement in asset quality, with a decrease in overdue and attention loan ratios compared to the previous quarter [3]. Valuation Metrics - The report estimates a reasonable value range for the company between 8.08 and 8.28 CNY, corresponding to a PE ratio of 6.07-6.21 for 2024 [4]. - The PB ratio for 2024 is estimated at 0.65 times, compared to a peer average of 0.54 times [4][6].