2023年年报点评：业务规模持续增长，业绩增速显韧劲

Investment Rating - The investment rating for the company is "Outperform the Market" [8][36]. Core Insights - The company's asset quality remains stable with a non-performing loan ratio decreasing by 2 basis points to 1.33%. The coverage ratio is at 303.87%, indicating strong risk resilience [1]. - The projected earnings per share (EPS) for 2024-2026 are 0.73, 0.78, and 0.83 yuan, with net profit growth rates of 0.90%, 6.47%, and 6.70% respectively. The reasonable value range is estimated between 5.17 and 5.81 yuan [1]. - The company has shown a revenue growth of 0.03% year-on-year in 2023, with a net profit increase of 3.9%. The total assets grew by 17.5% year-on-year, and loans increased by 14.4% [17]. Financial Performance Summary - Revenue (in million yuan) for 2024E is projected at 694,652, with a year-on-year growth of 1.86%. The net profit for 2024E is expected to be 259,232 million yuan, reflecting a growth of 0.90% [3]. - The average return on equity (ROE) is projected to be 10.19% in 2024E, while the average return on assets (ROA) is expected to be 0.61% [3]. - The company’s total deposits increased by 15.0% year-on-year, with personal customer deposits reaching 17.11 trillion yuan, maintaining the highest balance and increment in the industry [17]. Valuation Metrics - The company is valued at a price-to-book (PB) ratio of 0.70 times for 2024E, compared to a peer average of 0.53 times, indicating a reasonable valuation range of 5.17 to 5.81 yuan [1][35]. - The projected price-to-earnings (PE) ratio for 2024 is between 5.96 and 7.99 times, compared to the peer average of 5.35 times [1].