INDUSTRIAL SECURITIES·2024-04-11 16:00Investment Rating - The report maintains a "Buy" rating for the company [5][27]. Core Insights - The company achieved a revenue of 622.89 billion yuan in 2023, representing a year-on-year growth of 6.4%, and a net profit attributable to shareholders of 231.90 billion yuan, up 2.4% year-on-year [28]. - The company's net interest margin decreased by 5 basis points to 1.59% at the end of 2023, with a year-on-year decline of 16 basis points [16]. - The asset quality remains stable, with a non-performing loan ratio holding steady at 1.27% at the end of 2023, a decrease of 5 basis points year-on-year [4][14]. Summary by Sections Revenue and Profitability - The company's revenue growth rate is leading among state-owned banks, with net interest income increasing by 1.6% year-on-year, while non-interest income surged by 51.3% due to a low base from the previous year [13][15]. - The cost-to-income ratio for 2023 was 28.5%, a decrease of 0.4 percentage points year-on-year, and the credit cost was 0.57%, down 0.03 percentage points year-on-year [13]. Asset and Liability Management - Total assets increased by 12.2% year-on-year, with loans growing by 13.8% [3][26]. - Deposits also saw a robust growth of 13.4% year-on-year, indicating stable growth in liabilities [3][26]. Capital Adequacy - As of the end of 2023, the company's core Tier 1, Tier 1, and total capital adequacy ratios were 11.63%, 13.83%, and 17.74%, respectively [12][17].