首创证券2023年年报点评：营收净利双增，投资业务表现亮眼

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5][6] Core Views - The company reported a revenue of 1.927 billion yuan, a year-on-year increase of 21.33%, and a net profit attributable to shareholders of 701 million yuan, up 26.33% year-on-year [3][4] - The total assets of the company reached 43.201 billion yuan, reflecting an 8.49% increase year-on-year, while the equity attributable to shareholders was 12.347 billion yuan, up 2.08% year-on-year [3] - The weighted average return on equity was 5.74%, an increase of 0.19 percentage points year-on-year [3] Revenue and Profit Analysis - Investment business revenue was 900 million yuan, accounting for 46.74% of total revenue, with a significant year-on-year increase of 94.03% [3] - Fixed income business revenue was 855 million yuan, up 20.76% year-on-year, while equity securities investment and alternative investment businesses turned profitable [3] - Asset management business revenue was 559 million yuan, representing 29.01% of total revenue, with a net asset value of 130.336 billion yuan, a year-on-year increase of 21.52% [3] Business Segment Performance - Investment banking revenue decreased to 118 million yuan, down 19.64% year-on-year, primarily due to market conditions affecting IPO activities [3] - The company acted as the lead underwriter for 63 bond issues, with a total underwriting amount of 18.793 billion yuan [3] Future Projections - Expected revenues for 2024, 2025, and 2026 are projected to be 2.377 billion yuan, 2.706 billion yuan, and 3.024 billion yuan respectively, with corresponding net profits of 916 million yuan, 1.027 billion yuan, and 1.248 billion yuan [4] - Earnings per share (EPS) are forecasted to be 0.34 yuan, 0.38 yuan, and 0.46 yuan for the years 2024, 2025, and 2026 respectively [4]