国信证券2023年报点评：经纪基础稳固，债券投资规模大幅扩张

Investment Rating - The investment rating for the company is "Increase Holding" [1] Core Views - The company achieved revenue and net profit attributable to shareholders of 17.317 billion and 6.427 billion yuan in 2023, representing year-on-year growth of 9.1% and 5.6% respectively. In the fourth quarter alone, revenue and net profit reached 4.874 billion and 1.554 billion yuan, with quarter-on-quarter increases of 15.1% and 21.0% [1] - The company’s weighted average ROE increased by 0.07 percentage points to 6.6%, while the operating leverage, excluding customer funds, rose by 17.6% to 3.68 times [1] - The company’s revenue from fee-based and capital-based businesses was 6.471 billion and 8.326 billion yuan in 2023, showing a year-on-year decline of 14.6% and an increase of 35.7% respectively. The decline in fee-based revenue was primarily due to pressure on brokerage and investment banking businesses, while self-operated investment income growth contributed positively to performance [1] - The company’s brokerage, investment banking, and asset management net income for 2023 was 4.355 billion, 1.363 billion, and 0.496 billion yuan, reflecting year-on-year changes of -15.1%, -24.9%, and +54.3% respectively [1] - The company’s asset management scale grew by 14.7% to 155.1 billion yuan, with both collective and single asset management scales expanding [1] - The company’s bond investment scale significantly expanded, with net interest income and investment income reaching 1.748 billion and 6.578 billion yuan, showing year-on-year changes of -4.5% and +52.8% respectively [1] - The company is expected to achieve net profits attributable to shareholders of 6.618 billion and 7.360 billion yuan in 2024 and 2025, representing year-on-year growth of 3.0% and 11.2% respectively [1]