资产质量平稳，负债管控有效

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected investment return exceeding 15% compared to the CSI 300 Index [30]. Core Insights - The company's net interest margin (NIM) has come under pressure, narrowing by 31 basis points year-on-year to 1.7%, although it remains at a leading level within the industry. This decline is primarily due to a 21 basis point drop in the yield on interest-earning assets, which was more pronounced than the industry average [2][8]. - The company has effectively managed its liabilities, with a slight increase of 2 basis points in the cost of interest-bearing liabilities compared to the first half of the year. The deposit cost rate remained stable, and the overall cost of liabilities rose less than that of peers due to proactive adjustments in the liability structure [2][8]. - The asset quality remains stable, with a non-performing loan (NPL) ratio of 1.37% at the end of 2023, a decrease of 1 basis point year-on-year. The coverage ratio for provisions stands at 239.85%, maintaining a strong risk mitigation capability [8][18]. Financial Performance Summary - In 2023, the company achieved total revenue of 769.736 billion yuan, a year-on-year decrease of 1.79%. Net interest income was 617.233 billion yuan, down 4.11% year-on-year, while non-interest income from fees and commissions was 115.746 billion yuan, a slight decline of 0.29% [26][28]. - The company reported a net profit attributable to shareholders of 332.653 billion yuan, reflecting a year-on-year increase of 2.44% [26][28]. - The company’s loan portfolio grew by 12.6% year-on-year, with corporate loans increasing by 18.4%. Personal loans saw a growth of 5.3%, driven mainly by consumer and business loans [18][26]. Valuation Metrics - The report forecasts earnings per share (EPS) for 2024-2026 to be 1.35, 1.39, and 1.44 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 5.40, 5.24, and 5.08 [28][29]. - The price-to-book (P/B) ratio is projected to be 0.56, 0.51, and 0.46 for the same period, indicating a reasonable valuation range of 9.81 to 10.46 yuan for the stock [28][29].