2023年业绩稳健增长，期待与国都证券的整合成效

Investment Rating - The report maintains an "Overweight" rating for the company [1][6] Core Views - The company achieved a steady revenue growth of 4.9% in 2023, with a total revenue of 17.638 billion yuan, and a net profit of 1.754 billion yuan, reflecting a year-on-year increase of 6.01% [3][4] - The integration with Guodu Securities is expected to enhance the company's competitive edge and resource allocation [6] - The forecast for net profit for 2024, 2025, and 2026 is set at 1.784 billion yuan, 1.938 billion yuan, and 2.148 billion yuan respectively, indicating growth rates of 1.70%, 8.63%, and 10.84% [6][7] Summary by Sections Financial Performance - In 2023, the company's main revenue was 17.638 billion yuan, with a net profit of 1.754 billion yuan, and basic earnings per share of 0.46 yuan, marking a 6.98% increase year-on-year [3][4] - The company's leverage ratio increased to 4.64x, with total assets and net assets at 145.5 billion yuan and 27 billion yuan respectively, showing year-on-year growth of 6.25% and 3.41% [3][4] Business Segments - The growth in revenue was primarily driven by self-operated business, with brokerage and investment banking showing resilience and double-digit growth [4][5] - Brokerage business net income increased by 21.12%, while investment banking revenue grew by 12.58% [4][5] - The asset management business remained stable, with a total asset management scale of 911 billion yuan, consistent with the previous year [5] Strategic Initiatives - The company is pursuing external expansion through the acquisition of Guodu Securities, which will enhance its resource integration and business synergy [6] - The company aims to strengthen its wealth management and research integration, focusing on a customer-centric approach [4][6] Future Outlook - The report projects a reasonable price range for the company's stock at 11.30 yuan to 12.80 yuan based on a price-to-book ratio of 1.5 to 1.7 for 2024 [6][7] - The expected return on equity (ROE) for the next three years is forecasted to be 6.35%, 6.42%, and 6.67% respectively [6][7]