Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a total revenue of 38 billion yuan in 2023, representing a year-on-year growth of 3.8%. The net profit attributable to ordinary shareholders was 6.2 billion yuan, with a growth of 1.0% year-on-year. The weighted average ROE was 13.0%, a decrease of 1.1 percentage points year-on-year [1][2] - The total assets at the end of 2023 grew by 1.3% year-on-year to 351.5 billion yuan, with loans and receivables increasing by 1.4% to 270.8 billion yuan. The company performed slightly better than the overall industry, which saw a 3.6% decline in financing lease contract balances [1] - The average yield on interest-earning assets rose to 8.24%, an increase of 24 basis points year-on-year, while the average cost of interest-bearing liabilities increased to 4.26%, up 20 basis points year-on-year. The net interest margin slightly decreased to 4.58%, down 9 basis points year-on-year [1] - The industrial operation segment saw a revenue increase of 11.4% to 14.7 billion yuan, with a stable gross margin of 32% [1] - Sales and administrative expenses rose significantly by 19.6% to 8.1 billion yuan, outpacing revenue growth and accounting for 21.4% of total revenue [1] - Asset quality improved, with a non-performing loan ratio of 1.04%, a decrease of 0.01 percentage points from the beginning of the year. The coverage ratio was 228%, down 12 percentage points year-on-year [1] Financial Forecasts - The company expects net profit attributable to ordinary shareholders to be 6.3 billion yuan in 2024, 6.5 billion yuan in 2025, and 6.7 billion yuan in 2026, with year-on-year growth rates of 1.8%, 3.5%, and 2.3% respectively. The diluted EPS is projected to be 1.46 yuan in 2024, 1.51 yuan in 2025, and 1.55 yuan in 2026 [2][5] - The current stock price corresponds to a PE ratio of 3.9 for 2024, 3.8 for 2025, and 3.7 for 2026, with a PB ratio of 0.45, 0.42, and 0.39 respectively. The company offers a relatively high dividend yield [1][5]
2023年报点评：规模平稳，质量向好