业绩符合预期，期待AI新启航

Investment Rating - The report assigns a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [11]. Core Views - The company's performance in 2023 met expectations, with total revenue of 11,081.44 million yuan, down 11.25% year-on-year, and a net profit of 8,193.47 million yuan, down 3.71% year-on-year [2][3]. - The company is focusing on enhancing its AI capabilities, which is expected to strengthen its competitive advantage in the financial services sector [3][6]. - The report anticipates a recovery in the A-share market trading volume and an improvement in the average growth rate of newly issued funds, which will positively impact the company's core brokerage and margin financing businesses [6]. Financial Performance Summary - Revenue: Projected revenues for 2024, 2025, and 2026 are 12,707.32 million yuan, 14,415.09 million yuan, and 16,208.12 million yuan, respectively, with growth rates of 14.67%, 13.44%, and 12.44% [1][7]. - Net Profit: Expected net profits for the same years are 8,742.63 million yuan, 9,917.58 million yuan, and 10,928.16 million yuan, with growth rates of 6.70%, 13.44%, and 10.19% [1][7]. - Return on Equity (ROE): Projected ROE for 2024, 2025, and 2026 is 14.40%, 17.25%, and 15.54% [1][7]. - Earnings Per Share (EPS): Expected EPS for 2024, 2025, and 2026 is 0.55 yuan, 0.63 yuan, and 0.69 yuan, respectively [1][7]. Market Position and Trends - The company's market share in brokerage and margin financing is expected to continue to rise, supported by a stable commission rate and margin financing fees [6]. - The report highlights that the company's securities business revenue is projected to grow by 12% in 2024, following a decline of 8% in 2023 [7]. - The company has seen an increase in the revenue contribution from its securities and fund management segments, with respective contributions of 77.69% and 32.82% in 2023 [3].