回表完成，基本面见底回升

Investment Rating - The investment rating for the company is "Buy" with a target price of 3.64 CNY per share, corresponding to a PB of approximately 0.6X for 2024 [2][3]. Core Insights - In 2023, the company reported a revenue growth of 4.3%, PPOP growth of 0.3%, and a net profit attributable to shareholders growth of 10.5%, making it the only national joint-stock bank with double-digit profit growth and revenue profit growth [2][3]. - The company completed its off-balance sheet transition in 2023, with a year-end balance of net value-based wealth management products at 146.26 billion CNY, accounting for 98.0% of the wealth management proportion [2]. - The company’s net interest margin for 2023 was 2.01%, with a declining trend observed in the second half of the year [2][3]. - The asset quality remained stable, with a non-performing loan ratio of 1.44% at the end of 2023, showing a slight decrease from the previous quarter [2][3]. Financial Performance Summary - The company achieved a year-on-year revenue growth of 4.3% in 2023, with quarterly growth rates of 4.8% in Q4, indicating a recovery trend [2][3]. - The net profit attributable to shareholders for 2023 was 10.5%, with a significant increase in the fourth quarter compared to the previous quarters [2][3]. - The core Tier 1 capital adequacy ratio at the end of 2023 was 8.22%, an increase of 0.17 percentage points year-on-year [2][3]. Asset Quality and Risk Management - The non-performing loan ratio at the end of 2023 was 1.44%, with a year-on-year decrease in the net generation rate of non-performing loans by 25 basis points [2][3]. - The company maintained a provision coverage ratio of 183% at the end of 2023, indicating a strong buffer against potential loan losses [2][3]. - The overdue loan ratio decreased to 1.63%, reflecting effective risk management practices [2][3].