衍生品业务稳步扩张，费类业务有所承压

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 45.25 CNY [5] Core Viewpoints - The company's derivative business is steadily expanding, while fee-based businesses are under pressure [1] - The company's international business is leading, and its wealth management business is expected to recover with the rebound in the equity market [3] - The company's investment income has increased year-on-year, and the scale of derivatives has steadily grown [2] Financial Performance Summary - In 2023, the company achieved a total operating income of 23 billion CNY, a year-on-year increase of 12%, and a net profit attributable to the parent company of 6.2 billion CNY, a year-on-year decrease of 19% [1] - The ROE for 2023 was 6.43%, a decrease of 2.45 percentage points compared to the previous year [1] - The company's investment net income (including exchange gains) in 2023 was 11.9 billion CNY, a year-on-year increase of 9% [2] Business Segment Analysis - Brokerage business: Net fee income from brokerage business in 2023 was 4.5 billion CNY, a year-on-year decrease of 13% [1] - Asset management business: Net fee income from asset management business in 2023 was 1.2 billion CNY, a year-on-year decrease of 11% [1] - Investment banking business: Net fee income from investment banking business in 2023 was 3.7 billion CNY, a year-on-year decrease of 47% [1] - Investment business: The company's financial asset investment scale reached 362.3 billion CNY by the end of 2023, an increase of 2% compared to the beginning of the year [2] Financial Forecast - The company's revenue is expected to be 24 billion CNY, 26 billion CNY, and 27.5 billion CNY in 2024, 2025, and 2026, respectively [3] - The net profit attributable to the parent company is expected to be 6.6 billion CNY, 7.4 billion CNY, and 8.6 billion CNY in 2024, 2025, and 2026, respectively [3] - The EPS is expected to be 1.37 CNY, 1.52 CNY, and 1.78 CNY in 2024, 2025, and 2026, respectively [3] Valuation Metrics - The company's P/E ratio is expected to be 23.40, 21.02, and 17.97 in 2024, 2025, and 2026, respectively [4] - The company's P/B ratio is expected to be 1.42, 1.35, and 1.18 in 2024, 2025, and 2026, respectively [4]