Guotai Junan Securities·2024-04-01 16:00Investment Rating - The investment rating for the company is "Buy" with a target price of 7.96, maintaining the previous rating of "Buy" [2][4]. Core Views - The report highlights that the company's revenue and net profit growth in 2023 met expectations, with stable profitability and improved asset structure. The cost control on liabilities is better than peers, and asset quality is steadily improving, justifying the "Buy" rating [2][4]. Summary by Sections Financial Performance - The company's revenue for 2023 is projected at 769,736 million, with a net profit of 332,653 million, reflecting a slight decrease of 2.25% compared to the previous year [15]. - The earnings per share (EPS) for 2023 is estimated at 1.33, with projections for 2024 at 1.33, indicating stable earnings [15]. - The net interest income for 2023 is expected to be 617,233 million, showing a decline of 4.11% from the previous year [15]. Asset Quality - The non-performing loan (NPL) ratio is expected to decrease to 1.37% in 2023, with a provision coverage ratio of 239.8% [15]. - The report notes a decrease in the NPL balance to 325,256 million, indicating improved asset quality [15]. Market Position - The company maintains a leading position in the industry with a total market capitalization of 1,718 billion [6]. - The stock price has fluctuated between 5.88 and 7.19 over the past year, reflecting a stable market presence [6]. Future Projections - The report forecasts a net profit growth of 0.23% for 2024, with a projected EPS of 1.37 [15]. - The company is expected to maintain a stable growth trajectory with net profit growth rates of 2.92% and 4.56% for 2025 and 2026, respectively [15].