NCI(SH:601336) Xin Lang Cai Jing·2025-03-28 04:29Core Viewpoint - The company reported a significant increase in net profit and dividends per share (DPS) for 2024, exceeding expectations, indicating strong financial performance and investor returns [1][2]. Financial Performance - The company achieved a net profit of 26.2 billion yuan in 2024, representing a year-over-year increase of 201.1%, with a fourth-quarter profit of 5.55 billion yuan, showing substantial improvement compared to a loss of 0.83 billion yuan in Q4 2023 [1][2]. - The annual DPS reached 2.53 yuan, up 197.6% year-over-year, with a dividend payout ratio of 30.1%, maintaining a level similar to 2023 [1][2]. New Business Value (NBV) and Premiums - The company reported an NBV of 6.253 billion yuan, reflecting a year-over-year growth of 106.8%, with a first-year premium growth rate of 14.6% [3]. - Long-term first-year premiums reached 27.22 billion yuan, up 15.6% year-over-year, accounting for 70.1% of total premiums [3]. Investment Returns - The company achieved net, total, and comprehensive investment returns of 3.2%, 5.8%, and 8.5%, respectively, with total investment income significantly boosted by fair value changes amounting to 37.5 billion yuan [4]. - The proportion of OCI assets increased to 30.7%, with a notable rise in high-dividend OCI equity investments [4]. Future Outlook - The company is expected to benefit from improved agent quality, product structure optimization, and a higher proportion of equity investments, leading to greater investment return elasticity [5]. - Projected net profits for 2025-2027 are 27.9 billion yuan, 29.3 billion yuan, and 30.8 billion yuan, with corresponding growth rates of 6.5%, 5.1%, and 4.9% [5].