CHINA TAIPING(00966) 智通财经网·2025-03-28 08:02Core Viewpoint - Company maintains a "Buy" rating for China Taiping (00966) with a target price of HKD 15, emphasizing stable and predictable dividend growth, asset-liability matching, and a shift towards dividend insurance by 2025 to diversify products and reduce liability costs [1] Financial Performance - The company's net profit attributable to shareholders for 2024 is expected to grow by 36.2% year-on-year, aligning with expectations, while operating net profit increases by 24.5%. Key business segments such as life insurance, domestic property insurance, reinsurance, and asset management contributed growth rates of 10.6%, 7.0%, 6.1%, and 5.8% respectively [2] - Earnings per share (EPS) decreased by 10% year-on-year, with a return on equity (ROE) of 10%. The dividend per share is HKD 0.35, reflecting a 16.7% increase, resulting in a dividend payout ratio of 14.9% [2] New Business Value - New business value reached RMB 13.216 billion, representing a year-on-year growth of 94.2%, exceeding both the company's and market expectations by 25%. The proportion of new business from the bancassurance channel is 34.9% [3] - The new business value rate is 32.5%, up by 16.6 percentage points year-on-year, while the per-share embedded value attributable to shareholders increased by 12.9% [3] - The company plans to lower the investment return assumption from 4.5% to 4.0% and the discount rate from 9.0% to 8.5% for 2024 [3] Investment Income - By the end of 2024, investment assets are projected to grow by 15.8% compared to the beginning of the year, with an increased proportion of bonds and a slight decrease in equity investments. The share of FVOCI assets has significantly increased, while FVTPL assets have decreased [4] - Net investment income is expected to rise by 12% year-on-year, with total investment income increasing by 98.2%, primarily driven by capital gains. The net investment yield is 3.46%, and the total investment yield is 4.57%, up by 1.91 percentage points year-on-year [4]