CHINA TAIPING(00966) 太平洋·2024-06-18 03:01Investment Rating - The report assigns a "Buy" rating for China Taiping (00966) with a target price based on the last closing price of 8.86 HKD [1][6]. Core Insights - China Taiping's 2023 annual report highlights strong growth in life insurance business and excellent investment performance. The company achieved insurance service revenue of 107.49 billion HKD, a year-on-year decrease of 1.3%, while the net profit attributable to shareholders reached 6.19 billion HKD, reflecting a year-on-year increase of 44.1% [2][4]. Summary by Relevant Sections Financial Performance - The company reported a net profit of 6.19 billion HKD in 2023, with a growth rate of 44.05%. The projected net profits for 2024, 2025, and 2026 are 7.36 billion HKD, 8.48 billion HKD, and 9.64 billion HKD, respectively [4]. - The diluted earnings per share (EPS) for 2023 was 1.50 HKD, with projections of 1.78 HKD, 2.05 HKD, and 2.33 HKD for the following three years [4]. Life Insurance Business - The new business value (NBV) for life insurance reached 6.81 billion RMB, with a comparable year-on-year growth of 27.8%. The total premium income for life insurance was 187.5 billion HKD, an increase of 4.7% year-on-year [2][4]. Investment Performance - The company's investment assets totaled 1.3 trillion HKD, reflecting a year-on-year increase of 14.9%. The net investment income and total investment income were 44.92 billion HKD and 33.57 billion HKD, respectively, with total investment income showing a significant year-on-year increase of 138.8% [2][4]. - The company has optimized its investment strategy, significantly increasing its bond investments, which accounted for 68.7% of the investment portfolio by the end of 2023, up 6.5 percentage points year-on-year [2][4].