NCI(601336) 国信证券·2025-02-14 12:25Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Views - The company has achieved significant growth in premium income during the "opening red" period of 2025, with a reported original insurance premium income of RMB 39.45 billion, representing a year-on-year increase of 32% [2][5]. - The company is benefiting from a series of reforms across various channels and product lines, leading to a substantial improvement in business scale and quality [2][6]. - The forecast for earnings per share (EPS) has been raised, with expected EPS for 2024, 2025, and 2026 being RMB 7.97, RMB 8.21, and RMB 8.89 respectively, compared to previous estimates of RMB 6.31, RMB 7.26, and RMB 8.07 [2][6]. Summary by Sections Premium Income Performance - The company reported a premium income of RMB 39.45 billion for January 2025, marking a 31.98% increase year-on-year, the highest growth rate since 2021 [5]. - The company has implemented a "short-term promotion" strategy since 2019, which has significantly improved the level of premium income [5]. Product Structure Optimization - The company is continuously optimizing its product structure to enhance value contribution and competitiveness, launching new products such as dual protection annuities with critical illness coverage [4]. - The company is focusing on diversifying its product offerings to reduce reliance on single products, which is expected to drive premium income during the "opening red" period [3][4]. Channel Development - The company has introduced the "XIN Generation" team-building plan to enhance the quality of its individual insurance channel, resulting in improved performance metrics such as agent retention rates and productivity [4]. - As of mid-2024, the company has seen a notable improvement in the quality of its agency force, with a monthly average of 139,000 agents and a monthly average productivity increase of 28.3% year-on-year [4].