AIA(01299) 光大证券·2025-03-17 01:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a record operating profit of 6.61 billion USD in 2024, representing a year-on-year increase of 12% (fixed exchange rate) / 6.3% (actual exchange rate) [4][11] - The net profit attributable to shareholders reached 6.84 billion USD, up 84% (fixed exchange rate) / 81.6% [4][11] - New business value increased by 18% (fixed exchange rate) / 16.8% to 4.71 billion USD, with a year-end embedded value of 69.04 billion USD, up 2.4% from the beginning of the year [4][11] - The company announced an additional share buyback plan of 1.6 billion USD, reflecting confidence in its long-term operational performance [11] Summary by Sections Financial Performance - In 2024, the company reported an operating profit of 6.61 billion USD, with a net profit of 6.84 billion USD, and a new business value of 4.71 billion USD [4][11] - The annual dividend per share was 1.75 HKD, an increase of 8.8% year-on-year [4] New Business Value - The new business value for 2024 was 4.71 billion USD, with quarterly growth rates of 26.9%, 14.8%, 16.8%, and 8.4% respectively [5] - The annualized new premium for 2024 was 8.61 billion USD, reflecting a year-on-year increase of 12.5% [5] Market Contributions - The new business value from the mainland China market grew by 17.4% to 1.22 billion USD, while the Hong Kong market contributed 1.76 billion USD, up 23.4% [6][7] - The company successfully opened new branches in major cities in mainland China, enhancing its market presence [6] Distribution Channels - The agent channel saw a 15.2% increase in new business value, while the partner distribution channel grew by 26.2% [10] - The company has maintained its position as the leader in the global Million Dollar Round Table membership for ten consecutive years [14] Future Outlook - The company has adjusted its net profit forecasts for 2025-2026 to 8.1 billion USD and 8.8 billion USD respectively, with a new forecast for 2027 set at 9.8 billion USD [14] - The stock price corresponds to a price-to-earnings value of 1.19, 1.10, and 1.03 for 2025-2027 [14]