EBSCN·2025-03-20 06:42Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Views - In 2024, the company achieved an operating income of 1.03 trillion yuan, a year-on-year increase of 12.6%, and a net profit attributable to shareholders of 126.61 billion yuan, up 47.8% year-on-year [2][3]. - The new business value reached 28.53 billion yuan, reflecting a year-on-year growth of 25.6% [2]. - The company's internal value stood at 1.42 trillion yuan, an increase of 2.3% from the beginning of the year [2]. - The net investment return rate was 3.8%, down 0.4 percentage points year-on-year, while the comprehensive investment return rate improved by 2.2 percentage points to 5.8% [2][8]. - The annual dividend per share was 2.55 yuan, a year-on-year increase of 4.9%, with cash dividends accounting for 37.9% of the operating profit attributable to shareholders, up 0.6 percentage points year-on-year [2]. Summary by Sections Revenue Performance - The company reported a net profit of 126.61 billion yuan in 2024, with a significant increase in the fourth quarter, turning a loss into a profit of 7.43 billion yuan [3]. - The life insurance business contributed 93.03 billion yuan to profits, up 28.1% year-on-year, while the property insurance business saw a profit of 14.95 billion yuan, an increase of 67.7% [3]. Human Resources and New Business Value - The number of individual life insurance agents reached 363,000, a year-on-year increase of 4.6% [4]. - The average new business value per agent increased by 43.3% to 101,000 yuan per year [4]. Financial Performance - The property insurance service revenue grew by 4.7% to 328.15 billion yuan, with the combined cost ratio improving by 2.3 percentage points to 98.3% [7]. - The bank's operating income decreased by 10.9% to 146.7 billion yuan, but non-interest income grew by 14% [9]. Investment and Asset Management - The company’s asset management scale exceeded 8 trillion yuan, with a net profit of -11.9 billion yuan in the asset management sector, showing a reduction in losses by 42.6% [10]. Profit Forecast and Valuation - The company adjusted its net profit forecasts for 2025 and 2026 to 155 billion yuan and 172.1 billion yuan, respectively, and introduced a new forecast for 2027 at 199.2 billion yuan [11]. - The current A/H share price corresponds to a PEV of 0.68/0.61, maintaining a "Buy" rating for both A and H shares [11].