EBSCN·2025-03-20 07:41Investment 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 revenue 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 total revenue of 1.03 trillion yuan in 2024, marking a 12.6% increase from the previous year [2]. - The net profit attributable to shareholders was 126.61 billion yuan, reflecting a significant year-on-year growth of 47.8% [2][3]. Business Segments - Life Insurance: The company saw a recovery in its sales force, with the number of individual life insurance agents reaching 363,000, a year-on-year increase of 4.6% [4]. - Property Insurance: The insurance service revenue grew by 4.7% to 328.15 billion yuan, with a comprehensive cost ratio improving by 2.3 percentage points to 98.3% [7]. - Banking: The bank's operating income was 146.7 billion yuan, down 10.9% year-on-year, but the non-performing loan ratio remained stable at 1.06% [9]. Investment and Financials - The company’s comprehensive investment return rate improved to 5.8%, driven by better performance in equity assets [8]. - The forecast for net profit attributable to shareholders for 2025 is adjusted to 155 billion yuan, with further projections for 2026 and 2027 at 172.1 billion yuan and 199.2 billion yuan, respectively [11][13].