中国平安（601318）：2024年报点评：利润增速好于预期，每股股息增长5%

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][24]. Core Insights - In 2024, the company achieved a net operating profit attributable to shareholders of 121.9 billion yuan, a year-on-year increase of 9.1%, and a net profit of 126.6 billion yuan, up 47.8% year-on-year. The new business value (NBV) grew by 28.8% year-on-year, and the combined investment return rate for insurance funds was 5.8%, an increase of 2.2 percentage points year-on-year [2][9]. - The company plans to distribute a year-end dividend of 1.62 yuan per share, resulting in a total annual dividend of 2.55 yuan per share, reflecting a 5% increase year-on-year [2][9]. Financial Performance Summary - The total revenue for 2024 is projected to be 1,028.925 million yuan, with a year-on-year growth rate of 0.1%. The net profit attributable to shareholders is expected to be 126.607 billion yuan, with a growth rate of 0.5% [9]. - The earnings per share (EPS) for 2024 is estimated at 7.0 yuan, with a price-to-earnings (P/E) ratio of 7.8 [9]. - The company’s total assets are projected to reach 12,957.827 billion yuan by the end of 2024, with total liabilities of 11,653.115 billion yuan [11][12]. Business Segment Insights - The life insurance segment's NBV increased by 28.8% to 28.5 billion yuan, with significant contributions from the bancassurance channel, which saw a 62.7% increase in NBV [2][9]. - The property insurance segment reported an insurance service revenue of 328.1 billion yuan, a year-on-year increase of 4.7%, with a combined ratio (COR) of 98.3%, down 2.3 percentage points year-on-year [2][9]. - The investment portfolio of the company reached over 5.73 trillion yuan, growing by 21.4% year-on-year, with a notable increase in equity and bond allocations [2][9]. Future Projections - The report adjusts the EPS forecasts for 2025-2027 to 7.6, 8.1, and 9.1 yuan respectively, with an expected price-to-embedded value (PEV) of 0.8 times in 2025, corresponding to a target price of 65.5 yuan [9][11].