中国平安（601318）：业务经营稳健，分红持续增长

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated stable business operations and continuous growth in dividends, with a cash dividend of RMB 2.55 per share for 2024, representing a year-on-year increase of 5% [2] - The group achieved a net profit attributable to shareholders of RMB 126.61 billion in 2024, a year-on-year increase of 47.8%, and an operating profit of RMB 121.86 billion, up 9.1% year-on-year [2] - The total revenue for 2024 was RMB 1,028.93 billion, reflecting a year-on-year growth of 12.6% [2] Summary by Sections Life Insurance - The new business value (NBV) for life insurance reached RMB 28.5 billion in 2024, with a comparable year-on-year increase of 28.8% [3] - The growth in NBV was primarily driven by an increase in the value rate, which rose by 7.3 percentage points to 26% [3] - The agent channel saw a 26.5% increase in NBV, with a stable rise in the number of agents and a 43.3% increase in per capita new business value [3] - The bancassurance channel focused on value management, achieving a 62.7% increase in NBV, with a new business value rate of 24.6% [3] Property and Casualty Insurance - The property and casualty insurance segment achieved stable growth, with insurance service revenue of RMB 328.15 billion, a year-on-year increase of 4.7% [4] - The overall combined cost ratio improved by 2.3 percentage points to 98.3%, with underwriting profits turning from loss to profit [4] - The combined cost ratio for auto insurance increased by 0.3 percentage points to 98.1%, while the non-auto insurance combined cost ratio improved by 7.8 percentage points to 98.8% [4] Investment Performance - As of the end of 2024, the company's insurance fund investment portfolio exceeded RMB 5.73 trillion, growing by 21.4% from the beginning of the year [5] - The proportion of funds allocated to bonds and stocks increased by 3.6 and 1.4 percentage points to 61.7% and 7.6%, respectively [5] - The comprehensive investment return rate for 2024 was 5.8%, up 2.2 percentage points year-on-year, benefiting from a balanced asset allocation strategy [5] Financial Forecasts - The company maintains revenue forecasts of RMB 1,035.87 billion for 2025 and RMB 1,093.63 billion for 2026, with a new forecast of RMB 1,151.51 billion for 2027 [6] - The net profit forecasts are RMB 150.79 billion for 2025, RMB 170.01 billion for 2026, and RMB 187.09 billion for 2027 [6] - The earnings per share (EPS) forecasts are RMB 8.28 for 2025, RMB 9.34 for 2026, and RMB 10.27 for 2027 [6]