中国平安（601318）：化战略布局，利润同比大幅提升

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][9] Core Views - The company has significantly improved its profitability, with a 47.8% year-on-year increase in net profit for 2024, reaching 126.6 billion yuan, driven by its "comprehensive finance + medical and elderly care" strategy and a rebound in the capital market [1] - The company plans to distribute an annual dividend of 2.55 yuan per share for 2024, marking a 5% increase and a cash dividend payout ratio of 37.9%, demonstrating its long-term investment return capability [1] - The new business value (NBV) for life and health insurance has increased by 28.8% year-on-year, with significant growth in individual insurance and bancassurance channels [2] - The company has optimized its cost of risk (COR), achieving a 2.3 percentage point improvement in the comprehensive cost ratio to 98.3% [3] - The company has adjusted its investment return rate assumption to 4.0% and risk discount rates to 8.5% and 7.5% for traditional and non-traditional insurance products, respectively, enhancing the credibility of its valuation [4] Financial Performance and Forecast - In 2024, the company achieved an operating income of 1,028.9 billion yuan, a 12.6% increase year-on-year, and is projected to continue growing in the following years [1][5] - The diluted earnings per share (EPS) are forecasted to be 7.72 yuan in 2025, 8.57 yuan in 2026, and 9.26 yuan in 2027, reflecting an upward revision from previous estimates [4][5] - The company's total assets are expected to grow from 12,957.8 billion yuan in 2024 to 14,580.2 billion yuan by 2027, indicating a strong growth trajectory [7]