中国平安（601318）：2024年年报点评：利润与价值双增长，分红率再提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a dual growth in profit and value, with an increase in the dividend payout ratio [7] - The company's net profit for 2024 is projected to be 126.6 billion yuan, a year-on-year increase of 47.8% [7] - The report indicates a significant improvement in the operating profit of the property and casualty insurance business, while the asset management and technology sectors reported losses [7] Financial Performance Summary - Total revenue for 2023 was 913.79 billion yuan, with a projected increase to 1,028.93 billion yuan in 2024, reflecting a year-on-year growth of 12.6% [1] - The net profit attributable to shareholders for 2023 was 85.665 billion yuan, with a forecasted increase to 126.607 billion yuan in 2024, marking a 47.8% growth [1] - The company's earnings per share (EPS) is expected to rise from 4.70 yuan in 2023 to 6.95 yuan in 2024 [1] Business Segment Performance - The life insurance segment's new business value (NBV) increased by 28.8% year-on-year, with individual business new policies growing by 3.9% [7] - The property and casualty insurance segment achieved a turnaround with a profit of 5.46 billion yuan, compared to a loss of 2.08 billion yuan in 2023 [7] - The asset management segment reported a loss of 11.9 billion yuan, although the loss narrowed by 43% compared to the previous year [7] Investment Strategy - The company has adjusted its investment strategy, increasing allocations to bonds and stocks while reducing exposure to funds [7] - The total investment scale reached 5.7 trillion yuan by the end of 2024, a year-on-year increase of 21.4% [7] - The net investment yield is projected to be 3.8% in 2024, down from 4.2% in 2023, while total investment yield is expected to rise to 4.5% [7] Valuation Metrics - The current market capitalization corresponds to a 2025 estimated price-to-earnings value (PEV) of 0.65x, indicating that the stock is still undervalued [7] - The report projects a gradual increase in the company's intrinsic value per share, from 76.34 yuan in 2023 to 78.12 yuan in 2024 [1]