中国人寿（601628）：业绩符合预期，EV增速亮眼

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [1] Core Views - The company's performance in 2024 met expectations, with a significant year-on-year increase in net profit of 108.9% to CNY 106.935 billion, benefiting from a rebound in the equity market [4] - The company's embedded value (EV) grew by 11.2% year-on-year to CNY 1.4 trillion, driven by substantial positive contributions from investment returns [5] - The report anticipates further growth in dividends, with a 51.2% increase in earnings per share to CNY 0.65, resulting in a dividend payout ratio of 17% [4] Financial Performance - In 2024, the company achieved total revenue of CNY 528.567 billion, a year-on-year growth of 30.5% [8] - The net profit for 2024 is projected at CNY 106.935 billion, with a forecasted growth of 5.01% in 2025 [8] - The company's total investment assets reached CNY 6.61 trillion, reflecting a year-on-year increase of 22.1% [6] Investment Analysis - The report highlights a strong investment performance, with total and net investment returns of 5.50% and 3.47%, respectively [6] - The report projects net profits for 2025-2027 at CNY 112.297 billion, CNY 127.893 billion, and CNY 152.342 billion, respectively [6] - The company's price-to-embedded value (P/EV) ratio for 2025 is estimated at 0.70x, indicating potential for further appreciation [6]