NCI(601336) 申万宏源证券·2025-03-27 15:17Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's profit and dividend performance significantly exceeded expectations, with a year-on-year increase in net profit attributable to shareholders of 201.1% to 26.229 billion yuan, surpassing the upper limit of the previously announced growth forecast [5] - The company adjusted its investment return assumptions down by 50 basis points, maintaining positive growth in embedded value (EV), which increased by 3.2% year-on-year to 258.448 billion yuan [5][6] - The new business value (NBV) doubled, achieving 6.253 billion yuan in 2024, a year-on-year increase of 106.8%, exceeding expectations [6] Financial Performance - The company reported a total revenue of 132.555 billion yuan for 2024, with a year-on-year growth rate of 85.27% [9] - The net profit attributable to shareholders for 2024 is projected to be 26.229 billion yuan, reflecting a year-on-year growth of 201.07% [9] - The earnings per share (EPS) for 2024 is estimated at 8.41 yuan [9] Investment Analysis - The company achieved a net investment return of 3.2% and a total investment return of 5.8% in 2024, with a significant increase in investment assets by 21.9% year-on-year to 1.63 trillion yuan [7] - The price-to-embedded value (P/EV) ratio for 2025 is projected at 0.57x, indicating a favorable valuation [7] - The company has a high dividend payout ratio of 30.1%, with a total dividend of 2.53 yuan per share, representing a year-on-year increase of 197.6% [5][6]