NCI(SH:601336) Guoxin Securities·2025-03-28 01:15Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high net profit of 26.23 billion yuan in 2024, representing a year-on-year increase of 201.1%, exceeding the upper limit of the earnings forecast [1] - The company’s operating revenue reached 132.56 billion yuan in 2024, a year-on-year growth of 85.3%, driven by a significant rebound in the capital market [1] - The new business value increased by 106.8% year-on-year to 6.25 billion yuan, indicating strong growth in business value [1] - The company has implemented systematic channel upgrades through the "XIN Generation" plan, resulting in a 41% year-on-year increase in monthly per capita productivity in the individual insurance channel [2] - The investment return rate reached 8.5%, with a significant improvement in total investment income, driven by dynamic asset allocation [3] Financial Performance Summary - In 2024, the company reported operating revenue of 132,555 million yuan, up 85.3% from 2023 [4] - The net profit attributable to the parent company for 2024 was 26,229 million yuan, reflecting a 201.1% increase compared to 2023 [4] - The diluted earnings per share (EPS) for 2024 is projected at 8.41 yuan, with forecasts for 2025 and 2026 at 8.28 yuan and 8.93 yuan respectively [4] - The company’s embedded value per share is expected to grow to 82.84 yuan in 2024, with further increases projected in subsequent years [4]