NCI(SH:601336) ZHESHANG SECURITIES·2025-03-28 01:35Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's net profit attributable to shareholders for 2024 reached 26.229 billion yuan, a significant increase of 201.1% year-on-year, with a weighted ROE of 25.88%, up by 17.94 percentage points [1] - The proposed final dividend per share is 1.99 yuan, leading to a total dividend payout of 7.893 billion yuan for the year, a year-on-year increase of 197.6%, with a dividend payout ratio of 30.1% [1] - The new business value (NBV) for 2024 was 6.253 billion yuan, reflecting a year-on-year growth of 106.8%, driven by an increase in the new business value rate [2][3] Summary by Sections Performance Overview - In 2024, the company reported a net profit of 26.229 billion yuan, a 201.1% increase year-on-year, and a weighted ROE of 25.88%, up 17.94 percentage points [1] - The NBV was 6.253 billion yuan, with a significant increase of 106.8% year-on-year [2] - The total dividend for 2024 reached 7.893 billion yuan, a 197.6% increase year-on-year, with a dividend payout ratio of 30.1% [1] New Business Value (NBV) - The increase in NBV was primarily driven by a 7.9 percentage point rise in the new business value rate, reaching 14.6% [2] - The company's new single premium decreased by 5% due to a strategic reduction in the scale of single premium business through the bank insurance channel [2] Channel Contributions - The bank insurance channel contributed over 40% to the NBV, with a remarkable growth of 516% year-on-year, reaching 2.509 billion yuan [3] - The number of agents decreased by 12.3% to 136,000, while the average monthly performance of agents improved by 41% year-on-year [3] - The company has optimized its product structure and improved service quality, leading to better business quality and retention rates [3] Investment Performance - The company's investment assets increased by 21.1% to 1.63 trillion yuan in 2024, with total investment income reaching 79.687 billion yuan, a year-on-year increase of 251.6% [4] - The net investment yield, total investment yield, and comprehensive investment yield were 3.2%, 5.8%, and 8.5%, respectively [4] - The company strategically shifted towards high-dividend OCI-type equity assets, with investments in such assets growing from 5.370 billion yuan to 30.640 billion yuan, an increase of 470.6% [4] Profit Forecast and Valuation - The company is expected to maintain a strong growth trajectory, with projected net profit growth rates of -31.2%, +13.6%, and +34.4% for 2025-2027 [5] - The target price is set at 62.58 yuan, corresponding to a 2025 PEV of 0.73 times [5]