Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Insights - The company achieved a net profit of 32.17 billion yuan in 2024, representing a year-on-year increase of 30.9%, aligning with expectations. The underwriting profit was 5.71 billion yuan, down 43.9% year-on-year, while total investment income reached 34.94 billion yuan, up 67.9% year-on-year. The comprehensive cost ratio (COR) increased by 1.0 percentage points to 98.8% due to frequent natural disasters [4][5] - The company is a leader in the property and casualty insurance industry, with a competitive advantage in the market. The total dividend per share for the year was 0.54 yuan, an increase of 10.2% year-on-year, with a dividend payout ratio of 37.3% [4][6] - The company has adjusted its net profit forecasts for 2025-2026 to 34.91 billion yuan and 38.24 billion yuan, respectively, while introducing a new forecast for 2027 at 41.76 billion yuan, reflecting year-on-year growth rates of 8.5%, 9.5%, and 9.2% [4][7] Financial Summary and Valuation Metrics - Total premium income for 2024 was 538.1 billion yuan, a year-on-year increase of 4.3%, with service income at 485.2 billion yuan, up 6.1%. The breakdown includes 294.7 billion yuan from auto insurance and 190.5 billion yuan from non-auto insurance, with respective year-on-year growth rates of 4.5% and 8.8% [5][7] - The company's total investment income for 2024 was 34.9 billion yuan, with an annualized total investment return rate of 5.5%, up 2.0 percentage points year-on-year. Investment assets increased by 12.6% to 676.5 billion yuan [6][7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.6 yuan, 1.7 yuan, and 1.9 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.5, 7.8, and 7.1 [7]
中国财险（02328）：2024年报点评：大灾拖累COR提升，投资端支撑业绩高增