NCI(601336) 光大证券·2025-03-28 06:25Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Views - The company achieved significant year-on-year profit growth, with a net profit of 26.23 billion yuan, representing a 201.1% increase [4][8]. - The company maintained a stable dividend payout ratio of 30.1%, with an annual dividend of 2.53 yuan per share, up 197.6% year-on-year [4][8]. - The new business value (NBV) reached 6.25 billion yuan, a year-on-year increase of 106.8%, driven by improved value rates [4][7]. Financial Performance - In 2024, the company's operating revenue was 132.56 billion yuan, an increase of 85.3% year-on-year [4]. - The insurance service revenue slightly decreased by 0.5% to 47.81 billion yuan [4]. - The weighted average return on equity (ROE) was 25.9%, up 17.9 percentage points year-on-year [4]. Business Development - The company continues to strengthen its individual insurance channel, with a focus on high-performing agents [5]. - The number of individual insurance agents decreased by 12.3% to 136,000, while the average number of high-performing agents increased by 4% [5]. - The first-year premium for long-term insurance through individual channels grew by 17.2% to 13.72 billion yuan [5]. Market Position - The company’s bancassurance channel saw a 14.3% decline in first-year premiums, but the decline is narrowing [6]. - Total new business decreased by 4.6% to 42.59 billion yuan, with long-term first-year premiums down by 5.1% [6]. Investment Strategy - The company is actively transforming its long-term business and optimizing product offerings to enhance value contribution [9]. - The report anticipates good growth in NBV for 2025, supported by improved team quality and deepened bancassurance cooperation [9]. Financial Projections - The projected net profit for 2025 is 22 billion yuan, with a slight adjustment from previous estimates [10]. - The company’s total assets are expected to grow from 1.4 trillion yuan in 2023 to 2.1 trillion yuan by 2027 [11].