NCI(SH:601336) Soochow Securities·2025-03-28 13:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit, reaching 26.2 billion yuan, a year-on-year growth of 201% [7] - The company’s new business value (NBV) grew by 107% year-on-year, indicating strong performance in the insurance sector [7] - The annual dividend per share was 2.53 yuan, a 198% increase compared to the previous year, with a dividend payout ratio of 30% [7] Financial Performance Summary - Revenue for 2023 was 71.55 billion yuan, with a projected increase to 132.56 billion yuan in 2024, reflecting an 85.3% year-on-year growth [1] - The net profit for 2023 was 8.71 billion yuan, with a forecast of 26.22 billion yuan for 2024, indicating a 201.1% increase [1] - The company's embedded value (EV) is projected to be 258.4 billion yuan by the end of 2024, a 3.2% increase year-on-year [7] Business Segment Analysis - The insurance service revenue for 2024 is expected to be 47.81 billion yuan, with a steady growth forecast for subsequent years [32] - The new business value margin improved to 14.6%, a 7.9 percentage point increase year-on-year, indicating better profitability in new business [7] - The company has optimized its business structure, with individual insurance and bank insurance channels showing significant growth in new business value [7] Investment Strategy - The company is increasing its allocation to bonds, stocks, and funds while reducing exposure to fixed deposits and trusts [7] - The total investment scale reached 1.6294 trillion yuan, a 21% increase from the beginning of the year [7] - The net investment income for 2024 is projected to be 45.3 billion yuan, reflecting a 7.7% year-on-year increase [7]