NCI(SH:601336) Dongguan Securities·2025-03-31 08:43Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company achieved a significant increase in net profit, with a growth of 201.1% year-on-year, reaching 26.23 billion yuan in 2024 [3][5] - The company's operating revenue for 2024 was 132.56 billion yuan, reflecting an 85.3% increase compared to the previous year [3][5] - The new business value (NBV) grew by 106.8% to 6.25 billion yuan, with the new business value rate increasing by 7.9 percentage points to 14.6% [1][5] - The company has optimized its business structure, with the proportion of first-year premium income from long-term insurance reaching 70.1%, an increase of 12.6 percentage points year-on-year [1][5] Summary by Sections Financial Performance - In 2024, the company reported total insurance premium income of 170.51 billion yuan, a year-on-year increase of 2.8% [1] - The return on equity (ROE) for the company was 27.25% [1] Business Channels - The individual insurance channel generated premium income of 115.97 billion yuan, a slight increase of 0.3%, while the first-year premium income for long-term insurance grew by 19.7% [5] - The bancassurance channel achieved a premium income of 51.67 billion yuan, with first-year premium income reaching a historical high of 13.87 billion yuan, up 11.5% [5] Investment Strategy - The company increased its allocation to bonds and stocks, with high-dividend OCI investments growing from 5.37 billion yuan to 30.64 billion yuan, a 470.6% increase [5] - The overall investment return rate was 8.5%, with a net investment return rate of 3.2% [5] Dividend Distribution - The company initiated a mid-term dividend distribution, proposing a cash dividend of 0.54 yuan per share, totaling 1.685 billion yuan, and a year-end cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan [5] - The total proposed cash dividend for 2024 is 7.893 billion yuan, an increase of 197.6% from the previous year [5]