NCI(601336) 长江证券·2025-03-31 13:15Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The report highlights the strong performance of Xinhua Insurance, with a significant increase in net profit and new business value, making it a recommended asset for investors seeking beta exposure [5][10]. - The company achieved a net profit of 26.23 billion yuan in 2024, representing a year-on-year growth of 201.1%, while new business value reached 6.25 billion yuan, up 106.8% year-on-year [5][10]. Summary by Sections Financial Performance - Xinhua Insurance reported a net profit of 26.23 billion yuan for 2024, a 201.1% increase compared to the previous year [5]. - The new business value for the company was 6.25 billion yuan, reflecting a year-on-year growth of 106.8% [5]. Dividend Policy - The company plans to distribute a dividend of 2.53 yuan per share, which is a substantial increase of 197.6% year-on-year, resulting in a dividend payout ratio of 30.1% [10]. Business Quality and Growth - The company’s premium income reached 170.51 billion yuan, marking a 2.8% increase year-on-year, with a notable improvement in the structure of premium payments [10]. - The first-year premium for long-term insurance increased by 15.6% year-on-year, indicating a positive trend in business quality [10]. Investment Strategy - Xinhua Insurance has increased its allocation to bonds and stocks, enhancing its investment flexibility, with total investment yield rising to 5.8% [10]. - The company’s asset allocation has shifted, with bond exposure increasing from 50.1% to 52.1% and stock exposure rising from 7.9% to 11.1% [10]. Market Position - The report emphasizes Xinhua Insurance's position as a pure life insurance company with the highest equity exposure, making it a leading choice for investors looking for quality beta assets [10].