Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report emphasizes that short-term factors such as capital market fluctuations and natural disasters do not affect the company's robust fundamentals and profitability. It anticipates a continued upward trend in industry concentration in the medium to long term, supporting the company's asset and liability improvements and valuation upside [8][5]. Summary by Sections Company Performance - In the 2024 annual report, the company achieved insurance service revenue of 485.22 billion yuan, representing a year-on-year growth of 6.1%. The underwriting profitability slightly declined due to natural disasters in the first and third quarters, with the combined cost ratio increasing by 1.0 percentage point to 98.8%. The expense ratio improved by 1.4 percentage points, highlighting the company's cost control advantages. The market share of original premiums reached 31.8%, maintaining the industry's leading position [8][5]. - The company’s investment income was robust, with total investment income of 34.94 billion yuan in 2024, a year-on-year increase of 67.9%. The total investment return rate was 5.5%, up by 2.0 percentage points. The allocation structure saw an increase in stocks from 6% in 2023 to 7.3%, while funds decreased from 7.7% to 5.4% [8][5]. Future Expectations - The company is expected to perform well in the first quarter of 2025, as the natural disaster situation has improved compared to the previous year, which saw significant claims. The capital market performance in early 2025 is also anticipated to be better than the same period last year, contributing to strong asset performance [8][5]. - The company’s solvency ratio was reported at 211.0%, an increase of 2.3 percentage points from 2023, indicating strong solvency and the ability to sustain dividends in the future [8][5]. Market Outlook - The report expresses optimism about the company's future, suggesting that the combination of improved asset and liability management will create significant upside potential. The report also notes that regulatory enhancements in market competition will likely lead to increased industry concentration over the long term [8][5].
中国财险（02328）：点评：绩优保险股，配置正当时