Xinda Securities·2024-03-27 16:00Investment Rating - The investment rating for the company is "Accumulate" [2]. Core Views - The company reported a total revenue of 837.86 billion yuan in 2023, a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 21.11 billion yuan, a decrease of 34.2% [2]. - The company is expected to stabilize its liabilities first, while investment fluctuations have impacted profit performance [2]. - The new business value for 2023 was 36.86 billion yuan, reflecting an 11.9% growth compared to the same period in 2022 [2]. - The company has seen a 14.1% increase in new single premiums, totaling 210.81 billion yuan in 2023 [2]. Financial Summary - Total revenue for 2022 was 826.06 billion yuan, with a projected increase to 880.22 billion yuan in 2024, representing a growth rate of 6.7% [3]. - The net profit attributable to shareholders is projected to recover to 25.89 billion yuan in 2024, reflecting a year-on-year growth of 22.6% [3]. - The return on equity (ROE) for 2023 was 0.4%, with expectations to remain stable at 0.4% through 2026 [3]. - The earnings per share (EPS) for 2023 was 0.75 yuan, with projections of 0.92 yuan in 2024 and 1.26 yuan in 2026 [3]. Investment and Asset Management - The company’s investment assets reached 5.67 trillion yuan by the end of 2023, a 12.0% increase from the end of 2022 [2]. - The proportion of bond assets in the investment portfolio increased from 48.54% at the end of 2022 to 51.59% at the end of 2023 [2]. - The net investment yield for 2023 was 3.77%, a decrease of 0.23 percentage points year-on-year [2].