Haitong Securities·2024-03-28 16:00Investment Rating - The report maintains an "Outperform" rating for the company [23]. Core Views - The company is expected to maintain stable operations and solidify its market leadership through the implementation of its "Eight Major Projects" and continuous marketing system reforms [4]. - The valuation remains low, with a target price range of 36.51 to 38.95 CNY based on a projected 2024E PEV of 0.75-0.8 times [4]. Financial Performance - Under the old accounting standards, the total profit for the year was 11.9 billion CNY, a decrease of 50.6% year-on-year, while the net profit attributable to shareholders was 21.1 billion CNY, down 34.2% year-on-year [3]. - Under the new accounting standards, the net profit for the year was 46.2 billion CNY, a decrease of 30.7% year-on-year [3]. - The company’s net assets attributable to shareholders increased by 30.3% year-on-year to 477.1 billion CNY under the new standards [3][10]. Premiums and Value - The business structure has improved, with a double-digit growth in NBV (New Business Value). The first-year premium income increased by 16.7% year-on-year, with long-term insurance premiums growing by 18.4% [6]. - The NBV for the year was 36.9 billion CNY, reflecting an 11.9% year-on-year increase [6][10]. Investment Assets - The total investment assets reached 5.7 trillion CNY, up 12% from the beginning of the year [7]. - The net investment yield was 3.77%, a decrease of 0.23 percentage points year-on-year, while the total investment yield was 2.68%, down 1.26 percentage points year-on-year [7]. Key Financial Data and Forecasts - The company’s revenue for 2023 was 837.9 billion CNY, with a projected increase to 920.8 billion CNY in 2024 [8]. - The net profit for 2024 is expected to be 25.02 billion CNY, representing an 18.5% increase year-on-year [8]. - The EPS (Earnings Per Share) is projected to rise from 0.75 CNY in 2023 to 0.89 CNY in 2024 [8]. Human Resources - The total workforce decreased by 4.8% year-on-year to 694,000, with a notable decline in individual insurance agents [23]. - The average productivity per agent increased significantly, with a year-on-year growth of 28.6% in monthly first-year premium income [23].