负债端表现稳健，利润受股市拖累

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 45.00 CNY, while the current price is 28.50 CNY [24]. Core Views - The company achieved a New Business Value (NBV) of 36.86 billion CNY, representing a year-on-year increase of 11.9%. The net profit under the old standards was 21.11 billion CNY, down 34.2% year-on-year, while under the new standards, it was 46.181 billion CNY, down 30.7% year-on-year [17][23]. - The company’s investment income was under pressure, impacting net profit performance. The net investment income was 19.82 billion CNY, with a year-on-year increase of 4.1%, while total investment income was 14.20 billion CNY, down 24.4% year-on-year [12][19]. - The company’s individual insurance NBV margin improved to 29.9%, up 2.5 percentage points year-on-year, indicating a positive trend in business structure optimization [13]. Financial Summary - The company’s operating revenue for 2023 is projected to be 837.86 million CNY, with a year-on-year growth of 1.4%. The net profit attributable to shareholders is expected to be 21.11 billion CNY, reflecting a decline of 34.2% year-on-year [14]. - The embedded value (EV) at the end of the year was 12,605.67 billion CNY, showing a 5.6% increase compared to the beginning of the year, driven by stable contributions from expected returns and new business value [13]. - The company’s total assets are projected to reach 5,888.48 billion CNY in 2023, with total liabilities of 5,418.44 billion CNY, indicating a robust balance sheet [5].