NCI(SH:601336) Guolian Securities·2024-03-30 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 51.40 CNY, while the current price is 29.82 CNY [1]. Core Views - The company reported a strong New Business Value (NBV) of 3.024 billion CNY for the year 2023, despite a significant decline in net profit due to investment losses [2][3]. - The decline in net profit is attributed to investment performance, with total investment income dropping by 50.3% year-on-year [5]. - The company is expected to see a recovery in net profit from 11.933 billion CNY in 2024 to 15.114 billion CNY by 2026, reflecting a growth rate of 37% in 2024 [6]. Financial Data and Valuation - The company's operating revenue for 2023 was 71.547 billion CNY, down 33.8% from the previous year, but is projected to grow in the following years [1][10]. - The embedded value (EV) at the end of the year was 250.51 billion CNY, a slight decrease of 2.0% from the beginning of the year [4]. - The company’s net profit margin improved to 6.9%, up 1.5 percentage points year-on-year, due to business structure optimization [4]. - The company plans to distribute a dividend of 0.85 CNY per share, which is a decrease of 21.3% compared to the previous year [3].