Guotou Securities·2024-03-30 16:00Investment Rating - The report maintains a "Buy - A" investment rating for the company, with a 6-month target price of 35.29 CNY [8][13]. Core Insights - The company reported a premium income of 641.4 billion CNY in 2023, a year-on-year increase of 4.3%, maintaining its leading position in the industry [1][6]. - The new business value (NBV) reached 36.9 billion CNY, reflecting a year-on-year growth of 11.9% [1][5]. - The company experienced significant profit pressure due to investment losses, with total asset impairment reaching 53 billion CNY, a year-on-year increase of 147.7% [1][7]. - The adjusted embedded value (EV) at the end of 2023 was 12.6 trillion CNY, showing a year-on-year increase of 5.6% [1][17]. Business Performance - The individual insurance segment showed a strong performance, with new single premium income increasing by 14.1% year-on-year [1][6]. - The company’s individual insurance workforce was 634,000 at the end of 2023, a decrease of 5.1% year-on-year, while the marketing team grew by 4.7% [2][6]. - The bancassurance channel saw a significant increase in premium income, reaching 78.8 billion CNY, a year-on-year growth of 24.2% [6]. Financial Metrics - The company achieved total revenue of 837.9 billion CNY in 2023, a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 21.1 billion CNY, down 34.2% year-on-year [5][18]. - The company plans to distribute a dividend of 0.43 CNY per share, totaling 12.154 billion CNY, which represents 58% of the net profit [5][18]. - The total investment assets reached 5.6734 trillion CNY, with a total investment return of 142 billion CNY, reflecting a decline in investment yield [7][12]. Valuation Metrics - The report provides projected earnings per share (EPS) of 1.03 CNY, 1.15 CNY, and 1.23 CNY for 2024, 2025, and 2026 respectively [13][18]. - The price-to-earnings (P/E) ratio is projected to decrease from 38.16 in 2023 to 27.73 in 2024 [12][18]. - The price-to-book (P/B) ratio is expected to decline from 1.75 in 2023 to 1.64 in 2024 [12][18].