2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [19][25]. Core Insights - The company's profit decline has narrowed more than expected, with a proposed dividend payout ratio reaching 58%, the highest level since 2011 [19]. - The company achieved a net profit of 211.10 billion yuan in 2023, reflecting a year-on-year decline of 34.2%, but this decline is less severe compared to previous periods [19]. - The company has adjusted its actuarial assumptions, leading to a slight increase in embedded value (EV) to 1.26 trillion yuan, with a 2.4% increase from the beginning of the year [19]. Financial Data and Profit Forecast - Revenue is projected to grow from 826,055 million yuan in 2022 to 973,271 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 6.2% [3][6]. - The net profit is expected to recover from 21,110 million yuan in 2023 to 45,811 million yuan in 2026, with significant growth rates of 35.8% in 2024 and 27.6% in 2026 [3][6]. - Earnings per share (EPS) is forecasted to increase from 0.75 yuan in 2023 to 1.62 yuan in 2026 [3][6]. Investment Strategy - The company is focusing on a balanced product structure and high-quality transformation in individual insurance, which is expected to enhance its competitive advantage in the life insurance sector [25]. - The report highlights the company's proactive approach in asset-liability matching and its ability to adapt to regulatory changes, positioning it favorably against peers [25].