ZHONGTAI SECURITIES·2024-04-01 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 23.00 [1] Core Insights - The company's profit and value growth met expectations, with a significant improvement in core human productivity in life insurance and rapid growth in non-auto insurance premiums, indicating overall stable operational performance [5][9] - The report highlights a decrease in long-term investment return assumptions and risk discount rates, leading to a slight increase in the embedded value (EV) of the group and life insurance segments [5] Summary by Sections Overall Performance - The company's net profit for the year was 27.3 billion yuan, a year-on-year decrease of 27.1%, with a fourth-quarter net profit of 4.11 billion yuan, down 39.3% year-on-year [5] - The operating profit attributable to shareholders was 35.5 billion yuan, a slight decrease of 0.4% year-on-year [5] - The net asset attributable to shareholders was 249.6 billion yuan, an increase of 27.0% from the beginning of the year [5] Life Insurance - New premium scale for life insurance increased by 3.7% year-on-year, with individual insurance and bank insurance growing by 14.2% and 3.6% respectively [6] - The average monthly productivity of core agents increased by 26.6% year-on-year, indicating a significant enhancement in human productivity [6] Property Insurance - The property insurance segment reported an underwriting profit of 4.14 billion yuan, a decrease of 15.6% year-on-year, with total premium income of 188.3 billion yuan, up 11.4% year-on-year [7] - The combined cost ratio for property insurance was 97.7%, reflecting a slight increase of 0.8 percentage points year-on-year [7] Investment - The total investment asset scale reached 2,250.1 billion yuan, an increase of 15.0% from the beginning of the year, with a significant allocation to bonds [8] - The net investment yield was 4.0%, a decrease of 0.3 percentage points year-on-year, while the total investment yield was 2.6%, down 1.5 percentage points year-on-year [8] Earnings Forecast - The forecast for earnings per share (EPS) for 2024-2026 is adjusted to 3.09, 3.77, and 4.23 respectively, with year-on-year growth rates of 9.2%, 21.7%, and 12.2% [9]