2024年一季报点评：价值增长超预期，成本控制助力核心业务增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance and value growth in Q1 2024 exceeded expectations, primarily due to effective cost control in comprehensive liabilities [2] - The new business value (NBV) continued to recover with a year-on-year growth of 20.7%, despite a decline in first-year premiums [2] - The company is focusing on wealth, retirement, and protection markets to meet diverse customer insurance needs [2] Financial Performance Summary - In Q1 2024, the company achieved a net profit attributable to shareholders of 36.709 billion yuan, a year-on-year decrease of 4.3% [2] - The operating profit after tax (OPAT) reached 38.709 billion yuan, with a slight year-on-year decline of 3.0% [2] - The insurance service revenue for property insurance was 80.627 billion yuan, reflecting a year-on-year increase of 5.7% [6] - The overall combined ratio (COR) was 99.6%, an increase of 0.9 percentage points year-on-year [6] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 120.383 billion, 154.124 billion, and 162.214 billion yuan, with year-on-year growth rates of 40.5%, 28.0%, and 5.2% respectively [2][9] - The report emphasizes that the value growth is above expectations, supported by cost control aiding core business growth [2]