NBV延续高增，利润表现平稳

Investment Rating - The investment rating for the company is "Buy" with a target price of 60.70 CNY [7][5]. Core Insights - The company reported a New Business Value (NBV) of 12.89 billion CNY for Q1 2024, reflecting a year-on-year increase of 20.7% under the same assumptions [2][4]. - The net profit attributable to shareholders was 36.709 billion CNY, showing a decline of 4.3% year-on-year, which was better than expected [3][5]. - The company’s operating profit decreased by 3.0% year-on-year, with the life and health insurance segment showing stable performance [3][4]. Financial Performance Summary - The company achieved a NBV of 12.89 billion CNY, with a NBV margin of 22.8%, an increase of 6.5 percentage points year-on-year [4]. - The annualized net investment return rate was 3.0%, down by 0.1 percentage points year-on-year, while the comprehensive investment return rate was 3.1% [3]. - The company’s insurance business revenue is projected to grow from 552.3 billion CNY in 2024 to 620.1 billion CNY in 2026, with corresponding growth rates of 3%, 6%, and 6% [5][6]. Business Segment Performance - The life and health insurance segment generated a net profit of 25.15 billion CNY, up by 0.7% year-on-year, while the property insurance segment's combined ratio (COR) was 99.6%, up by 0.9 percentage points year-on-year [3][4]. - The asset management segment faced challenges, reporting a loss of 0.6 million CNY, primarily due to provisions for certain projects [3][4]. - The number of agents decreased to 333,000, but the quality of agents improved significantly, with a 56.4% year-on-year increase in per capita NBV [4].