KAIYUAN SECURITIES·2024-04-24 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The report indicates that the company's new business value (NBV) for Q1 2024 increased by 20.7% year-on-year to 12.89 billion yuan, slightly exceeding expectations, driven by effective individual insurance channel transformation [4][5]. - The report forecasts that the NBV will continue to improve, with expected year-on-year growth rates of 8.7%, 13.8%, and 10.6% for 2024-2026 [4][5]. - The report highlights a stable performance in the group's operating profit and net profit, with net profit for 2024 expected to reach 120.2 billion yuan, representing a year-on-year increase of 40.3% [4][5]. Financial Summary - The total market capitalization of the company is 726.406 billion yuan, with a circulating market capitalization of 429.322 billion yuan [2]. - The company's total assets are projected to grow from 1113.72 billion yuan in 2022 to 1551.92 billion yuan by 2026 [7]. - The report projects the company's net profit for 2024 to be 120.2 billion yuan, with corresponding earnings per share (EPS) of 6.6 yuan [4][5]. Business Performance - The new single premium for Q1 2024 was 56.63 billion yuan, down 13.6% year-on-year, primarily due to the impact of regulatory changes [4][5]. - The NBV margin improved by 6.5 percentage points to 22.8% in Q1 2024, attributed to adjustments in product structure and premium payment terms [4][5]. - The report notes a decrease in the number of agents to 333,000, a 4.0% decline from the beginning of the year, but anticipates stabilization in agent numbers for 2024 [4][5].