Haitong Securities·2024-04-28 01:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights a significant increase in the dividend rate and substantial growth in comparable net new business value (NBV) [2][7] - The company's first-quarter performance shows a slight decline in net profit but a notable increase in NBV, indicating strong operational resilience [5][6] Summary by Sections Financial Performance - In Q1 2024, the company's net profit attributable to shareholders was 36.7 billion yuan, a year-on-year decrease of 4.3% [5] - The operating profit attributable to shareholders was 38.7 billion yuan, down 3.0% year-on-year, with life and health insurance operating profit increasing by 2.2% [5] - The NBV reached 12.9 billion yuan, showing a year-on-year increase of 20.7% on a comparable basis [5] Life Insurance Segment - The first-year premium used to calculate NBV decreased by 13.6% year-on-year, while the comparable NBV increased by 20.7% [6] - The NBV margin on a comparable basis rose by 6.5 percentage points to 22.8%, driven by improved product structure and increased product value rates [6] - The number of life insurance agents at the end of Q1 was 333,000, a decrease of 4.0% from the beginning of the year, but the quality of the agent team continued to improve [6] Property and Casualty Insurance Segment - The property and casualty insurance premium increased by 2.8% year-on-year, with the combined cost ratio rising to 99.6% due to adverse weather conditions and increased travel [6] Investment Performance - The annualized net investment yield for Q1 2024 was 3.0%, a decrease of 0.1 percentage points year-on-year [6] - The company's investment assets exceeded 4.93 trillion yuan, an increase of 4.4% from the beginning of the year [6] Valuation - The report indicates that the company's valuation remains low, with a target price range of 53.03 to 57.11 yuan based on a projected PEV of 0.65-0.7 times for 2024 [7]