Guolian Securities·2024-04-28 12:00Investment Rating - The investment rating for the company is "Buy" with a target price of 40.00 CNY, maintaining the current rating [8]. Core Insights - The company reported a New Business Value (NBV) of 5.191 billion CNY for Q1 2024, representing a year-on-year growth of 30.7%. The net profit attributable to shareholders was 11.759 billion CNY, showing a slight increase of 1.1% year-on-year [2][5]. - The strong growth in NBV is attributed to product structure optimization and improved expense ratios, leading to enhanced value rates [3]. - The company's life insurance segment saw a significant increase in new premium income from the agent channel, which reached 16.124 billion CNY, up 31.3% year-on-year [3]. - The property insurance segment achieved premium income of 62.491 billion CNY, reflecting an 8.6% increase year-on-year, with non-auto insurance growing by 13.8% [4]. - The overall combined ratio (COR) for property insurance improved to 98.0%, a 0.4 percentage point enhancement year-on-year, indicating better underwriting profitability [4]. - The company’s annualized net and total investment returns were 3.2% and 5.2%, respectively, remaining stable compared to the previous year [5]. - Future profit forecasts for the company are optimistic, with expected net profits of 31.1 billion CNY, 35.0 billion CNY, and 38.9 billion CNY for 2024, 2025, and 2026, respectively, indicating growth rates of 14%, 13%, and 11% [6]. Financial Data Summary - The company’s total revenue for 2024 is projected to be 347.201 billion CNY, with a year-on-year growth of 7.2% [7]. - The net profit attributable to shareholders is expected to reach 31.127 billion CNY in 2024, reflecting a growth of 14.2% [7]. - The embedded value is forecasted to increase to 581.901 billion CNY by 2024, with a growth rate of 9.9% [7].