AIA(01299) 广发证券·2024-04-29 07:32Investment Rating - The report assigns a "Buy" rating to the company, with a current price of 54.00 HKD and a target value of 76.6 HKD per share [16]. Core Insights - The company reported a strong growth in new business value (NBV) for the first quarter, reaching 1.33 billion USD, a year-on-year increase of 27%. The annualized new premium was 2.45 billion USD, up 23% year-on-year. This growth was driven by both volume and price increases, alongside strong growth in partner distribution channels [14]. - All operational segments of the company achieved double-digit growth in NBV, benefiting from increased activity in individual insurance channels and strong savings demand in bank insurance channels. The NBV margin (NBVM) improved by 1.9 percentage points to 52.4% [14]. - The company optimized its capital management policy, increasing its share buyback program to 2 billion USD, reflecting confidence in its financial position [14]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at 0.62, 0.68, and 0.84 USD, respectively, with an estimated enterprise value (EV) multiple of 1.6x for 2024 [14]. Financial Summary - The company's revenue for 2022 was 5,466 million USD, with a projected decline to 5,091 million USD in 2023, followed by a recovery to 5,343 million USD in 2024. The net profit attributable to shareholders is expected to grow significantly from 3,331 million USD in 2022 to 8,856 million USD in 2024 [15]. - The report indicates a significant increase in the company's return on equity (ROE), projected to rise from 0.63% in 2022 to 17.64% by 2026 [15].