盈利同比下降，新业务价值显著增长，维持买入

Investment Rating - The report maintains a "Buy" rating for China Life Insurance (2628 HK) with a target price adjusted from HKD 17.00 to HKD 14.00, indicating a potential upside of 35.9% from the current closing price of HKD 10.30 [1][7]. Core Insights - The company's net profit for Q1 2024 decreased by 9.3% year-on-year, primarily due to increased claims in the insurance service sector, which saw a decline of 20.4% [1]. - New business value showed significant growth, increasing by 26.3% year-on-year, driven by an improved business structure and cost efficiency measures [1]. - The investment yield decreased, with annualized net and total investment yields at 2.82% and 3.23%, respectively, both down year-on-year [1]. Financial Performance Summary - Revenue: The total revenue for 2023 is projected to be RMB 344,272 million, down 11.5% from 2022, with a recovery expected in 2024 to RMB 385,064 million, representing an 11.8% increase [3][4]. - Net Profit: The net profit for 2023 is expected to be RMB 46,181 million, a decrease of 30.7% from 2022, with a slight recovery to RMB 46,610 million in 2024 [3][4]. - New Business Value: The new business value is projected to grow from RMB 36,860 million in 2023 to RMB 40,794 million in 2024, reflecting a year-on-year growth rate of 10.7% [4][8]. Business Structure and Strategy - The proportion of premium income from ten-year and above regular premium policies has significantly increased, accounting for 33.7% of new regular premium income, up 5.6 percentage points year-on-year [1]. - The company has optimized its premium structure, with a 3.2% increase in total premium income, primarily driven by renewal premiums [1]. Investment and Asset Management - Total investment assets grew by 4.8% year-to-date, with total investment income increasing by 7.2% year-on-year [1]. - The company has maintained a core solvency ratio of 154.97% as of Q1 2024, down 3 percentage points from the previous year, indicating a strong capital position despite market risks [1].