Guotou Securities·2024-04-30 01:12Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 29.17 CNY [2][4]. Core Insights - The company reported a Q1 2024 revenue of 954 billion CNY, a year-on-year increase of 1.1%, and a net profit of 118 billion CNY, also up 1.1% year-on-year [1]. - The new business value (NBV) showed significant growth, with a 30.7% year-on-year increase to 52 billion CNY, outperforming peers [1]. - The company is focusing on a transformation strategy, referred to as "Long Voyage," which is expected to enhance performance in the liability sector [2]. Financial Performance Summary - Q1 2024 insurance service revenue for life insurance was 209 billion CNY (YoY -5.1%), while property insurance revenue was 456 billion CNY (YoY +5.9%) [1]. - The new insurance policy scale for life insurance increased by 0.4% year-on-year to 328 billion CNY, with individual insurance channel new policy scale reaching 161 billion CNY (YoY +31.3%) [1]. - The comprehensive cost ratio for property insurance improved to 98.0% (YoY -0.4 percentage points), with non-auto insurance maintaining rapid growth [1]. Investment Assets and Returns - As of the end of Q1 2024, the company's total investment assets amounted to 23,448 billion CNY, a 4.2% increase from the previous year [1]. - The total investment return rate for Q1 was 1.3%, a slight decrease of 0.1 percentage points year-on-year, while the net asset return rate was stable at 0.8% [1].