Guotou Securities·2024-04-30 02:00Investment Rating - The investment rating for the company is "Buy - A" with a target price of 35.29 CNY over the next 6 months [2][9]. Core Insights - The company reported a Q1 2024 revenue of 121 billion CNY, representing a year-over-year increase of 14.4%, while the net profit attributable to shareholders was 20.6 billion CNY, down 9.3% year-over-year. The new business value (NBV) grew by 26.3%, marking the highest growth rate in recent years [9]. - The improvement in business quality has significantly driven the rapid growth of NBV. The company achieved premium income of 337.6 billion CNY in Q1 2024, a 3.2% increase year-over-year, with new single premium income declining by 4.4% due to the implementation of unified reporting and a decrease in the scale of bank insurance channel lump-sum payments [9]. - The company’s investment assets reached 5.9319 trillion CNY by the end of Q1 2024, an increase of 4.8% from the previous year. However, total investment income was 64.7 billion CNY, a year-over-year increase of 7.2%, while net investment income slightly decreased by 0.1% to 42.7 billion CNY [9]. Summary by Sections Financial Performance - Q1 2024 revenue: 121 billion CNY (YoY +14.4%) - Net profit: 20.6 billion CNY (YoY -9.3%) - NBV growth: 26.3% [9]. Business Quality - Premium income: 337.6 billion CNY (YoY +3.2%) - New single premium income: 112.4 billion CNY (YoY -4.4%) - New single periodic premium income: YoY +4.7%, with 10-year and above new single periodic premium income up by 25.4% [9]. Investment Performance - Investment assets: 5.9319 trillion CNY (YoY +4.8%) - Total investment income: 64.7 billion CNY (YoY +7.2%) - Net investment income: 42.7 billion CNY (YoY -0.1%) [9].