2024-05-08 23:32Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for performance relative to the market [2]. Core Insights - The company's NBV (New Business Value) growth reached a recent high of 26.3% year-on-year in Q1 2024, surpassing previous expectations of 16.7% [1]. - The company is benefiting from ongoing reforms, strong demand, and an improved product structure, with a notable increase in long-term premium contributions [1][2]. - The company's competitive advantages are expected to strengthen as the industry concentration continues to rise due to the optimization of state-owned capital [2]. Summary by Sections Financial Performance - As of March 31, 2024, the company reported a total investment asset scale of 5,931.895 billion, reflecting a 4.8% increase from the beginning of the year [9]. - The annualized net and total investment returns for Q1 2024 were 2.82% and 3.23%, respectively [9]. - The company achieved a net profit attributable to shareholders of 20.644 billion in Q1 2024, a decrease of 9.3% year-on-year [8]. Business Structure and Strategy - The company has optimized its product structure, with first-year premiums for ten-year and longer policies increasing by 25.4% year-on-year, accounting for 33.67% of first-year premiums [1]. - The sales force has stabilized, with a total of 679,000 sales personnel as of March 31, 2024, showing a reduced decline compared to previous periods [19]. Market Position - The company's PEV (Price to Embedded Value) ratio for 2024 is 0.62x, indicating a favorable valuation relative to its earnings potential [2]. - The report highlights the company's strong beta attribute and low circulating stock ratio, suggesting potential for significant market performance [2].