Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant growth in profit and new business value (NBV), with a net profit of 5.449 billion yuan, representing a year-on-year increase of 45.8% [9] - The company has effectively controlled costs in its property and casualty insurance segment, with a combined expense ratio of 99.7%, up 1 percentage point year-on-year [9] - The report highlights the company's strategic focus on enhancing its life insurance business and improving the quality of its agent workforce, which is expected to drive future growth in NBV [9] Financial Performance Summary - **Insurance Service Revenue**: Projected to grow from 59.9 billion yuan in 2023 to 64.0 billion yuan in 2024, reflecting a year-on-year growth of 6.85% [1] - **Net Profit**: Expected to increase from 3.738 billion yuan in 2023 to 5.449 billion yuan in 2024, a growth of 45.77% [1] - **Earnings Per Share (EPS)**: Forecasted to rise from 0.33 yuan in 2023 to 0.47 yuan in 2024 [1] - **Embedded Value (EV)**: Projected to reach 1,158 billion yuan by the end of 2024, a year-on-year increase of 11.2% [9] - **New Business Value (NBV)**: Expected to be 51.5 billion yuan in 2024, up 43.3% year-on-year [9] Life Insurance Segment Summary - **New Premiums**: The company reported new premiums of 306 billion yuan in 2024, a decrease of 7.9% year-on-year, with a notable increase in individual channel premiums [9] - **Agent Productivity**: The average productivity per active agent increased by 21.9% year-on-year, indicating improved efficiency in the sales force [9] Property and Casualty Insurance Segment Summary - **Premium Income**: The property and casualty insurance segment generated 47.8 billion yuan in gross premium income, reflecting an 8.1% year-on-year increase [9] - **Cost Control**: The combined loss ratio was 68.4%, up 3.4 percentage points year-on-year, while the expense ratio improved by 2.4 percentage points [9] Investment Strategy Summary - The company has shifted its investment strategy to increase allocations in bonds and equities while reducing cash holdings, with total investment assets reaching 548.6 billion yuan, a 14.3% increase from the beginning of the year [9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company's revenue for 2024 reached 48.3 billion yuan, a year-on-year increase of 9.5%, while the net profit attributable to the parent company was 3.14 billion yuan, up 4.1% year-on-year. The growth rate has slowed mainly due to the suspension of platforms in Saudi Arabia and tax adjustments in Mexico, with these impacts expected to dissipate in 2025 [1][3] - The drilling services segment is expected to regain work volume in 2025 after the suspension of platforms in Saudi Arabia. The operating days in 2024 were 17,502 days, a decrease of 1% year-on-year, with self-elevating platforms increasing by 2% and semi-submersible platforms decreasing by 14% [2] - The gross margin for oilfield technical services remained high, slightly improving to 22.9% in 2024, with revenues of 27.66 billion yuan, a year-on-year increase of 7.4% [3] Financial Summary - The company's total revenue for 2023 was 44.11 billion yuan, with a projected increase to 48.3 billion yuan in 2024 and further growth to 54.01 billion yuan in 2025, reflecting a growth rate of 9.51% for 2024 and 11.81% for 2025 [9] - The net profit for 2023 was 3.01 billion yuan, expected to rise to 3.14 billion yuan in 2024 and 4.03 billion yuan in 2025, indicating a growth rate of 4.11% for 2024 and 28.39% for 2025 [9] - The company's earnings per share (EPS) is projected to be 0.66 yuan in 2024 and 0.84 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22.66 and 17.65 [9] Market Position - The company operates in the oil and gas services sector, specifically focusing on drilling services and oilfield technical services, which are expected to see recovery and growth in the coming years [4][2]

证券研究报告·公司点评报告·保险Ⅱ 执业证书：S0600524120004 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.59 | [Table_Tag] [投资要点 Table_Summary] 2025 年 03 月 20 日 证券分析师 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's sales performance remains stable, but impairment provisions have negatively impacted its earnings. The company reported a year-on-year increase in revenue but a decline in net profit due to the overall turbulence in the real estate market [6][7] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 40.4 billion, 59.7 billion, and 64.7 billion respectively, down from previous estimates of 50.9 billion, 70.0 billion, and 74.0 billion. The current stock price corresponds to a PE ratio of 22.0, 14.9, and 13.8 for the respective years [6][10] - The company continues to focus on acquiring land in core cities, maintaining a strong market position with ample saleable inventory and smooth financing channels, which is expected to enhance its market share in the future [6][8] Financial Performance Summary - In 2024, the company achieved total revenue of 1789.48 billion, a year-on-year increase of 2.25%. However, operating profit decreased by 36.54% to 90.00 billion, and net profit attributable to shareholders fell by 36.09% to 40.4 billion [7][10] - The net cash flow from operating activities was 319.64 billion, a year-on-year increase of 1.69%. By the end of 2024, the company's cash balance was 1003.51 billion, up 120.62 billion or 13.66% year-on-year [8] - The company has made sufficient impairment provisions totaling 59.4 billion, which impacted net profit by 43.4 billion. This includes provisions for credit losses, inventory write-downs, and goodwill impairment [9][10] Financial Forecasts - The company forecasts revenue growth of 5.4% in 2025 and 3.5% in 2026, with expected net profits of 5.97 billion and 6.47 billion respectively [10][16] - The projected EPS for 2024, 2025, and 2026 is 0.45, 0.66, and 0.71 respectively, with a corresponding PE ratio of 22.0, 14.9, and 13.8 [10][16]