Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a total revenue of 187.046 billion yuan for 2024, representing a year-on-year growth of 5.24%. The net profit attributable to shareholders was 5.96 billion yuan, an increase of 4.89% year-on-year. The company declared a dividend of 0.3158 yuan per share, with a core profit payout ratio of 43% [7] - Retail gas volume continues to grow significantly, with retail gas volume increasing by 8.1% year-on-year to 32.8 billion cubic meters. The company expects an 8% growth in retail gas volume for 2025, with an addition of 600,000 to 700,000 new users [7] - The company has a solid cash flow position, with operating cash flow of 12.585 billion yuan and free cash flow of 7.044 billion yuan in 2024. The dividend payout ratio is expected to increase to 45% in 2025, corresponding to a dividend yield of 4.2% [7] Financial Summary - Total revenue forecast for 2024 is 187.046 billion yuan, with a projected growth rate of 5.24% for the following years [8] - The net profit attributable to shareholders is expected to reach 6.147 billion yuan in 2025, with a year-on-year growth of 3.14% [8] - The company’s earnings per share (EPS) is projected to be 0.71 yuan in 2025, with a price-to-earnings (P/E) ratio of 10.16 [8]

Investment Rating - The investment rating for the company is maintained at "Buy" with an expectation of a relative increase of 15% or more compared to the market index over the next six months [13]. Core Insights - The company has announced a cash dividend of 6.08 CNY per 10 shares for the year 2024, resulting in a dividend payout ratio of approximately 28.3%, with an annualized dividend yield of 5.1% based on the closing price on March 14 [2]. - Total assets grew by 3.3% year-on-year, while financial investments increased by 14.8%. However, loans decreased by 0.8% year-on-year, with corporate loans making up 47.6% of the loan structure, an increase of 5.7 percentage points from the beginning of the year [2]. - The company is actively transforming its corporate and retail business, addressing retail business risks, and restructuring its asset-liability balance to achieve a balance between volume and price [3]. Summary by Sections Financial Performance - For the year 2024, the company reported a net profit of 44.51 billion CNY, with a projected net profit of 45.75 billion CNY for 2025 and 46.18 billion CNY for 2026, reflecting a decline in profit expectations for 2025-2026 due to business restructuring and weak overall demand [5][3]. - The net interest margin is reported at 1.87%, a decrease of 51 basis points year-on-year [2]. Asset Quality - The non-performing loan ratio remained stable at 1.06%, with the attention ratio and overdue ratio increasing to 1.93% and 1.52%, respectively [3]. - The retail business's non-performing loan ratio is at 1.39%, with variations in credit card, consumer loan, and business loan delinquency rates [3]. Valuation Metrics - The price-to-book (PB) ratios for 2025-2027 are projected at 0.44, 0.41, and 0.39, respectively, based on the closing price of 11.97 CNY on March 14 [3].

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (01299) [2][8] Core Insights - The company's NBV (New Business Value) growth is in line with expectations, with a year-on-year increase of 18% to $4.712 billion, while OPAT (Operating Profit After Tax) exceeded targets with a 12% year-on-year increase [5][6] - A new share buyback plan of $1.6 billion has been announced, indicating strong shareholder returns [6] - The company has shown a significant increase in equity asset allocation, with total investment assets rising by 8.2% year-on-year to $255.3 billion [8] Financial Performance Summary - For 2024, the company reported a year-on-year increase in OPAT of 7% to $6.605 billion, with net profit attributable to shareholders rising by 81.6% to $6.836 billion [5][10] - The expected growth in net profit for 2025-2027 is projected at $7.774 billion, $8.434 billion, and $8.949 billion respectively, with corresponding year-on-year growth rates of 13.7%, 8.5%, and 6.1% [10][12] - The company's PEV (Price to Embedded Value) is currently at 1.14x for 2025, indicating a potential valuation recovery opportunity [8][10] Market Segmentation Analysis - In Hong Kong, NBV increased by 23% to $1.764 billion, driven by strong performance in agent and partner distribution channels [11] - In mainland China, NBV grew by 20% to $1.217 billion, supported by the establishment of four new branches [11] - Southeast Asian markets showed robust growth, with Thailand, Singapore, and Malaysia reporting NBV increases of 15%, 15%, and 10% respectively [11]