Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 51.7 CNY [1]. Core Insights - In 2024, the company achieved a net profit attributable to shareholders of 106.935 billion CNY, representing a year-on-year increase of 108.92%. The new business value reached 33.709 billion CNY, with a year-on-year growth of 24.3% under original assumptions. The intrinsic value increased by 11.2% to 1,401.146 billion CNY by the end of 2024 [1][3]. - The company reported an annualized net investment return of 3.47% and a total investment return of 5.50%, with a year-on-year change of -0.24 percentage points and +2.93 percentage points, respectively [1]. - The company plans to distribute a cash dividend of 0.45 CNY per share (before tax) at the end of 2024 [1]. Financial Performance Summary - **Revenue**: The company expects to generate operating revenue of 528.567 billion CNY in 2024, with a year-on-year growth rate of 30.5% [3]. - **Net Profit**: The projected net profit for 2024 is 106.935 billion CNY, with a significant year-on-year increase of 108.9% [3]. - **Earnings Per Share (EPS)**: The EPS for 2024 is estimated at 3.78 CNY, with a projected P/E ratio of 10.0 times [3]. - **Intrinsic Value**: The intrinsic value is projected to be 1,401.146 billion CNY by the end of 2024, reflecting an 11.2% increase from the previous year [1][3]. Business Growth Drivers - The company experienced a 4.7% year-on-year increase in total premiums, reaching 671.457 billion CNY, with new business premiums growing by 1.59% [7]. - The new business value (NBV) margin improved to 25.7%, up 3.8 percentage points year-on-year, driven by a combination of volume and price growth [7]. - The individual insurance channel contributed significantly to new business growth, with health insurance premiums increasing by 8.4% to 71.198 billion CNY [7]. Investment Strategy - The company has increased its investment assets by 22.14% to 6.6 trillion CNY by the end of 2024, with a notable shift towards fixed-income assets [7]. - The report indicates a cautious adjustment in investment return assumptions to 4%, aligning with industry standards, which negatively impacted the intrinsic value by 146.5 billion CNY [7].

证券研究报告·公司点评报告·保险Ⅱ 中国人寿（601628） 2024 年年报点评：投资收益带动净利润高增 长，每股股息提升 51% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 344272 | 528567 | 543546 | 581133 | 621067 | | 同比（%） | - | 53.53% | 2.83% | 6.92% | 6.87% | | 归母净利润（百万元） | 46181 | 106935 | 107463 | 111978 | 120522 | | 同比（%） | - | 131.56% | 0.49% | 4.20% | 7.63% | | 每股 EV（元/股） | 44.60 | 49.57 | 53.27 | 57.33 | 61.68 | | PEV | 0.85 | 0.76 | 0.71 | 0.66 | 0.61 | [Table_Tag] [投资要点 Table_ ...

中信建投：维持中国太平(00966)"买入"评级 目标价 16.14港元 人寿保险业务：价值改善带动NBV强劲增，但假设调整致内含价值承压 太平人寿将内含价值长期投资回报率假设、风险贴现率分别从4.5%、9.0%下调至4.0%、8.5%。 太平人寿可比口径下全年NBV同比+90.0%至142.7亿港元，创历史新高，人民币口径下同比+94.2%，新 假设口径下全年NBV为91.0亿港元。NBV增长主要由NBVM(可比口径)同比+16.6pct至32.5%驱动。 NBVM提升主要受益于公司聚焦价值型产品推动，贯彻落实"报行合一"。新单保费方面，预计受"报行 合一"和2023年基数较高影响，2024年新单保费同比-23.2%至4765.2亿港元。单下半年来看，新单保费 同比+3.7%至2195.6亿港元。截至2024年末，太平人寿归母内含价值为1552.7亿港元，同比-15.7%，可 比口径下同比-13.9%至2063.3亿港元，人民币可比口径同比-14.4%。 智通财经APP获悉，中信建投发布研报称，受益于"报行合一"政策实施和权益市场回暖，中国太平 (00966)资负两端2024年共振改善，NBV和利润均实现快 ...

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 ...