Gelonghui, Feb. 22 | Haitong Securities Research Report pointed out that in January, the premium growth rate of China's Taibao (601601.SH) life insurance business was under pressure in the short term, and production insurance grew steadily. It is expected that along with macroeconomic recovery, the increase in residents' expected income levels, and the smooth progress of the second phase of the company's Changhang Operation Project, the company's debt side will still have sufficient long-term growth momentum. I am optimistic that the company's life insurance sector will launch organizational transformation led by internal office transformation, build a customer-centered and most dynamic value-creating organization, comprehensively build an enabling headquarters and operating organization, and accelerate the transformation of the “core” model from “transformation” to “molding”; the property insurance sector strengthens cost management, optimizes costs, controls the provision of differentiated products and service supply plans, and strengthens customer renewal capabilities. It was given 0.55-0.60 times 2024E PEV, with a reasonable value range of 34.79 -37.95 yuan, and a “superior to the market” rating.