Gelonghui, March 29 | Dongwu Securities Research Report indicates that in 2023, China Taibao (601601.SH)'s annual dividend was 1.02 yuan, the same as the previous year, corresponding to a cash dividend rate of 36.0% (2022:39.9%), and the performance was in line with expectations. NBV improved year-on-year for 6 consecutive quarters, focusing on the room for dividend rate recovery and improvement. Due to declining investment income, the net profit forecast for 2024-26 is expected to be 303, 376, and 42.9 billion yuan (the original 2024-25 forecast was 340 and 38 billion yuan, and the 2026 forecast was added). Under the new economic assumption, the closing price on March 28, 2024 corresponds to the 2024 dynamic PEV 0.39 times, maintaining the “buy” rating.