核心观点负债端延续稳健增长，代理人质态持续改善，维持“增持”评级公司披露2024年度报告，2024 NBV 47.1亿美元（固定汇率计算，下文同），同比+18%，符合我们预期。2024年化新保费86.1亿美元、同比+14%，margin同比+1.9pct至54.5%。税后营运利润66.05亿美元，同比+7%。我们预测2025-2026年NBV同比预期至+10.8%/+10.2%（前值为+10.8%...
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