According to a report by Caixin on January 30 (editor Li Chen), the performance forecasts for listed companies in 2024 have been fully disclosed. According to statistics from Choice, a total of 2,810 A-share listed companies have released their annual performance forecasts for 2024.

Among them, China Life Insurance, Kweichow Moutai, China Shenhua Energy, Contemporary Amperex Technology, COSCO Shipping Holdings, China Pacific Insurance, The People's Insurance, Zijin Mining Group, New China Life Insurance, Muyuan Foods, CMOC Group Limited, Luxshare Precision Industry, Aluminum Corporation Of China, Great Wall Motor, GD Power Development, Wens Foodstuff Group, Huaneng Lancang River Hydropower Inc., Zhejiang Nhu, Chongqing Sokon Industry Group Stock, and NAURA Technology Group are all expected to achieve net profits exceeding 10 billion yuan in 2024. The specific details are shown in the figure below:

Overall, China Life Insurance leads with an expected net profit of 112.6 billion yuan. On January 24, China Life Insurance announced that according to the company’s preliminary calculations, it expects its net profit attributable to the parent company's shareholders for the 2024 fiscal year, under China's accounting standards, to be approximately between 102.368 billion yuan and 112.605 billion yuan, representing a year-on-year increase of approximately 100% to 120%. In 2024, the company will adhere to the principles of asset-liability matching and long-term, value-oriented, and prudent investment philosophies, seizing market opportunities to engage in cross-cycle allocations and continuously promote the optimization of equity investment structures. After a low-level fluctuation followed by a rapid rebound in the stock market in 2024, the company's total investment returns are expected to increase significantly year-on-year. Xu Kang from Huachuang Securities stated in a research report released on January 26 that the company's annual performance is expected to increase significantly, although Q4 brings some drag. Looking at the fourth quarter alone, the company expects a net profit attributable to the parent company of between -2.155 billion and 8.082 billion yuan, reflecting significant fluctuations, primarily expected to depend on the fair value changes of FVTPL equity assets. China Life Insurance is steadily moving forward, with an annual new business value (NBV) expected to maintain double-digit growth. The cumulative premium growth rate since Q4 has slightly decreased, mainly due to the impact of scheduled interest rate adjustments. However, these interest rate adjustments are expected to contribute to the increase in the new business value ratio, thus facilitating stable annual NBV growth.

Kweichow Moutai ranks second with an expected net profit of 85.7 billion yuan. On January 2, Kweichow Moutai announced that according to the company’s preliminary calculations, it expects to produce approximately 0.0563 million tons of Maotai liquor base liquor and approximately 0.0481 million tons of series liquor base liquor in the fiscal year 2024; it is expected to achieve total operating revenue of approximately 173.8 billion yuan, a year-on-year increase of approximately 15.44%; and expects to achieve a net profit attributable to the shareholders of the listed company of approximately 85.7 billion yuan, a year-on-year increase of approximately 14.67%. Sun Shanshan from Huaxin Securities stated in a research report released on January 15 that the main goals for the Moutai Group in 2025 include stabilizing progress on key indicators, maintaining employee productivity, cost-profit margin, return on net assets, operating cash ratio, and asset-liability ratio at an excellent level; research and development investment expected to increase by 10.2% year-on-year. At the same time, focus on the construction of the "Nine Major Systems."

Ranking third is China Shenhua Energy. On January 23, China Shenhua announced that it expects to achieve a net profit attributable to shareholders of approximately 57 billion to 60 billion yuan for the 2024 fiscal year, a decline of 4.5% to an increase of 0.5%. In 2024, the company is actively responding to negative impacts such as declining coal prices, maintaining steady and high coal production, and achieving efficient integrated operations. The profit from the coal segment has significantly decreased year-on-year mainly due to factors such as declining average selling prices for coal, with reductions in asset impairment losses and non-operating expenses year-on-year. Zou Peixuan and others from Huayuan Securities released a research report on January 26 stating that from the operational data, the company’s commodity coal production in 2024 is expected to remain stable, with overall operational performance expected to maintain stability. The company recently announced that during the 2025-2027 fiscal years, the annual profit distributed in cash will not be less than 65% of the net profit attributable to shareholders achieved that year. Committing to increase the dividend lower limit will help reduce small shareholders' concerns about the alignment of interests between small and large shareholders. Recently, China Shenhua announced that the State Energy Group will transfer its 100% equity in Hanjin Energy to the company, with a transfer price of 0.853 billion yuan. With the completion of the acquisition of Hanjin Energy, China Shenhua expands its coal production capacity.

Contemporary Amperex Technology announced on January 21 that it expects its net profit attributable to shareholders of the listed company to be between 49 billion and 53 billion yuan in 2024, representing a year-on-year increase of 11.06% to 20.12%. During the reporting period, although the company's battery product sales have increased, the prices of raw materials such as lithium carbonate have decreased, which has led to a corresponding adjustment in product prices, resulting in a year-on-year decrease in operating revenue. The increase in net profit year-on-year is mainly attributed to the continuous enhancement of the company's R&D capabilities and product competitiveness. Minsheng Securities released a research report on January 22, indicating that Contemporary Amperex Technology is listed on the Hong Kong Stock Exchange, advancing its globalization. The company launched several brands during the reporting period, introducing systems or brands such as "Tianxing," "Shenxing Plus," and "Tianheng" in the commercial vehicle, passenger vehicle, and energy storage domains respectively. Recently, Contemporary Amperex Technology achieved victory as the currently largest preferred energy storage system supplier RTC (round the clock) in the UAE, with a total capacity of 19GWh.

COSCO Shipping Holdings announced on January 10 that it expects a net profit attributable to shareholders of the listed company to be approximately 49.082 billion yuan in 2024, representing a year-on-year increase of approximately 105.71%. The company stated that the container shipping market is expected to see a mild increase in cargo volume overall in 2024, with market freight rates remaining relatively high. The company insists on addressing external uncertainties with the certainty of its own development, effectively enhancing the core competitiveness of the enterprise, with container shipping business achieving simultaneous volume and price increases, yielding good operational results. Sun Yan and others from Huayuan Securities released a research report on January 13 that stated COSCO Shipping Holdings is a global container shipping leader, developing a full-chain logistics model with a stable dividend policy. Currently, COSCO Shipping Holdings leads globally in container shipping, holding the top share in world capacity and profitability exceeding that of overseas leader Maersk. From 2022 to the first half of 2024, COSCO Shipping Holdings consistently maintained a 50% dividend payout, distributing nearly 90 billion yuan in dividends. The net cash flow from operating activities for COSCO Shipping Holdings has also increased, providing a solid foundation for the company to continuously return cash dividends to investors while pursuing digital intelligence and green low-carbon transformation to enhance its core competitiveness.