Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 116.7% for the first three quarters, amounting to 20.7 billion yuan, and a net profit of 9.6 billion yuan for Q3 alone, compared to a loss of 440 million yuan in the same period last year [3] - The increase in investment income is attributed to the rise in the capital market, with the company having a higher proportion of equity assets compared to its peers, leading to a 19.4% increase in total investment assets to 1.6067 trillion yuan [5] - The company is expected to maintain its strategic direction and enhance its core competitiveness through reforms focused on customer-centricity, product competitiveness, and technological empowerment [5] Summary by Sections Financial Performance - The company achieved a net profit of 20.7 billion yuan in the first three quarters, with a Q3 net profit of 9.6 billion yuan, marking a significant recovery from the previous year's loss [3] - The weighted ROE increased to 21.0%, up by 12.5 percentage points year-on-year [3] - The net asset value was reported at 91 billion yuan, showing a decrease of 13.4% from the beginning of the year but a slight increase of 1.1% from mid-year [3] Insurance Business - The new business value (NBV) increased by 79.2% year-on-year in the first three quarters, with a notable 195.4% increase in Q3 [4] - The company is focusing on enhancing individual insurance channels and promoting regular premium products, with significant growth in first-year premiums for long-term insurance [4] Investment Performance - The annualized total investment return rate reached 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate was 8.1%, up by 5.1 percentage points [5] - The company maintains a low valuation, with a projected price-to-embedded value (PEV) ratio of 0.65-0.7 for 2024, indicating a reasonable value range of 55.42-59.68 yuan per share [5] Market Comparison - The company's stock has outperformed the market indices, with an absolute increase of 2.9% over one month, 44.5% over two months, and 60.2% over three months [1]

Investment Rating - The report maintains a "Buy" rating for New China Life Insurance [1] Core Views - New China Life Insurance reported a significant increase in net profit for the first nine months of 2024, reaching 20.68 billion yuan, a year-on-year growth of 116.7% [1] - The company's performance aligns with previous profit forecasts, driven by a rebound in the stock market and a substantial increase in total investment income [1] - The new business value (NBV) grew by 79.2% year-on-year, outperforming major competitors in the industry [1] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024-2026 is adjusted to 20.6 billion, 13.5 billion, and 14.4 billion yuan respectively [1] - The expected growth rates for net profit are 136.5% in 2024, -34.3% in 2025, and 6.4% in 2026 [1] Business Performance - The insurance service revenue decreased by 10.2% year-on-year for the first nine months of 2024 [1] - The investment yield improved significantly, with total investment returns of 6.8% and comprehensive investment returns of 8.1%, both showing a year-on-year increase [1] - The company plans to enhance the proportion of FVOCI equity and debt instruments to better match assets and liabilities [1] Market Position - New China Life's NBV growth rate continues to outperform its listed peers, with a notable increase in long-term premium income [1] - The company has implemented reforms to enhance its market position, resulting in a 21.3% increase in ten-year and above premium income [1] - The distribution of new business contributions is balanced across individual insurance, bancassurance, and group insurance channels [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2024年11月1日 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Insights - The company reported a net profit attributable to shareholders of 20.68 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 116.7% - The new business value (NBV) increased by 79.2% year-on-year, with both net profit and NBV growth rates improving sequentially and leading the industry [2][6] - The significant improvement in investment income has supported the high growth in net profit, with total investment income and fair value changes amounting to 51.34 billion yuan and 419.85 billion yuan respectively, both showing substantial year-on-year increases [6] Financial Data Summary - For 2024E, the company is projected to achieve a net profit of 21 billion yuan, with a growth rate of 141% [7] - The annualized total and comprehensive investment returns for the first nine months of 2024 were 6.8% and 8.1%, respectively, both showing significant year-on-year increases [6][7] - The company's total assets are expected to reach approximately 1.68 trillion yuan by 2024E, with a steady increase projected through 2026 [9]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][11]. Core Insights - The company reported a significant turnaround in Q3 2024, achieving a net profit of 9.6 billion yuan, compared to a loss of 440 million yuan in the same period last year, resulting in a year-to-date net profit of 20.68 billion yuan, up 117% year-on-year [1]. - The investment performance was bolstered by strong stock and bond markets, leading to a substantial improvement in investment returns, with an annualized total investment return rate of 6.8%, up 4.5 percentage points year-on-year [1]. - The company experienced a notable increase in new business value, which grew by 79.2% year-on-year, indicating a high-quality development in the liability side [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 9.6 billion yuan, a significant recovery from a loss of 440 million yuan in Q3 2023 [1]. - For the first three quarters of 2024, the net profit reached 20.68 billion yuan, reflecting a 117% increase compared to the same period last year [1]. - The total investment income, including interest and fair value changes, amounted to 70.63 billion yuan, a 233.5% increase year-on-year [1]. Premium Income and New Business Value - The first-year premium income for long-term insurance reached 24.75 billion yuan in the first three quarters of 2024, up 12.3% year-on-year [2]. - The new business value saw a remarkable growth of 79.2% year-on-year, significantly outpacing the premium growth rate [2]. Distribution Channels - The individual insurance channel reported a first-year premium income of 11.98 billion yuan, an increase of 18.8% year-on-year, with improved productivity from the sales force [3]. - The bank insurance channel also showed positive growth, with a first-year premium income of 12.66 billion yuan, up 6.3% year-on-year, marking a recovery from a decline in the previous year [3]. Investment Outlook - The company is expected to benefit from further upward movements in equity markets, which could enhance investment returns [3]. - The current valuation stands at 0.6x PEV, indicating potential for valuation recovery [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 20.5 to HKD 30.5, indicating a potential upside of 18.2% from the current closing price of HKD 25.80 [1][2][3]. Core Insights - The company has demonstrated significant earnings resilience, with a net profit growth of 116.7% year-on-year for the first three quarters, slightly exceeding the previously forecasted range of 95-115% [1][2]. - The new business value growth rate of 79.2% year-on-year is leading among peers, reflecting strong performance in the insurance sector [2]. - Investment income has seen a notable increase, with a total investment return rate of 6.8%, up 4.5 percentage points year-on-year, outperforming industry peers [2]. - The company is optimizing its premium structure, although it still relies heavily on bank insurance channels, with a 1.9% year-on-year increase in premium income [1][2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of RMB 26,044 million, representing a 198.9% increase compared to 2023 [5][10]. - The total revenue for 2024 is estimated at RMB 140,014 million, reflecting a significant recovery from a 33.8% decline in 2023 [5][10]. - The company’s investment assets are expected to grow by 20.2% in 2024, contributing to overall financial stability [11]. - The report highlights a projected return on average equity (ROAE) of 25.2% for 2024, indicating strong profitability [11]. Business Metrics - The company’s new business value is expected to reach RMB 5,680 million in 2024, with a year-on-year growth rate of 87.8% [7][11]. - The insurance service revenue is projected to decline slightly by 3.0% in 2024, but investment income is expected to rebound significantly [6][10]. - The company’s market capitalization is approximately HKD 135.4 billion, with a daily trading volume of 16.92 million shares [4].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 61.40 CNY per share, corresponding to a 2024 P/EV of 0.70 times [2][3]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion CNY in the first three quarters of 2024, a year-on-year increase of 116.7%, driven by a resonance between assets and liabilities [2][3]. - The strong recovery in new business value (NBV) and significant improvement in investment income due to the recovery of the equity market are highlighted as key factors for profit enhancement [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a net profit of 20.68 billion CNY, with a quarterly net profit of 9.597 billion CNY in Q3, compared to a loss of 433 million CNY in the same period last year [2][3]. - EPS forecasts for 2024-2026 are maintained at 9.00, 9.54, and 10.28 CNY respectively [3]. New Business Value (NBV) - The NBV increased by 79.2% year-on-year in the first three quarters of 2024, with new policies growing by 11.9% year-on-year [3]. - The company experienced a significant increase in new policies in Q3, with a year-on-year growth of 162.8%, attributed to strong customer demand for insurance savings [3]. Investment Performance - Total investment assets reached 1.6 trillion CNY, a 20.3% increase from the beginning of the year, benefiting from stable cash flow from premium sales [3]. - The annualized total investment return rate improved to 6.8%, up 4.5 percentage points year-on-year [3]. Market Data - The stock price ranged from 27.92 to 51.73 CNY over the past 52 weeks, with a total market capitalization of 149.769 billion CNY [4]. - The company has a net asset value per share of 29.18 CNY, with a current price-to-book ratio of 1.6 [5].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.66 CNY [1][2][3] Core Insights - The company achieved a year-on-year increase of 79.2% in net profit for the first three quarters of 2024, driven by significant investment flexibility and a doubling of net profit [1][2] - The new business value (NBV) saw a substantial increase, with a year-on-year growth of 79.2% in the same period, attributed to improved value rates and a recovery in new policy sales [1][3] - The company's total premium income reached 145.644 billion CNY, reflecting a year-on-year increase of 1.9% in Q3, with long-term insurance new policies showing a notable recovery [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a total annualized profit of 206.8 billion CNY, marking a 116.7% increase year-on-year [1] - The comprehensive investment return rate improved to 6.8%/8.1%, with a year-on-year increase of 4.5 percentage points [1][2] - The company's investment assets reached 1.6 trillion CNY, with a significant portion allocated to equity investments, which outperformed peers [1][3] Business Growth Drivers - The report highlights that the recovery in the equity market has positively impacted the company's investment performance, contributing to the high growth in net profit [1][2] - The improvement in the liability side's premium environment is expected to further drive performance growth [1][3] - The company is projected to achieve earnings per share (EPS) of 7.9, 8.2, and 8.5 CNY for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [1][2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][7]. Core Insights - The company has demonstrated impressive profit growth driven by investment performance, with a year-on-year increase in net profit of 116.7% for the first three quarters of 2024, reaching 20.68 billion yuan [4][7]. - The New Business Value (NBV) has significantly exceeded expectations, with a year-on-year increase of 79.2% in the first three quarters, building on a strong 57.7% growth in the first half of 2024 [5][7]. - The company has benefited from a rebound in the stock market, with total investment assets increasing by 20.3% year-on-year to 1.61 trillion yuan, and a notable rise in investment income [6][7]. Summary by Sections Market Data - Closing price as of October 30, 2024, is 47.77 yuan, with a price-to-book ratio of 1.7 and a dividend yield of 1.78% [2]. Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 20.68 billion yuan, significantly surpassing expectations [4][7]. - The NBV growth rate of 79.2% in the first three quarters indicates strong demand and effective sales strategies [5][7]. Business Segments - Individual insurance channel new business premium increased by 13.5% year-on-year to 13.39 billion yuan, with a remarkable 57.5% growth in the third quarter [5][6]. - The bancassurance channel saw a staggering 292.9% increase in new business premiums in the third quarter, reaching 11.59 billion yuan [6]. Investment Analysis - The report projects an upward revision of profit forecasts for 2024-2026, with expected net profits of 21.71 billion yuan, 23.87 billion yuan, and 27.23 billion yuan respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 47.77 RMB and 25.80 HKD respectively [2]. Core Insights - The company has demonstrated a significant increase in new business value (NBV), with a year-on-year growth of 79.2% in the first three quarters of 2024, driven by improved value rates and a favorable shift in product demand [6][7]. - The company's net profit for the first three quarters of 2024 reached 20.68 billion RMB, reflecting a year-on-year increase of 116.7%, attributed to a recovery in equity markets and improved investment performance [6][7]. - The report highlights a strategic focus on enhancing the individual insurance channel and optimizing product offerings, which is expected to support continued growth in NBV [7][8]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported total revenue of 106.96 billion RMB, a 72.9% increase year-on-year, with a net profit of 20.68 billion RMB, up 116.7% [3][6]. - The annualized total investment return rate improved to 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate rose to 8.1%, up 5.1 percentage points [6]. Business Segments - The individual insurance channel has seen a significant increase in first-year premium income, reaching 12.42 billion RMB, a 16.6% increase year-on-year, with a notable quarterly growth of 70.2% in Q3 2024 [4][5]. - The bancassurance channel experienced a decline in first-year premium income of 24.1% to 21.55 billion RMB, although the decline rate has narrowed compared to the previous half [5][6]. Future Outlook - The company is expected to continue its positive trajectory in NBV growth, supported by ongoing improvements in the quality of its sales force and deepening bancassurance partnerships [7][8]. - The projected net profit for 2024-2026 has been revised upwards to 24.3 billion, 25.9 billion, and 28.5 billion RMB respectively, reflecting a strong recovery and growth potential [8].