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].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has shown significant improvement in its financial performance, with a 116.7% year-on-year increase in net profit attributable to shareholders, reaching 9.6 billion yuan [1]. - The company's total revenue for the first three quarters reached 51.37 billion yuan, reflecting a 72.9% year-on-year growth [1]. - The company has successfully optimized its channel transformation measures, leading to a 72.9% increase in insurance service revenue, totaling 106.96 billion yuan [1]. - The new business value growth rate reached 79.2%, driven by improved business quality and a reduction in the surrender rate to 1.3% [1]. - The company has implemented various reforms in its individual insurance channels, resulting in a 1.3% increase in premium income, with first-year premiums for long-term insurance growing by 18.8% [1]. - The company has diversified its product structure in its bancassurance business, achieving a positive growth rate in premium income, with long-term insurance first-year premiums increasing by 6.3% [1]. - The investment income has significantly improved, with an annualized total investment return of 6.8% and a comprehensive investment return of 8.1%, marking a 5.1 percentage point increase from the previous year [1]. Financial Forecasts - The company is expected to achieve earnings per share (EPS) of 6.31, 7.26, and 8.07 yuan for the years 2024, 2025, and 2026 respectively, up from previous estimates of 4.35, 5.36, and 5.99 yuan [1][2]. - The price-to-embedded value (P/EV) ratios are projected to be 0.54, 0.50, and 0.46 for the years 2024, 2025, and 2026 respectively [2][7].

1、公司上述报告的编制和审议程序符合法律、行政法规、中国证券监督管 理委员会和《公司章程》的规定； 2、公司上述报告内容真实、准确、完整地反映了公司的实际情况； 3、在提出本意见前，监事会未发现参与公司上述报告编制和审议的人员有 违反保密规定的行为。 A股股票代码：601336 A股股票简称：新华保险 编号：2024-049号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 第七届监事会第四十八次会议决议公告 新华人寿保险股份有限公司监事会及全体监事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日以电 子邮件方式向全体监事发出第七届监事会第四十八次会议（以下简称"会议"） 通知和材料，会议于 2024 年 10 月 30 日在北京市以现场方式召开。会议应到监 事 4 人，现场出席监事 3 人，监事余建南因公务原因未能亲自出席会议，委托监 事长刘德斌代为出席会议并表决。公司高级管理人员列席了会议。会议的召集、 召开符合《中华人民共和国公司法 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2024-048号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 第八届董事会第二十六次会议决议公告 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 10 月 16 日以电 子邮件方式向全体董事发出第八届董事会第二十六次会议（以下简称"会议"） 通知和材料，会议于 2024 年 10 月 30 日在北京市以现场方式召开。会议应到董 事 10 人，现场出席董事 10 人，公司监事和高级管理人员列席了会议。会议的召 集、召开符合《中华人民共和国公司法》《新华人寿保险股份有限公司章程》和 《新华人寿保险股份有限公司董事会议事规则》的有关规定，所作的决议合法、 有效。 会议由董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议决议： 一、审议通过了《关于 2024 年第三季度报告的议案》。 公司董事会审计与关联交易控制委员会已审议通过此项议案。 具体内容详见公司 ...

Revenue and Profit Performance - Revenue for the reporting period reached RMB 51,365 million, a 297.8% increase compared to the same period last year[3] - Net profit attributable to shareholders of the parent company for the reporting period was RMB 9,597 million, with a year-to-date increase of 116.7% to RMB 20,680 million[3] - Net profit attributable to parent company shareholders reached RMB 20,680 million for the first nine months of 2024, compared to RMB 9,542 million in the same period of 2023[28] - Total revenue for the first nine months of 2024 was RMB 106,956 million, a significant increase from RMB 61,855 million in the same period of 2023[28] - Basic and diluted earnings per share attributable to shareholders of the parent company for the reporting period were both RMB 3.08, with a year-to-date increase of 116.7% to RMB 6.63[4] - Basic earnings per share for the 9 months ended September 30, 2024, were RMB 6.63, compared to RMB 3.06 for the same period in 2023[29] - Diluted earnings per share for the 9 months ended September 30, 2024, were RMB 6.63, compared to RMB 3.06 for the same period in 2023[29] Investment Performance - The company's investment performance improved significantly due to the rise in the capital market, contributing to the increase in net profit[10] - Total investment assets reached RMB 1,606.706 billion as of September 30, 2024, with an annualized total investment yield of 6.8% and a comprehensive investment yield of 8.1%[23] - Fair value change gains amounted to RMB 41,985 million for the first nine months of 2024, compared to a loss of RMB 2,862 million in the same period of 2023[28] - Investment income increased to RMB 5,134 million for the first nine months of 2024, up from RMB 211 million in the same period of 2023[28] - Expected credit impairment losses on debt investments and other debt investments reduced net profit attributable to parent company shareholders by RMB 1,076 million for the first nine months of 2024[28] - Impairment losses on long-term equity investments reduced net profit attributable to parent company shareholders by RMB 853 million for the first nine months of 2024[28] Insurance Premiums - Original insurance premium income for the first nine months of 2024 was RMB 145.644 billion, a 1.9% increase year-over-year[19] - Long-term insurance first-year premium income for the first nine months of 2024 was RMB 34.147 billion, a 12.7% decrease year-over-year[19] - Renewal premium income for the first nine months of 2024 was RMB 108.226 billion, a 7.8% increase year-over-year[19] - Individual insurance channel premium income for the first nine months of 2024 was RMB 97.791 billion, a 1.3% increase year-over-year[22] - Bancassurance channel premium income for the first nine months of 2024 was RMB 45.309 billion, a 2.9% increase year-over-year[22] - Group insurance channel premium income for the first nine months of 2024 was RMB 2.544 billion, an 8.7% increase year-over-year[22] - Long-term insurance first-year premium income from the individual insurance channel for the first nine months of 2024 was RMB 12.415 billion, a 16.6% increase year-over-year[22] - Long-term insurance first-year premium income from the bancassurance channel for the first nine months of 2024 was RMB 21.553 billion, a 24.1% decrease year-over-year[22] - Long-term insurance first-year premium income from the group insurance channel for the first nine months of 2024 was RMB 179 million, an 84.5% increase year-over-year[22] Financial Position and Solvency - Core capital stood at RMB 144,045 million, with a core solvency adequacy ratio of 122.57% and a comprehensive solvency adequacy ratio of 225.20%[9] - Total assets increased by 18.8% to RMB 1,667,028 million compared to the end of the previous year[4] - Total assets increased to RMB 1,667,028 million as of September 30, 2024, compared to RMB 1,403,257 million at the end of 2023[25] - Insurance contract liabilities rose to RMB 1,330,767 million as of September 30, 2024, up from RMB 1,146,497 million at the end of 2023[26] - Total liabilities rose to RMB 1,575,961 million as of September 30, 2024, compared to RMB 1,298,165 million at the end of 2023[26] - Shareholders' equity decreased to RMB 91,067 million as of September 30, 2024, down from RMB 105,092 million at the end of 2023[27] Cash Flow and Liquidity - Operating cash flow for the year-to-date period was RMB 88,788 million, an 11.5% increase compared to the same period last year[3] - Net cash flow from operating activities for the 9 months ended September 30, 2024, was RMB 88,788 million, up from RMB 79,611 million in the same period in 2023[30] - Net cash flow from investing activities for the 9 months ended September 30, 2024, was negative RMB 167,357 million, compared to negative RMB 123,824 million in the same period in 2023[30] - Net cash flow from financing activities for the 9 months ended September 30, 2024, was RMB 80,177 million, up from RMB 43,553 million in the same period in 2023[31] - Cash and cash equivalents at the end of September 2024 were RMB 23,447 million, up from RMB 16,983 million at the end of September 2023[32] - Net increase in cash and cash equivalents for the 9 months ended September 30, 2024, was RMB 1,659 million, compared to a net decrease of RMB 603 million in the same period in 2023[32] Shareholder and Equity Information - The top shareholder, Central Huijin Investment Ltd., holds 31.34% of the company's shares[13] - Weighted average return on equity attributable to shareholders of the parent company was 10.6% for the reporting period and 21.0% for the year-to-date period[4] - Total comprehensive income attributable to minority shareholders for the 9 months ended September 30, 2024, was RMB 3 million, compared to RMB 2 million in the same period in 2023[29] - Total comprehensive income attributable to parent company shareholders for the 9 months ended September 30, 2024, was negative RMB 11,361 million, compared to negative RMB 2,620 million in the same period in 2023[29] Non-Recurring Items - Non-recurring gains and losses for the reporting period amounted to a loss of RMB 10 million, with a year-to-date loss of RMB 33 million[6]