Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in net profit for the first three quarters of 2024, achieving a net profit attributable to shareholders of 119.18 billion yuan, a year-on-year increase of 36.1%, with Q3 alone showing a remarkable 151.3% increase [1][2] - The company's new business value (NBV) in life and health insurance reached 35.16 billion yuan for the first three quarters of 2024, up 34.1% year-on-year, with Q3 showing a staggering 110.3% increase [2] - The overall combined ratio (COR) for property and casualty insurance improved to 97.8%, a year-on-year optimization of 1.5 percentage points [2] - The annualized comprehensive investment return rate improved to 5.0%, an increase of 1.3 percentage points year-on-year, benefiting from a recovery in the stock market [3] Financial Summary - For 2024, the company expects operating revenue of 970.9 billion yuan, net profit attributable to shareholders of 130.3 billion yuan, and earnings per share (EPS) of 7.16 yuan [4][6] - The projected operating revenue for 2025 and 2026 is 1,035.9 billion yuan and 1,093.6 billion yuan, respectively, with corresponding net profits of 150.8 billion yuan and 170.0 billion yuan [4][6] - The company's return on equity (ROE) is projected to improve to 13.1% in 2024, 14.0% in 2025, and 14.5% in 2026 [6][8]

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 56.90 CNY / 49.05 HKD and a reasonable value of 58.55 CNY / 54.87 HKD [2]. Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 119.18 billion CNY, which is a year-on-year growth of 34.1% [2][9]. - The growth in net profit was primarily driven by the upward movement in equity markets and some one-time gains, with quarterly growth rates of -4.3%, +20.4%, and +151.3% for Q1, Q2, and Q3 respectively [2][9]. - The new business value (NBV) for the first three quarters was 35.16 billion CNY, reflecting a year-on-year increase of 34.1% [3][4]. Summary by Sections Life Insurance - The improvement in value rates and the reduction in new business premium declines contributed to a significant increase in new business value, with a year-on-year growth of 34.1% [3][4]. - The quarterly growth rates for new business value were 20.7%, 0%, and 110.3% for Q1, Q2, and Q3 respectively, with Q3 showing a substantial recovery [3][4]. - The agent workforce showed a positive trend, reaching 362,000, with a year-on-year increase of 0.6% and a quarter-on-quarter increase of 6.5% [4][6]. Property and Casualty Insurance - The original premium scale for property and casualty insurance reached 239.37 billion CNY, with a year-on-year growth of 5.9% [8]. - The combined cost ratio improved to 97.8%, a decrease of 1.5 percentage points year-on-year, indicating better underwriting profitability [8][9]. Profitability - The company's net profit for the first three quarters was 119.18 billion CNY, with a year-on-year increase of 36.1% [9][11]. - The operating profit also showed a year-on-year increase of 5.5%, with life insurance operating profit growing by 3% and property insurance by 39.7% [9][11]. Earnings Forecast and Investment Recommendations - The forecast for EPS is 7.5, 7.6, and 8.0 CNY for 2024, 2025, and 2026 respectively, with a corresponding valuation of 58.55 CNY per share for A-shares [12][13]. - The company is expected to maintain a stable growth trajectory in both insurance service performance and investment performance, with projected net profit growth rates of 58.4%, 2%, and 5.7% for 2024 to 2026 [12][13].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.7 CNY, compared to the current price of 56.90 CNY [1]. Core Insights - The company achieved a significant increase in net profit in Q3, with a year-on-year growth of 151.3%, driven by a recovery in new business value (NBV) and improved investment returns [1]. - The new business value for the life insurance segment reached 352 billion CNY in the first three quarters of 2024, reflecting a year-on-year increase of 34.1% [1]. - The property insurance segment showed stable growth, with a combined ratio (COR) of 97.8%, a decrease of 1.5 percentage points year-on-year, indicating improved profitability [1]. - The investment portfolio of the company saw an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year, benefiting from a recovery in the equity market [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total operating profit of 113.8 billion CNY, a year-on-year increase of 5.5%, and a net profit of 119.2 billion CNY, up 36.1% year-on-year [1]. - The life insurance segment's new business value increased by 34.1% year-on-year, while the property insurance segment's service revenue rose by 4.5% year-on-year [1][2]. Business Segments - The life insurance segment's new business value rate improved by 5.7 percentage points to 31.0%, supported by product structure enhancements and adjustments in preset interest rates [1]. - The property insurance segment's COR improved due to a significant reduction in losses from credit insurance [1]. Investment Strategy - The company's investment portfolio grew to over 5.32 trillion CNY, a 12.7% increase from the beginning of the year, with a focus on controlling investment risk exposure [1]. - The annualized net investment return was 3.8%, slightly down by 0.2 percentage points year-on-year, primarily due to a decline in long-term interest rates [1]. Future Outlook - The report projects EPS for 2024-2026 to be 6.9, 7.5, and 8.0 CNY respectively, with an expected price-to-earnings value (PEV) of 0.8 times in 2025 [1].

ि点证券 非银金融/保险Ⅱ 中国平安（601318.SH） 2024 年 10 月 22 日 资产端驱动业绩高增，NBV 增长好于预期 ——中国平安 2024 三季报点评 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 56.90 | | 一年最高最低 ( 元 ) | 62.80/37.62 | | 总市值 ( 亿元 ) | 10,361.62 | | 流通市值 ( 亿元 ) | 6,123.95 | | 总股本 ( 亿股 ) | 182.10 | | 流通股本 ( 亿股 ) | 107.63 | | 近 3 个月换手率 (%) | 39.53 | 股价走势图 -20% 0% 20% 40% 60% 2023-10 2024-02 2024-06 中国平安 沪深300 数据来源：聚源 相关研究报告 《EV 增长超预期，投资收益同比稳健 —中国平安 2024 中报点评》-2024.8.23 《Margin 改善驱动 NBV 高增，负债端 延续高景气—中国平 ...

ि点证券 非银金融/保险Ⅱ 中国平安（601318.SH） 2024 年 10 月 22 日 资产端驱动业绩高增，NBV 增长好于预期 ——中国平安 2024 三季报点评 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/21 | | 当前股价 ( 元 ) | 56.90 | | 一年最高最低 ( 元 ) | 62.80/37.62 | | 总市值 ( 亿元 ) | 10,361.62 | | 流通市值 ( 亿元 ) | 6,123.95 | | 总股本 ( 亿股 ) | 182.10 | | 流通股本 ( 亿股 ) | 107.63 | | 近 3 个月换手率 (%) | 39.53 | 股价走势图 -20% 0% 20% 40% 60% 2023-10 2024-02 2024-06 中国平安 沪深300 数据来源：聚源 相关研究报告 《EV 增长超预期，投资收益同比稳健 —中国平安 2024 中报点评》-2024.8.23 《Margin 改善驱动 NBV 高增，负债端 延续高景气—中国平 ...

股 票 研 究 证 券 研 究 报 告 ——中国平安 2024 年三季报业绩点评 利润显著回暖，核心指标全面改善 中国平安(601318) [Table_Industry] 保险/金融 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 李嘉木 ( 分析师 ) | | | 021-38676647 | 021-38038619 | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880524030003 | 本报告导读： 投资收益改善推动公司前三季度利润回暖，OPAT 扭亏，核心板块均稳健，寿险 NBV 延续增长，保证险亏损收窄推动产险 COR 优化，综合投资收益率显著提升。 投资要点： 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou ...

证券研究报告 金融公司|公司点评|中国平安（601318） 2024Q3 单季 NBV 及净利润均同比高增 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月21日 证券研究报告 |报告要点 中国平安发布 2024 年三季报，2024 年前三季度公司实现 NBV 351.6 亿元，同比增长 34.1%； 归母净利润为 1191.82 亿元，同比增长 36.1%；归母营运利润为 1138.18 亿元，同比增长 5.5%。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 glzqdatemark2 2024年10月21日 中国平安(601318) 2024Q3 单季 NBV 及净利润均同比高增 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 56.90 元 | | 基本数据 | ...

2024 年 10 月 22 日 收益表现 % 1M 3M 1Y 相对 8.1 27.4 21.3 绝对 31.0 39.4 33.4 资料来源：Wind 公司研究 NBV 增幅走阔，盈利同比高增 ——中国平安（601318.SH、2318.HK）2024 年三季报点评 A 股：买入（维持） 当前价：56.90 元人民币 H 股：买入（维持） 当前价：49.05 港币 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据（A 股） 总股本(亿股) 182.10 总市值(亿元)： 10361.62 一年最低/最高(元)： 37.62/62.8 近 3 月换手率： 67.4% 股价相对走势 相关研报 人力企稳回升，盈利增速转正——中国平 安（601318.SH、2318.HK）2024 年半 年报点评（2024-08-23） 核心主业经营稳健，新业务价值快速增长 ——中国平安（601318.SH、2318 ...

上 市 公 司 非银金融 2024 年 10 月 21 日 中国平安 (601318) ——资、负两端均超预期，代理人规模拐点进一步夯实 报告原因：有业绩公布需要点评 证 券 研 究 报 告 | --- | --- | |-----------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------| | 市场数据： | 2024 年 10 月 21 日 | | 收盘价（元） 一年内最高/最低（元） 市净率 息率（分红/股价） 流通 A 股市值（百万元） 上证指数/深证成指 | 56.90 62.80/37.62 1.1 5.91 612,395 3,268.11/10,470.91 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） 资产负债率 % | 49.8 ...

本报记者 冷翠华 A股上市险企2024年首份三季报亮相。 10月21日晚间，中国平安发布2024年三季报。数据显示，今年前三季度，中国平安实现归属于母公司股 东的营运利润1138.18亿元，同比增长5.5%；归属于母公司股东的净利润1191.82亿元，同比增长 36.1%；营业收入7753.83亿元，同比增长10.0%。其中，寿险及健康险、财产保险以及银行三大核心业 务保持增长，三项业务合计归属于母公司股东的营运利润1196.51亿元，同比增长5.7%。 从寿险业务来看，前三季度，平安寿险经营提质增效，高质量发展成果显著。前三季度，寿险及健康险 业务新业务价值达成351.60亿元，同比增长34.1%；按标准保费计算的新业务价值率31.0%，同比上升 5.7个百分点。 从不同业务渠道来看，前三季度，平安寿险代理人渠道新业务价值同比增长31.6%，代理人人均新业务 价值同比增长54.7%，队伍产能有效提升。同时，截至今年9月末，个人寿险销售代理人数量36.2万；新 增人力中"优+"占比提升4个百分点。在银行合作方面，平安寿险深耕网点经营，银保渠道新业务价值同 比增长68.5%。持续推广社区金融服务经营模式，今年前 ...