Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2024, with operating income reaching 494.97 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [3]. - The return on equity (ROE) was 8.10%, reflecting a year-on-year increase of 5.19% [3]. - The core businesses, including life and health insurance, property insurance, and banking, generated a total operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - New business value in life and health insurance reached 22.32 billion yuan, up 11.0% year-on-year, with significant improvements in policy continuation rates [3]. - The property insurance segment saw stable growth, with service revenue of 161.61 billion yuan, a year-on-year increase of 3.9% [3]. - The banking sector reported a net profit of 25.88 billion yuan, a year-on-year increase of 1.9%, with a non-performing loan ratio of 1.07% [3]. - The investment portfolio of insurance funds expanded significantly, reaching 5.20 trillion yuan, a growth of 10.2% since the beginning of the year, with a stable annualized investment return of 4.2% [3]. Financial Projections - The company is projected to achieve operating revenues of 991.28 billion yuan, 1,077.66 billion yuan, and 1,176.38 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.48%, 8.71%, and 9.16% [4]. - Net profit attributable to shareholders is expected to reach 96.92 billion yuan, 124.59 billion yuan, and 155.93 billion yuan for the same years, with growth rates of 13.14%, 28.55%, and 25.16% [4]. - The diluted earnings per share (EPS) are projected to be 5.32 yuan, 6.84 yuan, and 8.56 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 8.16, 6.35, and 5.07 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2024, with operating income reaching 494.97 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [3]. - The return on equity (ROE) was 8.10%, reflecting a year-on-year increase of 5.19% [3]. - The core business segments, including life and health insurance, property insurance, and banking, collectively generated an operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - The new business value for life and health insurance reached 22.32 billion yuan, up 11.0% year-on-year, with significant improvements in policy continuation rates [3]. - The property insurance segment saw stable growth, with service revenue of 161.61 billion yuan, a year-on-year increase of 3.9% [3]. - The banking segment reported a net profit of 25.88 billion yuan, up 1.9% year-on-year, with a non-performing loan ratio of 1.07% [3]. Financial Projections - The company is projected to achieve operating revenues of 991.28 billion yuan, 1,077.66 billion yuan, and 1,176.38 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.48%, 8.71%, and 9.16% [4]. - Net profit attributable to shareholders is expected to reach 96.92 billion yuan, 124.59 billion yuan, and 155.93 billion yuan for the same years, with growth rates of 13.14%, 28.55%, and 25.16% [4]. - The earnings per share (EPS) are projected to be 5.32 yuan, 6.84 yuan, and 8.56 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 8.16, 6.35, and 5.07 [4].

Investment Rating - The report maintains a "Buy" rating for the company, China Ping An Insurance (2318 HK), with a target price of HKD 51.00, indicating a potential upside of 48.7% from the current closing price of HKD 34.30 [1][3][23]. Core Insights - The company's major business indicators are performing well, and its valuation appears low, prompting a reaffirmation of the "Buy" rating. The individual insurance agents have stabilized and shown a slight recovery, with a total of 340,000 agents, a 2% decrease year-to-date but a 0.7 thousand increase quarter-on-quarter, marking the first quarter-on-quarter increase since Q3 2020 [1][3]. - The new business value for the first half of the year grew by 11% year-on-year, aligning with expectations. The new business value margin increased to 24.2%, up 6.5 percentage points year-on-year, driven by product structure optimization and extended payment terms [2][3]. - The strategic layout of comprehensive finance and medical pension services has created a differentiated competitive advantage, with an upgrade to the 2.0 customer management phase. The profit forecast for 2024 has been raised, expecting a 13% year-on-year growth in OPAT from a low base [3][15]. Financial Performance Summary - For the first half of 2023, the company reported a net profit attributable to shareholders of RMB 69.841 billion, a 6.8% increase year-on-year, while OPAT slightly decreased by 0.6% to RMB 78.950 billion. The core business segments showed growth, with property insurance up 7.2%, life and health insurance up 0.7%, and banking up 1.9% [6][15]. - The new business value for the first half of 2023 was RMB 20.112 billion, with a year-on-year growth of 11%. The number of individual insurance agents decreased by 9.1% year-on-year [6][7]. - The company expects a net profit of RMB 111.464 billion for 2024, reflecting a 30.1% year-on-year increase, with an operating ROAE of 12.0% [19][24].

Investment Rating - The report maintains a "BUY" rating for Ping An, with a target price (TP) unchanged at HK$52.0, implying a 0.6x FY24E P/EV [1]. Core Insights - Ping An reported resilient 1H24 results with a year-on-year (YoY) increase in new business value (NBV) of 11% to RMB 22.3 billion, surpassing forecasts by 3.6% and market consensus by 9.5% [1]. - The report anticipates a turnaround in Group operating profit after tax (OPAT) in FY24, driven by improved operating efficiency and a low base effect from the previous year [1]. - The NBV margin improved to 24.2%, reflecting a 6.5 percentage point increase YoY, indicating a focus on margin expansion rather than volume growth [1]. Summary by Sections New Business Value (NBV) - Ping An's NBV for 1H24 reached RMB 22.3 billion, an 11% increase YoY, with 2Q24 stabilizing at RMB 9.43 billion [1][3]. - The agency and bancassurance channels contributed significantly, with NBV growth of 10.8% and 17.3% YoY, respectively [1][3]. - The NBV margin increased to 24.2%, up 6.5 percentage points YoY, indicating improved profitability [1][3]. Operating Profit After Tax (OPAT) - Group OPAT declined by 0.6% YoY in 1H24, with core business lines showing a 1.7% YoY increase to RMB 79.6 billion [1]. - The report expects full-year Group OPAT to grow by 3.9% YoY, supported by stabilized life and health (L&H) OPAT and enhanced property and casualty (P&C) underwriting profit [1]. Property and Casualty (P&C) Performance - The P&C combined ratio (CoR) was 97.8% in 1H24, a slight improvement of 0.2 percentage points YoY, with a notable scale-back in high-loss guarantee business [1][10]. - P&C underwriting profits increased by 15.3% YoY to RMB 3.5 billion, driven by higher insurance revenue [1][10]. Valuation Metrics - The stock is currently trading at 0.42x FY24E P/EV and 0.61x FY24 P/BV, with a dividend yield of 7.6% and an average ROE of 12.3% over three years [1][19]. - The report highlights a positive outlook for the Group's OPAT turnaround, particularly in the asset management and technology segments [1][19].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by over 20% in the next six months [6]. Core Insights - The company reported a revenue of 494.97 billion yuan for the first half of 2024, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [4]. - The three core businesses—life and health insurance, property insurance, and banking—showed growth, with a combined operating profit of 79.57 billion yuan, reflecting a 1.7% increase year-on-year [4]. - The number of individual insurance agents decreased by 2% compared to the end of 2023 but showed signs of recovery from the end of March 2024 [4]. - The investment scale exceeded 5.2 trillion yuan, marking a 10.2% increase since the beginning of the year, with an annualized comprehensive investment return rate of 4.2%, up 0.1 percentage points year-on-year [4]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are 5.52, 6.17, and 6.78 yuan per share, respectively [4]. - The expected revenue growth rates for 2024, 2025, and 2026 are 2.08%, 5.51%, and 4.94%, respectively [5]. - The net profit attributable to shareholders is projected to grow by 14.24% in 2024, followed by 11.70% and 9.85% in the subsequent years [5].

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by th ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 本聯合公告僅供參考，並不構成收購、購買或認購陸金所證券的邀請或要約，亦並非在任何司 法管轄區徵集任何表決或批准。本聯合公告不得在任何司法管轄區發佈、刊載或派發，否則將 構成違反該司法管轄區的相關法律。 倘本聯合公告所提述陸金所要約在美國作出，則是由聯合要約人直接作出。本聯合公告所提述 由摩根士丹利代表聯合要約人作出的陸金所要約應據此詮釋。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：6623） （紐交所股票代碼：LU） 聯合公告 (II) 以註銷所有尚未歸屬陸金所期權； 及 股份代號：2318（港幣櫃台）及 82318（人民幣櫃台） 安科技術有限公司 （於香港註冊成立的有限公司） 中國平安保險海外（控股）有限公司 （於香港註冊成立的有限公司） Lufax Holding Ltd 陸金所控股有限公司 （於開曼群島註冊成立的有限公司） (2) 有關所有未歸屬陸金所績效股份單位的陸金所績效 ...

Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of 49.24 CNY [3][7]. Core Insights - The company's core business profitability has improved, with a net profit of 746 billion CNY for H1 2024, representing a year-on-year increase of 6.8% [1]. - New Business Value (NBV) achieved a robust growth of 11.0% year-on-year, reaching 223 billion CNY, despite a 19% decline in new single premium due to high base effects from the previous year [1][2]. - The company has seen a significant improvement in profitability, with a Q2 net profit increase of 20.4% year-on-year [1]. Summary by Sections Financial Performance - For H1 2024, the company reported a net profit of 746 billion CNY (YoY +6.8%) and an operating profit of 785 billion CNY (YoY -0.6%) [1]. - The core businesses contributed an operating profit of 796 billion CNY (YoY +1.7%) [1]. - The company’s H1 2024 insurance service revenue reached 1619 billion CNY (YoY +3.9%) with a net profit from property and casualty insurance of 100 billion CNY (YoY +7.2%) [2]. Business Segments - The life and health insurance segment achieved an operating profit of 563 billion CNY (YoY +1.3%) and an NBV of 223 billion CNY (YoY +11.0%) [2]. - The property and casualty insurance segment saw a slight improvement in profitability, with a combined cost ratio of 97.8%, down 0.2 percentage points year-on-year [2]. Investment Performance - As of the end of H1 2024, the company’s investment portfolio exceeded 5.20 trillion CNY, growing by 10.2% since the beginning of the year [2]. - The annualized total investment return rate was 3.5%, with a comprehensive investment return rate of 4.2%, both showing a year-on-year increase of 0.1 percentage points [2]. Market Position - The company’s market capitalization is approximately 789.41 billion CNY, with a circulating market value of 466.56 billion CNY [3]. - The stock price as of August 23, 2024, was 43.35 CNY, with a 12-month price range of 37.78 to 51.45 CNY [3].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4]. Core Views - The company reported a year-on-year increase in net profit attributable to shareholders of 6.8% and a new business value (NBV) growth of 11% [2][20]. - The NBV growth was supported by strong savings demand from residents and the favorable impact of the exit of 3% guaranteed rate products, despite a high base from the previous year [2][11]. - The company's embedded value (EV) increased by 6.2% year-on-year, driven by positive operational and investment variances [2][18]. - The net profit growth turned positive, with a significant recovery in operational profit margins [20][21]. - The agent workforce increased by 2.1% quarter-on-quarter, marking the first positive growth in recent years [2][30]. Summary by Sections 1. Value: Comprehensive Growth Driven by Volume and Price - The company's NBV for the first half of 2024 was CNY 22.32 billion, up 11% year-on-year, benefiting from a decline in commission rates and increased savings demand [11][18]. - The new business value margin (NBVM) reached 24.2%, an increase of 6.5 percentage points year-on-year, with individual insurance and bancassurance channels showing growth rates of 10.8% and 17.3%, respectively [11][16]. 2. Net Profit: Comprehensive Recovery in Performance Indicators - The net profit attributable to shareholders for the first half of 2024 was CNY 74.62 billion, reflecting a year-on-year increase of 6.8% [20]. - The operational profit showed a decline of only 0.6%, a significant improvement compared to previous quarters [21]. 3. Life Insurance: Sustained Upward Trend - The new single premium for life insurance in the first half of 2024 was CNY 130.14 billion, down 5.6% year-on-year, but remained stable against a high base from the previous year [27][28]. - The agent workforce reached 340,000, with a year-on-year decline of 9.1%, but showing signs of stabilization [30]. 4. Property and Casualty Insurance: Continuous Loss Control - The total premium for property and casualty insurance was CNY 160.4 billion, up 4.1% year-on-year, with stable growth in auto insurance [36][40]. - The combined ratio improved to 97.8%, a decrease of 0.2 percentage points year-on-year, indicating better cost management [40][41]. 5. Investment Recommendations - The report forecasts EPS for 2024-2026 to be CNY 5.1, CNY 5.8, and CNY 6.4, respectively, with a valuation of 0.7X PEV for A shares and 0.6X PEV for H shares, leading to a target price of CNY 56.5 per share for A shares [2][42].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 57.1 CNY, compared to the current price of 41.71 CNY [2][8]. Core Views - The company's net profit growth has turned positive, driven by improvements in the investment sector. The net profit for H1 2024 reached 746.19 billion CNY, a year-on-year increase of 6.8% [2]. - The new business value (NBV) for the life insurance segment increased by 11% to 223.20 billion CNY, indicating stable growth despite a decline in first-year premiums [2]. - The property insurance segment showed a slight improvement in the combined ratio (COR), which decreased by 0.2 percentage points to 97.8% [2]. Financial Performance Summary - In H1 2024, the company achieved a total operating profit of 784.82 billion CNY, a slight decrease of 0.6% year-on-year. The three core business segments (life insurance, property insurance, and banking) all reported positive growth [2][10]. - The life insurance segment's NBV margin improved by 6.5 percentage points to 24.2%, while the first-year premiums decreased by 19% to 922.18 billion CNY [2]. - The property insurance segment's service revenue increased by 3.9% to 1619.10 billion CNY, with the COR showing improvement mainly due to a reduction in losses from credit guarantee insurance [2]. Investment Strategy - The report suggests that the company is expected to achieve both volume and price growth in H2 2024, benefiting from a low base and new predetermined interest rate policies [2][8]. - The investment portfolio of the company has grown to over 5.2 trillion CNY, with a 10.2% increase since the beginning of the year. The annualized net investment yield is reported at 3.3% [2][10].