PING AN OF CHINA(601318) 东吴证券·2024-08-22 21:00Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report indicates that the recovery of new business has led to a comprehensive improvement in value and profit indicators [4] - The company's operating profit after tax (OPAT) for the first half of 2024 reached 78.482 billion yuan, a slight decrease of 0.6% year-on-year, while net profit attributable to shareholders increased by 6.8% year-on-year to 74.619 billion yuan [2][3] Summary by Relevant Sections Earnings Forecast and Valuation - Forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 120.383 billion, 154.124 billion, and 162.214 billion yuan respectively, with year-on-year growth rates of 40.5%, 28.0%, and 5.2% [2][4] - The new business value for 2024 is projected to be 36.265 billion yuan, reflecting a year-on-year increase of 16.7% [2] - The estimated embedded value per share is 83.19 yuan, with a price-to-embedded value (P/EV) ratio of 0.50 [2] Business Performance - The new business value (NBV) for the first half of 2024 reached 22.320 billion yuan, a year-on-year increase of 11.0% [3] - The NBV margin improved by 6.5 percentage points to 24.2%, attributed to the "4 channels + 3 products" strategy [3] - The life insurance and health insurance CSM balance was 774.399 billion yuan, marking the first stabilization since disclosure [3] Investment Returns - The annualized comprehensive investment return rate for the first half of 2024 was 4.2%, with net investment returns under pressure due to maturing assets [3] - The company’s FVOCI stock balance increased by 17.7% to 206.035 billion yuan compared to the beginning of the year [3] Market Data - The closing price of the stock is 41.71 yuan, with a market capitalization of 759.549 billion yuan [5] - The price-to-book ratio is 0.84, indicating a relatively low valuation [5] Basic Data - The total share capital is 18,210.23 million shares, with a circulating A-share capital of 10,762.66 million shares [6]