2024-08-23 07:10Investment Rating - The report maintains a "Buy" rating for the company [4][5][12] Core Views - The company's 1H24 performance exceeded expectations, with a net profit attributable to shareholders of 746.19 billion yuan, a year-on-year increase of 6.8% [3][4] - The agent scale achieved its first quarter-on-quarter growth since Q2 2020, indicating a positive trend in recruitment and performance [3][4] - The company’s investment asset scale grew by 10.2% year-to-date, reflecting robust investment performance [4] Financial Performance Summary - 1H24 net profit attributable to shareholders was 746.19 billion yuan, with operating profit at 784.82 billion yuan, surpassing previous forecasts [3][4] - The annualized internal rate of return for life and health insurance was 15.4%, up 1.0 percentage points year-on-year [3] - The new business value (NBV) for 1H24 was 223.20 billion yuan, a year-on-year increase of 11.0% [3][4] - The combined ratio (COR) for the property and casualty insurance business improved to 97.8%, with underwriting profit increasing by 15.7% year-on-year [4] Future Projections - The company’s revenue is projected to grow from 982.785 billion yuan in 2024E to 1,163.603 billion yuan in 2026E, with a compound annual growth rate of approximately 9.78% [5][7] - The net profit attributable to shareholders is expected to rise from 124.012 billion yuan in 2024E to 189.975 billion yuan in 2026E, reflecting a significant growth trajectory [5][7] - The price-to-earnings (P/E) ratio is projected to decrease from 6.12 in 2024E to 4.00 in 2026E, indicating potential undervaluation [5][7]