中国平安：业绩全面改善，队伍环比增长

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].