中国平安：核心业务盈利改善，NBV实现稳健增长

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].