中粮资本：营收高增，经营质量与盈利能力稳步提升

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 7.68 CNY per share [1][5] Core Views - The company's revenue and profitability have shown significant growth, with H1 2024 revenue reaching 13.08 billion CNY, up 11.3% YoY, and net profit attributable to shareholders increasing by 43.43% YoY to 1.17 billion CNY [1] - The company's life insurance business remains stable, with premium income growing 24% YoY to 10.91 billion CNY, and the embedded value of the life insurance subsidiary reaching 23.11 billion CNY [2] - The futures business faced challenges but actively responded, with client trading volume increasing 13% YoY and asset management scale reaching 7.7 billion CNY [2] - The trust business accelerated transformation, with trust assets reaching 389.5 billion CNY, up 29% from the beginning of 2024, and net profit increasing 13% YoY to 403 million CNY [3] Financial Performance - The company's ROE improved to 5.73%, up 1.37 percentage points YoY, with basic EPS of 0.5097 CNY, up 43.42% YoY [1] - Revenue is expected to grow to 23.14 billion CNY in 2024, 25.47 billion CNY in 2025, and 27.88 billion CNY in 2026 [4] - Net profit is forecasted to reach 1.14 billion CNY in 2024, 1.52 billion CNY in 2025, and 1.89 billion CNY in 2026 [5] - EPS is projected to be 0.49 CNY in 2024, 0.66 CNY in 2025, and 0.82 CNY in 2026 [5] Business Segments - Life Insurance: Premium income grew 24% YoY, with new annualized premium income declining 28.16% YoY to 2.46 billion CNY [2] - Futures: Net profit declined 14.64% YoY to 134 million CNY, but the business actively explored new directions such as securities brokerage and asset management [2] - Trust: Trust assets reached 389.5 billion CNY, with fee income increasing 15% YoY to 681 million CNY, and the wealth management business achieved sales of 85 billion CNY, up 25% YoY [3] Valuation Metrics - The company's PE ratio is 15.51x for 2024, 11.64x for 2025, and 9.34x for 2026 [5] - The PB ratio is 0.86x for 2024, 0.81x for 2025, and 0.75x for 2026 [5] - ROE is expected to improve to 5.52% in 2024, 6.92% in 2025, and 8.02% in 2026 [9]