China Post Securities·2024-08-27 04:36Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock to outperform the benchmark index by over 20% in the next six months [6]. Core Insights - The company reported a revenue of 494.97 billion yuan for the first half of 2024, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [4]. - The three core businesses—life and health insurance, property insurance, and banking—showed growth, with a combined operating profit of 79.57 billion yuan, reflecting a 1.7% increase year-on-year [4]. - The number of individual insurance agents decreased by 2% compared to the end of 2023 but showed signs of recovery from the end of March 2024 [4]. - The investment scale exceeded 5.2 trillion yuan, marking a 10.2% increase since the beginning of the year, with an annualized comprehensive investment return rate of 4.2%, up 0.1 percentage points year-on-year [4]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are 5.52, 6.17, and 6.78 yuan per share, respectively [4]. - The expected revenue growth rates for 2024, 2025, and 2026 are 2.08%, 5.51%, and 4.94%, respectively [5]. - The net profit attributable to shareholders is projected to grow by 14.24% in 2024, followed by 11.70% and 9.85% in the subsequent years [5].