Investment Rating - The report maintains a "Buy" rating for Sunshine Insurance with a target price of HKD 4.93 per share, corresponding to a 2024 P/EV of 0.50 times [2][5]. Core Insights - The company's net profit attributable to shareholders for the first half of 2024 increased by 8.6% year-on-year, primarily driven by improved investment income [4][5]. - The embedded value (EV) grew rapidly, with a year-to-date increase of 8.2%, supported by strong new business value (NBV) growth and operational improvements [5]. - The NBV for the first half of 2024 exceeded expectations, with a year-on-year growth of 39.9%, driven by significant improvements in channel quality and individual insurance [5]. Financial Performance Summary - The annualized total investment return rate for the first half of 2024 was 3.6%, an increase of 0.1 percentage points year-on-year [5]. - The company reported a net profit of RMB 4.666 billion for 2024E, reflecting a 25.2% increase compared to the previous year [8]. - The company's operating revenue is projected to grow from RMB 59.9 billion in 2023 to RMB 63.883 billion in 2024E, representing a 6.6% increase [8]. Business Growth and Quality - The individual insurance NBV grew by 47.8% year-on-year, with new individual insurance policies increasing by 15.7% [5]. - The company achieved a 12.4% year-on-year growth in property insurance premiums, primarily driven by non-auto insurance segments [5]. - The persistency rates for 13 and 25 months improved by 3.7 percentage points and 4.2 percentage points, reaching 96.4% and 89.8%, respectively [5].
阳光保险2024年中报业绩点评：价值增长超预期，投资收益全面向好