Guolian Securities·2024-08-31 13:03Investment Rating - The investment rating for the company is "Buy" (maintained) [18] Core Insights - The company reported a significant improvement in net profit and a stable recovery in the number of agents, with a net profit of 38.278 billion yuan for H1 2024, representing a year-on-year increase of 10.6% [7][14] - The new business value (NBV) for H1 2024 reached 32.262 billion yuan, reflecting a year-on-year growth of 18.6% [7][14] - The company's NBV margin improved to 20.1%, up by 4.2 percentage points year-on-year, indicating enhanced profitability from new business [7] - The total investment income for H1 2024 increased by 33.9% to 122.366 billion yuan, driven by improved market conditions [7] Financial Performance Summary - For H1 2024, the company achieved a NBV of 32.262 billion yuan, a year-on-year increase of 18.6% [7] - The number of agents stabilized at 629,000, with a monthly average first-year premium per agent increasing by 12.4% year-on-year [7] - The company's embedded value (EV) as of H1 2024 was 1.4 trillion yuan, up 11.4% from the beginning of the year [7] - The annualized net and total investment returns for H1 2024 were 3.03% and 3.59%, respectively, with the net investment return slightly declining due to lower interest rates [7] - The forecasted net profit for the company for 2024-2026 is 59.9 billion, 68.79 billion, and 80.11 billion yuan, with growth rates of 30%, 15%, and 17% respectively [7]