China Life(601628) 华创证券·2024-08-31 15:37Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 41.12 CNY per share [3][11]. Core Insights - The company achieved a net profit of 38.278 billion CNY in H1 2024, representing a year-on-year increase of 10.6%. The new business value (NBV) also grew by 18.6% to 32.262 billion CNY [1][11]. - The total premium income for H1 2024 was 489.566 billion CNY, up 4.1% year-on-year, despite a 6.4% decline in new single premiums [11]. - The company’s investment assets increased by 12.5% to 6,086.485 billion CNY by the end of H1 2024, with a total investment return rate of 3.03% [11]. Financial Performance Summary - For 2024E, the company is projected to have an operating income of 443.529 billion CNY, with a year-on-year growth rate of 28.8% [2]. - The forecasted net profit for 2024E is 56.881 billion CNY, reflecting a year-on-year increase of 23.2% [2]. - The earnings per share (EPS) are expected to be 2.01 CNY for 2024E, with a price-to-earnings (P/E) ratio of 16.6 [2]. Business Segment Analysis - The life insurance premium increased by 4.1%, maintaining an 82.7% share of total premiums, while health insurance premiums rose by 6.0% [11]. - The individual insurance channel contributed significantly to premium growth, with a 7.7% increase in premiums to 39.0134 billion CNY [11]. - The company’s investment strategy has shifted towards increasing bond holdings, with fixed-income assets now comprising 73.83% of the portfolio [11].