中国人寿：核心指标表现向好，投资收益提振业绩

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 41.08 CNY for the next six months [14]. Core Insights - The company reported a significant increase in operating revenue and net profit for the first half of 2024, with operating revenue reaching 234.2 billion CNY (YoY +23.3%) and net profit at 38.3 billion CNY (YoY +10.6%) [13]. - The total premium income reached a historical high of 489.6 billion CNY (YoY +4.1%), driven by a strong performance in individual insurance [13]. - The company’s investment assets grew to 6.09 trillion CNY, reflecting a 12.5% increase from the previous year, with total investment income rising by 50.2% to 122.4 billion CNY [13]. Financial Performance Summary - Revenue and Profit Forecasts: - Operating revenue is projected to be 382.1 billion CNY in 2024, increasing to 474.2 billion CNY by 2026 [6]. - Net profit attributable to shareholders is expected to rise from 52.6 billion CNY in 2024 to 66.3 billion CNY in 2026 [6]. - Earnings Per Share (EPS): - EPS is forecasted to be 1.86 CNY in 2024, 2.06 CNY in 2025, and 2.34 CNY in 2026 [13]. - Valuation Metrics: - The P/B ratio is expected to decrease from 1.82 in 2024 to 1.50 in 2026, indicating a potential undervaluation [6]. - The P/E ratio is projected to decline from 18.38 in 2024 to 14.59 in 2026 [6]. Market Performance - The company's stock price as of September 3, 2024, was 34.21 CNY, with a 12-month price range of 25.6 to 38.08 CNY [14]. - The total market capitalization is approximately 966.94 billion CNY [14].