中粮资本2024半年报点评：业绩增长强劲，战略转型彰显成效

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - The company reported a strong performance in H1 2024, with operating revenue reaching 13.083 billion yuan, a year-on-year increase of 11.30%, and net profit attributable to shareholders of 1.174 billion yuan, up 43.43% year-on-year [3]. - The weighted average ROE was 5.73%, an increase of 1.37 percentage points year-on-year [3]. - The life insurance segment showed steady growth, with premium income of 10.907 billion yuan, a 24% increase year-on-year, although new single annual premium income decreased by 28.16% [3]. - The futures business faced challenges, with net profit of 134 million yuan, down 14.65% year-on-year, but showed resilience through innovative risk management and support for rural revitalization [3]. - The trust business expanded significantly, with total assets reaching 389.5 billion yuan, a 29% increase quarter-on-quarter, and net profit of 403 million yuan, up 13% year-on-year [3]. Summary by Sections Financial Performance - H1 2024 operating revenue was 13.083 billion yuan, up 11.30% year-on-year [3]. - Net profit attributable to shareholders was 1.174 billion yuan, reflecting a 43.43% increase year-on-year [3]. - The company expects revenues of 24.733 billion yuan, 27.955 billion yuan, and 31.854 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.240 billion yuan, 1.493 billion yuan, and 1.843 billion yuan [4]. Business Segments - Life Insurance: Premium income of 10.907 billion yuan, up 24% year-on-year; however, new single annual premium income decreased by 28.16% [3]. - Futures Business: Net profit of 134 million yuan, down 14.65% year-on-year, but with a 13% increase in client transaction volume [3]. - Trust Business: Total assets reached 389.5 billion yuan, with net profit of 403 million yuan, up 13% year-on-year [3]. Future Projections - Expected operating revenues for 2024-2026 are 24.734 billion yuan, 27.955 billion yuan, and 31.854 billion yuan respectively, with net profits projected at 1.240 billion yuan, 1.493 billion yuan, and 1.843 billion yuan [4]. - The diluted earnings per share are forecasted to be 0.54 yuan, 0.65 yuan, and 0.80 yuan for 2024, 2025, and 2026 respectively [4].