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 investment rating for the company is "Buy" with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Views - The company reported strong performance in H1 2024, with operating revenue of 13.083 billion yuan, a year-on-year increase of 11.30%, and a net profit attributable to shareholders of 1.174 billion yuan, up 43.43% 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, while new single premium income decreased by 28.16% [3]. - The futures business faced challenges, with a net profit of 134 million yuan, down 14.65% year-on-year, but showed resilience through innovative risk management and service improvements [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 - Net profit attributable to shareholders was 1.174 billion yuan, up 43.43% year-on-year - Return on equity (ROE) was 5.73%, an increase of 1.37 percentage points year-on-year [3]. Life Insurance Business - Premium income from the subsidiary, Zhongying Life, was 10.907 billion yuan, a 24% increase year-on-year - New single premium income was 2.464 billion yuan, down 28.16% - Comprehensive solvency ratio was 239.84%, down 1.33 percentage points year-on-year [3]. Futures Business - Zhongliang Futures reported a net profit of 134 million yuan, down 14.65% year-on-year - The brokerage business saw a 13% increase in client transaction volume year-on-year - Asset management scale reached 7.7 billion yuan, up 35.09% year-on-year [3]. Trust Business - Zhongliang Trust's total assets expanded to 389.5 billion yuan, a 29% increase quarter-on-quarter - Trust business fee income was 681 million yuan, up 15% year-on-year - Net profit from trust operations was 403 million yuan, up 13% year-on-year [3].