Tai Ping Yang·2024-09-05 08:03Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a steady growth in revenue and net profit for the first half of 2024, with operating income reaching 494.97 billion yuan, a year-on-year increase of 1.3%, and net profit attributable to shareholders of 74.62 billion yuan, up 6.8% year-on-year [3]. - The return on equity (ROE) was 8.10%, reflecting a year-on-year increase of 5.19% [3]. - The core business segments, including life and health insurance, property insurance, and banking, collectively generated an operating profit of 79.57 billion yuan, a year-on-year increase of 1.7% [3]. - The new business value for life and health insurance reached 22.32 billion yuan, up 11.0% year-on-year, with significant improvements in policy continuation rates [3]. - The property insurance segment saw stable growth, with service revenue of 161.61 billion yuan, a year-on-year increase of 3.9% [3]. - The banking segment reported a net profit of 25.88 billion yuan, up 1.9% year-on-year, with a non-performing loan ratio of 1.07% [3]. Financial Projections - The company is projected to achieve operating revenues of 991.28 billion yuan, 1,077.66 billion yuan, and 1,176.38 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.48%, 8.71%, and 9.16% [4]. - Net profit attributable to shareholders is expected to reach 96.92 billion yuan, 124.59 billion yuan, and 155.93 billion yuan for the same years, with growth rates of 13.14%, 28.55%, and 25.16% [4]. - The earnings per share (EPS) are projected to be 5.32 yuan, 6.84 yuan, and 8.56 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 8.16, 6.35, and 5.07 [4].