Soochow Securities·2024-10-09 02:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of between 18.607 billion and 20.515 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 95% to 115% [2][3] - The new management's confidence in increasing equity investments at the bottom of the market is highlighted, which has stabilized investor expectations [2][3] - The performance significantly exceeded expectations, with a notable turnaround from a loss in the same period last year [2][3] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024 is 19.623 billion yuan, with a year-on-year growth rate of 125.2% [2] - The new business value is projected to grow to 3.024 billion yuan in 2024, with a growth rate of 18.8% [2] - The company's P/EV ratio is expected to decrease to 0.50 in 2024, indicating a favorable valuation [2] Investment Highlights - The company has increased its investment in equity assets, which has contributed to a significant recovery in investment income [3] - The Shanghai Composite Index rose by 16.07% in Q3 2024, compared to a decline in the same period last year, enhancing the company's investment performance [3] - The company’s stock investment ratio is higher than its peers, indicating a strong position in the market [3][4] Profitability Analysis - The company reported a substantial increase in net profit for Q3 2024, with an expected profit of 8.478 billion yuan, a significant recovery from a loss of 436 million yuan in Q3 2023 [2][3] - The overall stock investment ratio of the company is significantly higher than that of its competitors, suggesting a robust investment strategy [3][4] Market Data - The closing price of the company's stock is 51.06 yuan, with a market capitalization of approximately 159.28 billion yuan [6] - The company’s price-to-book ratio is 1.77, indicating a reasonable valuation relative to its book value [6] Basic Data - The company's net asset per share is 28.86 yuan, with a total share capital of approximately 3.12 billion shares [7] - The asset-liability ratio stands at 93.98%, reflecting the company's financial structure [7]