KAIYUAN SECURITIES·2024-10-16 06:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][11] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first three quarters of 2024, estimated between 37 billion to 39.4 billion yuan, representing a growth of approximately 60% to 70% [6] - The strong performance is attributed to the recovery in equity markets, leading to substantial growth in investment income, which aligns with the expectations of the report [6] - The report anticipates a continued high-quality growth in the liability side, supporting the valuation increase of the company [6] Financial Summary - The estimated net profit for Q3 2024 is projected to be between 11.9 billion to 14.3 billion yuan, reflecting a year-on-year increase of 146% to 196% [6] - The company’s return on equity (ROE) is expected to reach 19.0% in Q3 2024, with a year-on-year growth of approximately 34% [6] - The forecast for new business value (NBV) growth is 35.2%, 16.9%, and 10.9% for 2024, 2025, and 2026 respectively [6][7] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 4.97 yuan, 6.47 yuan, and 7.42 yuan respectively [6][7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 0.4, 0.3, and 0.3 for 2024, 2025, and 2026 respectively [7] - The price-to-book (P/B) ratio is expected to be 1.2, 0.9, 0.8, 0.7, and 0.6 for the years 2022 to 2026 [7] - The current dividend yield (TTM) stands at 2.72% [6]