PICC(601319) HUAXI Securities·2024-10-16 08:03Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first three quarters of 2024, with estimates ranging from 338.30 billion to 379.31 billion CNY, representing a growth of 65% to 85% compared to the previous year [2][3] - The substantial growth in net profit is attributed to the optimization of the business structure, effective risk management, and a recovery in the capital markets, leading to a significant increase in investment income [3] - The company’s new business value (NBV) is projected to increase by 80% year-on-year, despite a slight decline in new single premiums [4] - The combined ratio (COR) is expected to remain stable at 96.2%, indicating effective risk reduction measures taken by the company [4] Financial Performance Summary - For 2024, the company forecasts revenue of 617.41 billion CNY, an increase from the previous estimate of 602.5 billion CNY, with net profit expected to reach 35.77 billion CNY, up from 26.2 billion CNY [5] - The earnings per share (EPS) for 2024 is projected at 0.81 CNY, an increase from the previous estimate of 0.59 CNY [5] - The company’s total assets are expected to grow from 1,557.16 billion CNY in 2023 to 1,691.54 billion CNY in 2024 [8]