HUAXI Securities·2024-10-16 08:03Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company expects a significant increase in net profit attributable to shareholders for the first three quarters of 2024, projected to be between 37 billion to 39.4 billion CNY, representing a year-on-year increase of approximately 60% to 70% [2][3] - The substantial growth in net profit is primarily driven by the rise in equity markets, which has led to a significant increase in investment income [3] - The new business value (NBV) is expected to grow by 37.7% year-on-year for the first three quarters of 2024, indicating an improvement in product structure and channel integration [4] - The company's combined ratio (COR) is projected to be 97.0% for the first three quarters of 2024, showing a slight improvement compared to the first half of 2024 [4] Financial Performance Summary - The company anticipates total revenue of 383.9 billion CNY for 2024, an increase from the previous estimate of 378 billion CNY [5] - The expected net profit attributable to shareholders for 2024 is revised to 42.4 billion CNY, up from 37.8 billion CNY [5] - Earnings per share (EPS) for 2024 is projected to be 4.41 CNY, an increase from the previous estimate of 3.93 CNY [5] - The price-to-earnings value (PEV) for 2024 is expected to be 0.65, with projections of 0.61 and 0.58 for 2025 and 2026 respectively [5]