Soochow Securities·2024-10-16 17:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company announced a significant profit increase for the first three quarters of 2024, with estimated net profit ranging from approximately 101.13 billion to 108.77 billion RMB, representing a year-on-year growth of about 165% to 185% [2][3] - The strong profit performance is attributed to a recovery in the stock market, leading to a substantial increase in investment income [2] - The company has demonstrated strong resilience as a pure life insurance company, with a notable ability to capitalize on structural market opportunities [2][3] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024 is 86.18 billion RMB, with a year-on-year growth rate of 308.2% [2] - The expected new business value for 2024 is 36.00 billion RMB, with a growth rate of 8.9% [2] - The estimated earnings per share (EPS) for 2024 is 43.5 RMB, with a price-to-earnings (P/E) ratio of 0.99 [2] Key Investment Points - The company reported a significant increase in net profit for the first nine months of 2024, with a central estimate of 104.95 billion RMB, indicating a year-on-year increase of 195.3% when adjusted for comparable standards [9] - The company has effectively managed its asset-liability matching and has optimized its equity investment structure, resulting in improved investment returns [2][3] - The anticipated dividend payout for 2024 is expected to increase significantly, with a static dividend yield of 3.0% for A-shares and 8.3% for H-shares based on a 35% cash dividend rate [8][9] Market Data - The closing price of the company's shares is 42.94 RMB, with a market capitalization of approximately 1,213.69 billion RMB [4] - The company's price-to-book ratio is 2.46, indicating a strong valuation relative to its book value [4] Financial Data - The company's total assets are supported by a debt ratio of 91.90%, with a net asset value per share of 17.47 RMB [5]