KAIYUAN SECURITIES·2024-10-17 04:37Investment Rating - The investment rating for China Life Insurance is "Buy" (maintained) [2][5][10] Core Views - The company is expected to achieve a net profit of 101.135 to 108.767 billion yuan for the first three quarters of 2024, representing a year-on-year growth of approximately 165% to 185% [4][5] - The significant increase in investment income is attributed to the recovery of the stock market in Q3 2024, which has positively impacted the company's net profit [4][5] - The new accounting standards have enhanced the company's equity elasticity, with a projected annualized ROE of 24.9% for the first three quarters of 2024, indicating a substantial increase compared to previous periods [5][6] Financial Summary - The estimated net profit for 2024 is projected to be 110.394 billion yuan, reflecting a year-on-year increase of 139% [6][7] - The new business value (NBV) is expected to grow to 43.361 billion yuan in 2024, with a year-on-year growth rate of 17.6% [6][7] - The company's total investment assets are projected to reach 6.225175 trillion yuan by 2024, with a steady increase in premium service income expected [6][7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 0.8 for 2024, indicating a favorable valuation compared to historical averages [6][7] - The projected price-to-embedded value (P/EV) ratios are 0.8 for 2024, 0.8 for 2025, and 0.7 for 2026, suggesting a strong valuation outlook [6][7]