Huachuang Securities·2024-10-17 12:14Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 47.59 CNY, compared to the current price of 42.94 CNY [2]. Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2024, estimated between 101.135 billion CNY and 108.767 billion CNY, representing a year-on-year growth of approximately 165% to 185% [2]. - The substantial growth in net profit is driven by a low base effect and high elasticity, particularly due to a recovery in equity performance in Q3 [2]. - The company's premium income has shown improvement, with a year-on-year growth of 5.1% for the first three quarters of 2024, benefiting from policy changes and improved sales in July and August [2]. Financial Summary - The projected total revenue for 2024 is 500.853 billion CNY, with a year-on-year growth of 45.5% [3]. - The estimated net profit for 2024 is 109.217 billion CNY, reflecting a year-on-year increase of 136.5% [3]. - The earnings per share (EPS) for 2024 is forecasted at 3.86 CNY, with a price-to-earnings (P/E) ratio of 11.1 [3]. - The company's total assets are projected to reach 6,614.378 billion CNY by 2024, with a debt-to-asset ratio of 91.90% [6][9].