中国平安：2024Q3单季NBV及净利润均同比高增

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant increase in NBV and net profit for Q3 2024, with NBV reaching 35.16 billion yuan, a year-on-year growth of 34.1%, and net profit amounting to 119.182 billion yuan, up 36.1% year-on-year [11][12] - The operating profit for the same period was 113.818 billion yuan, reflecting a year-on-year increase of 5.5% [11] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 119.182 billion yuan, with a year-on-year growth of 36.1% [11] - The operating profit for the same period was 113.818 billion yuan, showing a year-on-year increase of 5.5% [12] - The annualized net and comprehensive investment returns were 3.8% and 5.0%, respectively, with improvements noted in the comprehensive investment return [12] Business Segment Performance - The net profit growth across various business segments was as follows: life and health insurance (+35.0%), property insurance (+39.7%), banking (+0.2%), asset management (loss narrowed), and financial empowerment (+475.0%) [12] - The company’s NBV margin improved by 7.3 percentage points to 25.4%, with Q3 2024 showing a 7.9 percentage point increase [12] - The number of agents increased to 362,000, with a year-on-year improvement of 54.7% in per capita NBV [12] Earnings Forecast - The company expects insurance business revenues for 2024-2026 to be 552.3 billion, 584.8 billion, and 620.1 billion yuan, with corresponding growth rates of +3%, +6%, and +6% [12] - The projected net profits for the same period are 133.5 billion, 150.5 billion, and 172.0 billion yuan, with growth rates of +56%, +13%, and +14% respectively [12]