中国平安2024年三季报业绩点评：利润显著回暖，核心指标全面改善

Investment Rating - The report maintains a rating of "Accumulate" with a target price raised to 67.26 CNY per share, compared to the previous forecast of 56.00 CNY [6][12]. Core Insights - The company's net profit for the first three quarters of 2024 increased by 36.1% year-on-year, driven primarily by improved investment returns and a one-time gain from the consolidation of Lufax [12]. - The operating profit attributable to the parent company rose by 5.5%, with core segments including life insurance, property insurance, and banking showing growth rates of 3.0%, 39.7%, and 0.2% respectively [12]. - The report highlights a continuous growth in the new business value (NBV) of life insurance, which increased by 34.1% year-on-year, with a remarkable 110.1% growth in Q3 alone [12]. Financial Summary - The company's total revenue for 2024 is projected to reach 1,019,055 million CNY, reflecting a 12% increase from 2023 [13]. - Net profit attributable to the parent company is expected to recover to 139,251 million CNY in 2024, a significant increase of 63% compared to 2023 [13]. - Earnings per share (EPS) are forecasted to be 7.65 CNY in 2024, up from 5.74 CNY in 2023, representing a growth of 33.2% [12][13]. Investment Performance - The annualized comprehensive investment return rate for the first three quarters of 2024 improved by 1.3 percentage points to 5.0% [12]. - The report notes that the property insurance combined ratio (COR) improved by 1.5 percentage points to 97.8%, attributed to a reduction in underwriting losses from the contraction of guarantee insurance business [12]. Market Position - The company’s market capitalization stands at approximately 1,036,162 million CNY, with a current price of 56.90 CNY per share [7]. - The price-to-earnings (P/E) ratio at the current price is 12.10, while the price-to-book (P/B) ratio is 1.1 [8][12].