NCI(SH:601336) EBSCN·2024-10-31 03:10Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 47.77 RMB and 25.80 HKD respectively [2]. Core Insights - The company has demonstrated a significant increase in new business value (NBV), with a year-on-year growth of 79.2% in the first three quarters of 2024, driven by improved value rates and a favorable shift in product demand [6][7]. - The company's net profit for the first three quarters of 2024 reached 20.68 billion RMB, reflecting a year-on-year increase of 116.7%, attributed to a recovery in equity markets and improved investment performance [6][7]. - The report highlights a strategic focus on enhancing the individual insurance channel and optimizing product offerings, which is expected to support continued growth in NBV [7][8]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported total revenue of 106.96 billion RMB, a 72.9% increase year-on-year, with a net profit of 20.68 billion RMB, up 116.7% [3][6]. - The annualized total investment return rate improved to 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate rose to 8.1%, up 5.1 percentage points [6]. Business Segments - The individual insurance channel has seen a significant increase in first-year premium income, reaching 12.42 billion RMB, a 16.6% increase year-on-year, with a notable quarterly growth of 70.2% in Q3 2024 [4][5]. - The bancassurance channel experienced a decline in first-year premium income of 24.1% to 21.55 billion RMB, although the decline rate has narrowed compared to the previous half [5][6]. Future Outlook - The company is expected to continue its positive trajectory in NBV growth, supported by ongoing improvements in the quality of its sales force and deepening bancassurance partnerships [7][8]. - The projected net profit for 2024-2026 has been revised upwards to 24.3 billion, 25.9 billion, and 28.5 billion RMB respectively, reflecting a strong recovery and growth potential [8].