NCI(SH:601336)2024-10-31 09:48Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][7]. Core Insights - The company has demonstrated impressive profit growth driven by investment performance, with a year-on-year increase in net profit of 116.7% for the first three quarters of 2024, reaching 20.68 billion yuan [4][7]. - The New Business Value (NBV) has significantly exceeded expectations, with a year-on-year increase of 79.2% in the first three quarters, building on a strong 57.7% growth in the first half of 2024 [5][7]. - The company has benefited from a rebound in the stock market, with total investment assets increasing by 20.3% year-on-year to 1.61 trillion yuan, and a notable rise in investment income [6][7]. Summary by Sections Market Data - Closing price as of October 30, 2024, is 47.77 yuan, with a price-to-book ratio of 1.7 and a dividend yield of 1.78% [2]. Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 20.68 billion yuan, significantly surpassing expectations [4][7]. - The NBV growth rate of 79.2% in the first three quarters indicates strong demand and effective sales strategies [5][7]. Business Segments - Individual insurance channel new business premium increased by 13.5% year-on-year to 13.39 billion yuan, with a remarkable 57.5% growth in the third quarter [5][6]. - The bancassurance channel saw a staggering 292.9% increase in new business premiums in the third quarter, reaching 11.59 billion yuan [6]. Investment Analysis - The report projects an upward revision of profit forecasts for 2024-2026, with expected net profits of 21.71 billion yuan, 23.87 billion yuan, and 27.23 billion yuan respectively [7][8].