NCI(601336) 华创证券·2024-10-31 12:20Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.66 CNY [1][2][3] Core Insights - The company achieved a year-on-year increase of 79.2% in net profit for the first three quarters of 2024, driven by significant investment flexibility and a doubling of net profit [1][2] - The new business value (NBV) saw a substantial increase, with a year-on-year growth of 79.2% in the same period, attributed to improved value rates and a recovery in new policy sales [1][3] - The company's total premium income reached 145.644 billion CNY, reflecting a year-on-year increase of 1.9% in Q3, with long-term insurance new policies showing a notable recovery [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a total annualized profit of 206.8 billion CNY, marking a 116.7% increase year-on-year [1] - The comprehensive investment return rate improved to 6.8%/8.1%, with a year-on-year increase of 4.5 percentage points [1][2] - The company's investment assets reached 1.6 trillion CNY, with a significant portion allocated to equity investments, which outperformed peers [1][3] Business Growth Drivers - The report highlights that the recovery in the equity market has positively impacted the company's investment performance, contributing to the high growth in net profit [1][2] - The improvement in the liability side's premium environment is expected to further drive performance growth [1][3] - The company is projected to achieve earnings per share (EPS) of 7.9, 8.2, and 8.5 CNY for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [1][2]