Guolian Securities·2024-11-01 02:44Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Insights - The company reported a net profit attributable to shareholders of 20.68 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 116.7% - The new business value (NBV) increased by 79.2% year-on-year, with both net profit and NBV growth rates improving sequentially and leading the industry [2][6] - The significant improvement in investment income has supported the high growth in net profit, with total investment income and fair value changes amounting to 51.34 billion yuan and 419.85 billion yuan respectively, both showing substantial year-on-year increases [6] Financial Data Summary - For 2024E, the company is projected to achieve a net profit of 21 billion yuan, with a growth rate of 141% [7] - The annualized total and comprehensive investment returns for the first nine months of 2024 were 6.8% and 8.1%, respectively, both showing significant year-on-year increases [6][7] - The company's total assets are expected to reach approximately 1.68 trillion yuan by 2024E, with a steady increase projected through 2026 [9]