NCI(SH:601336) Changjiang Securities·2024-11-04 02:46Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion yuan, representing a year-on-year increase of 116.7%. The value of new business increased by 79.2% year-on-year [3][4]. - Investment income significantly improved, leading to a substantial enhancement in profit performance. The total investment return rate was 6.8%, with a comprehensive investment return rate rising to 8.1% [3][4]. - The quality of business continues to improve, with premium income reaching 145.644 billion yuan, a year-on-year growth of 1.9%. The first-year premium for long-term insurance increased by 12.3% to 24.747 billion yuan [4]. - The individual insurance new business maintained high growth, with a year-on-year increase of 18.8% in individual insurance premium income. The bancassurance new business also turned positive with a 3% year-on-year growth [4][5]. - The company is recommended for its high elasticity in the asset side, maintaining a similar level of prosperity despite the reduction in pricing rates on the liability side [5]. Summary by Sections Financial Performance - The company reported a net profit of 20.68 billion yuan for the first three quarters of 2024, a 116.7% increase year-on-year. The new business value grew by 79.2% [3][4]. - The total investment return rate was 6.8%, and the comprehensive investment return rate increased to 8.1% [3]. Business Quality - Premium income reached 145.644 billion yuan, up 1.9% year-on-year. The first-year premium for long-term insurance was 24.747 billion yuan, a 12.3% increase [4]. - The individual insurance new business premium increased by 18.8%, while bancassurance new business grew by 3% [4]. Market Position - The company is positioned as a leading player in the industry, with a focus on enhancing the quality of its business and improving its premium structure [5].