PICC(601319) 长江证券·2024-11-04 02:46Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a net profit of 36.331 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 77.2%. The growth in profit is primarily attributed to improved investment income, which saw a significant year-on-year increase of 80.9% [4][6]. - The comprehensive cost ratio for the property insurance segment is 98.2%, which is a slight increase of 0.3 percentage points year-on-year, mainly due to the impact of natural disasters. The original premium income for property insurance reached 428.33 billion yuan, growing by 4.6% year-on-year [5]. - The life insurance segment showed a remarkable performance with a new business value (NBV) growth of 113.9% year-on-year, indicating a significant improvement in business quality. The long-term insurance new single premium reached 41.413 billion yuan, with a year-on-year decline of 9%, but the growth rate improved compared to the first half of the year [5][6]. Summary by Sections Financial Performance - The company achieved a net profit of 36.331 billion yuan in the first three quarters of 2024, up 77.2% year-on-year. The total investment income, including interest income and investment gains, increased by 80.9% year-on-year [4][6]. - The comprehensive cost ratio for property insurance was reported at 98.2%, up 0.3 percentage points year-on-year, influenced by natural disasters [5]. Insurance Segments - In the property insurance segment, the comprehensive cost ratio was 96.8% for auto insurance, with original premium income of 428.33 billion yuan, a 4.6% increase year-on-year. Non-auto insurance premiums showed varied growth rates, with liability insurance up 11.8% and health insurance up 8% [5]. - The life insurance segment reported a new business value growth of 113.9% year-on-year, with health insurance also performing well, achieving a 34.5% increase in new single premium [5][6]. Market Outlook - Despite short-term challenges from natural disasters and market fluctuations, the company's solid fundamentals and profitability remain intact. The outlook for the industry is positive, with expectations of improved asset-liability dynamics and valuation upside [6].