CPIC(601601) 申万宏源·2024-10-16 05:06Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [6] Core Views - The third-quarter performance exceeded expectations, with projected net profit for the first three quarters of 2024 estimated at approximately 37-39.4 billion yuan, representing a year-on-year increase of 60%-70% [4][6] - The company is expected to benefit significantly from the rebound in the equity market in Q3 2024, with the CSI 300 index rising by 16.1% [5] - The report anticipates strong performance on the liability side, with new business value (NBV) growth expected to reach 33.5% [5] Summary by Sections Market Data - Closing price: 37.45 yuan; 1-year high/low: 43.01/21.27 yuan; P/B ratio: 1.3; dividend yield: 2.72% [3] - Market capitalization: 256.347 billion yuan [3] Financial Data and Profit Forecast - Projected operating revenue for 2024: 357.378 billion yuan, with a year-on-year growth rate of 10.32% [7] - Projected net profit for 2024: 45.577 billion yuan, with a year-on-year growth rate of 67.21% [7] - Projected earnings per share for 2024: 4.74 yuan [7] Company Performance - The company reported a significant increase in investment income due to favorable market conditions, contributing to a strong profit performance [4][5] - The comprehensive cost ratio is expected to improve, with a projected decrease of 0.91 percentage points to 97.8% for the first three quarters of 2024 [5]