中国平安：经营业绩稳中有进，核心业务实现增长

Investment Rating - The report maintains a "Buy" rating for China Ping An, suggesting investors pay attention to the company [2]. Core Views - China Ping An is a comprehensive financial company that continues to deepen its "one customer, multiple products, one-stop service" model to meet diverse financial needs [2]. - The operating profit of the three core businesses remains robust, with a total operating profit attributable to shareholders of RMB 113.82 billion for the first three quarters of 2024, representing a year-on-year increase of 5.5% [2]. - The new business value from the agent channel has significantly improved, with a year-on-year increase of 34.1% in new business value for life and health insurance [2]. Financial Performance Summary - For the first three quarters of 2024, the group achieved an operating profit of RMB 113.82 billion, a 5.5% increase year-on-year, and a net profit of RMB 119.18 billion, a 36.1% increase year-on-year [2]. - The annualized operating ROE as of September 30, 2024, was 15.9%, a decrease of 0.1 percentage points year-on-year [2]. - The new business value for life and health insurance reached RMB 35.16 billion, a 34.1% increase year-on-year, with the agent channel's new business value growing by 31.6% [2]. - The property insurance service revenue for the first three quarters of 2024 was RMB 246.02 billion, a 4.5% increase year-on-year, with operating profit increasing by 39.7% [2]. - The investment portfolio of insurance funds grew to over RMB 5.32 trillion, a 12.7% increase from the beginning of the year, with an annualized comprehensive investment return rate of 5.0%, up 1.3 percentage points year-on-year [2]. Key Financial Indicators - The projected operating revenue for 2024 is RMB 990.9 billion, with a year-on-year growth of 8.4% [3]. - The projected net profit attributable to shareholders for 2024 is RMB 128.3 billion, representing a year-on-year increase of 49.7% [3]. - The projected new business value for 2024 is RMB 40.4 billion, with a year-on-year growth of 30.0% [3]. - The projected EPS for 2024 is RMB 7.24, compared to RMB 4.84 in 2023 [3].