PICC(601319) 华创证券·2024-10-30 15:10Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3]. Core Views - The company achieved a significant increase in net profit driven by investment, with 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 net profit for Q3 alone reached 13.644 billion yuan, a staggering year-on-year increase of 2093.6% [1]. - The combined ratio (COR) for the property and casualty insurance segment was impacted by typhoon weather, rising to 98.2%, an increase of 0.3 percentage points year-on-year [1]. - The life insurance segment saw a remarkable increase in new business value (NBV), which grew by 113.9% year-on-year [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported original premium income of 428.33 billion yuan, a year-on-year increase of 4.6%. The auto insurance segment contributed 213.42 billion yuan, accounting for 49.8% of the total original premium income, with a year-on-year growth of 3.2% [1]. - The non-auto insurance segment saw a total original premium income growth of 5.9% year-on-year, with health insurance and liability insurance growing by 8.0% and 11.8% respectively [1]. - The company’s investment in equity assets is leading compared to peers, with equity assets accounting for 29.6% of total assets as of H1 2024 [1]. Earnings Forecast - The report maintains the company's EPS forecast for 2024-2026 at 0.87, 0.89, and 0.91 yuan respectively. The target price for 2025 is set at 8.8 yuan, with a price-to-book (PB) target of 1.1x for property insurance and 0.6x for life insurance [1][2].