KAIYUAN SECURITIES·2024-10-31 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has significantly benefited from the recovery of the stock market, with a high equity holding and continued improvement in human resource scale and quality [1] - In the first three quarters of 2024, the company's net profit attributable to shareholders reached 104.5 billion yuan, a year-on-year increase of 174%, with annualized ROE reaching 26.6%, up 12.1 percentage points year-on-year [3] - The company is actively diversifying its product and business forms, with a stable increase in the individual insurance workforce and productivity [3] Financial Performance Summary - For the first three quarters of 2024, the company's net investment income and total investment income were 144.7 billion yuan and 261.4 billion yuan, respectively, with year-on-year increases of 3.9% and 152.4% [3] - The company forecasts net profit for 2024-2026 to be 110.4 billion yuan, 117.5 billion yuan, and 122.6 billion yuan, representing year-on-year growth of 139%, 6.4%, and 4.3% respectively [3] - The new business value (NBV) for the first three quarters of 2024 showed a comparable year-on-year growth rate of 25.1%, continuing the expansion trend [3] Business Development - The company achieved a new single premium income of 197.5 billion yuan in the first three quarters of 2024, with a year-on-year increase of 0.4% [3] - The individual insurance workforce reached 694,000, with a 1% increase from the previous half-year, indicating a stable recovery [3] - The company has initiated pilot projects for its "seed plan" in 24 cities, showing initial success [3] Investment Structure - The company’s heavy equity holdings have allowed it to fully benefit from the current stock market conditions, with a significant increase in the proportion of equity assets under the new accounting standards [3] - As of the end of Q3 2024, the total investment assets reached 6.23 trillion yuan, an increase of 12% from the beginning of the year [3]