China Life(601628) 光大证券·2024-11-01 11:52Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 41.88 RMB and 16.50 HKD respectively [2]. Core Insights - The company achieved a significant year-on-year profit growth of 174%, driven by improved investment performance [2]. - For the first three quarters of 2024, the company reported operating revenue of 427.18 billion RMB, a year-on-year increase of 54.8%, and a net profit attributable to shareholders of 104.52 billion RMB, up 173.9% [4][5]. - The annualized total investment return rate reached 5.4%, with a substantial increase in investment income driven by a rebound in the stock market [6]. Summary by Sections Revenue Performance - The company reported a total operating revenue of 427.18 billion RMB for the first three quarters of 2024, reflecting a 54.8% increase year-on-year [4]. - The net profit attributable to shareholders was 104.52 billion RMB, marking a 173.9% increase year-on-year [4]. Profitability and Investment Returns - The annualized net investment return rate was recorded at 3.3%, while the annualized total investment return rate was 5.4% [6]. - The investment income for the first three quarters was 261.42 billion RMB, a year-on-year increase of 152.4% [6]. Business Structure and New Business Value - The new business value (NBV) grew by 25.1% year-on-year, with a total new premium income of 197.51 billion RMB, reflecting a 0.4% increase [5]. - The first-year premium income for regular premium business was 113.18 billion RMB, up 6.8% year-on-year [5]. Sales Force and Marketing Strategy - The total sales force stood at 694,000, a decrease of 3.6% year-on-year, but showed a quarter-on-quarter increase of 1.3% [4]. - The company is optimizing its sales team structure, leading to improved performance metrics, including a 17.7% increase in monthly average first-year premium per person [4].