China Life(601628) 太平洋·2024-11-25 05:45Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][6]. Core Insights - The company reported a significant increase in operating income of 427.18 billion yuan, a year-on-year growth of 54.8%, and a net profit attributable to shareholders of 104.52 billion yuan, up 173.9% year-on-year [3]. - Total premium income for the first three quarters of 2024 reached 608.25 billion yuan, reflecting a year-on-year increase of 5.1% [3]. - The company’s investment assets amounted to 6.36 trillion yuan, representing a 12.3% increase from the previous year [3]. - The new business value (NBV) maintained a high growth rate, increasing by 25.1% year-on-year [3]. - The company’s sales force increased to 694,000, with a 1.3% quarter-on-quarter growth, and the individual insurance sales force grew by 1.9% [3]. - Total investment income for the period was 261.42 billion yuan, a year-on-year increase of 152.4%, with an investment return rate of 5.38% [3]. Financial Projections - The company forecasts revenue growth rates of 42.41%, 2.38%, and 6.88% for 2024, 2025, and 2026, respectively [3]. - Net profit is projected to grow by 149.34%, 1.20%, and 7.36% over the same period [3]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 4.07, 4.12, and 4.43 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10.88, 10.75, and 10.01 [3].