Zhi Tong Cai Jing·2025-07-30 03:21Core Viewpoint - The report from CMB International raises the target price for Ping An Insurance (601318) from HKD 60 to HKD 73, reflecting a 22% increase, while maintaining a "Buy" rating [1] Financial Projections - The firm has revised its profit forecasts, expecting a 7% year-on-year growth in operating profit and a 5% growth in net profit attributable to shareholders for 2025 [1] - The projected Return on Equity (ROE) for Ping An is expected to remain above 13% from 2025 to 2027, with the current price-to-book ratio for 2025 being below 1x and a dividend yield of approximately 5% [1] Business Performance - For the first half of 2025, the company is anticipated to see a 5% year-on-year increase in net operating profit attributable to shareholders, with stable contributions from its three core business segments: life and health insurance, property and casualty insurance, and banking [1] - The second quarter is expected to show a 13.5% year-on-year growth in net profit attributable to shareholders, with significant improvements in the underwriting side of property and casualty insurance and steady performance on the investment side [1] - New business value is projected to grow by 36% year-on-year in the first half of 2025, with an upward trend in value rate [1]