智通财经网·2025-07-30 03:23Group 1 - The core viewpoint of the report is that China Ping An's target price has been raised by 22% from HKD 60 to HKD 73, maintaining a "Buy" rating based on a 1.2 times price-to-book ratio for 2025 [1] - The company’s earnings forecast has been upgraded, with expected operating profit growth of 7% year-on-year and net profit attributable to shareholders growth of 5% year-on-year for 2025 [1] - The report anticipates that the company's return on equity (ROE) will remain above 13% from 2025 to 2027, with an attractive valuation as the 2025 price-to-book ratio is below 1 and the dividend yield is around 5% [1] Group 2 - For the first half of 2025, the company is expected to achieve a 5% year-on-year growth in net operating profit attributable to shareholders, with stable contributions from its three core business segments: life insurance, health insurance, and property & casualty insurance [1] - The report projects a 13.5% year-on-year increase in net profit attributable to shareholders for the second quarter, with significant improvements in the underwriting side of property & casualty insurance and steady performance on the investment side [1] - The new business value is expected to grow by 36% year-on-year in the first half of 2025, with an upward trend in value rate [1]