Zhi Tong Cai Jing·2025-11-04 01:46Core Viewpoint - 招银国际 has upgraded the earnings per share (EPS) forecasts for China Ping An (601318) for 2025 to 2027 by 9%, 4%, and 5% respectively, reflecting improvements in investment income, reduced burdens in asset management, and enhanced internal synergies [1] Group 1: Earnings Forecasts - The EPS forecasts for China Ping An are now set at 8 RMB, 8.3 RMB, and 9.2 RMB for the years 2025, 2026, and 2027 respectively [1] - The target price has been raised from 71 HKD to 75 HKD, maintaining a "Buy" rating [1] Group 2: Financial Performance - For the first three quarters, China Ping An's net profit increased by 11.5% year-on-year to 1,330 billion RMB [1] - The net profit growth for the third quarter reached 45.4%, exceeding the expected 1,290 billion RMB [1] - Excluding one-time non-operating factors, the after-tax net profit growth was even stronger, with year-on-year increases of 27% and 82% for the first three quarters and the third quarter respectively [1] Group 3: New Business Value - The new business value (NBV) for the first three quarters grew by 46.2% to 357 billion RMB [1] - The NBV for the third quarter saw a significant increase of 58.3%, driven by strong growth in agency and bancassurance channels [1]