Zhi Tong Cai Jing·2025-11-04 01:52Core Viewpoint - 招银国际 has upgraded the earnings per share (EPS) forecast for China Ping An (02318) for 2025 to 2027 by 9%, 4%, and 5% respectively, reflecting improvements in investment income, reduced burdens from asset management, and enhanced internal synergies [1] Financial Performance - China Ping An's net profit for the first three quarters increased by 11.5% year-on-year to 133 billion RMB [1] - The third quarter saw a significant growth of 45.4%, surpassing the expected 129 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] New Business Value - The new business value (NBV) for the first three quarters grew by 46.2% to 35.7 billion RMB, with a remarkable growth of 58.3% in the third quarter [1] - This growth was driven by strong performance in agency channels and bank insurance channels [1] Target Price and Rating - The target price for China Ping An has been raised from 71 HKD to 75 HKD, with a reiterated "Buy" rating [1]