Ge Long Hui·2025-11-04 03:41Core Viewpoint - China Ping An's net profit for the first three quarters increased by 11.5% year-on-year to 133 billion yuan, with a significant growth of 45.4% in the third quarter, surpassing the expected 129 billion yuan [1] Financial Performance - The net profit growth excluding one-off non-operating factors shows a stronger performance, with a year-on-year increase of 27% and 82% for the first three quarters and the third quarter, respectively [1] - New business value (NBV) rose by 46.2% to 35.7 billion yuan in the first three quarters, with a 58.3% increase in the third quarter, driven by strong growth in agency and bank insurance channels [1] Earnings Forecast and Target Price - The earnings per share (EPS) forecasts for 2025 to 2027 have been raised by 9%, 4%, and 5% to 8 yuan, 8.3 yuan, and 9.2 yuan, respectively [1] - The target price for H-shares has been increased from 71 HKD to 75 HKD, maintaining a "buy" rating [1]