Ge Long Hui A P P·2025-11-27 06:15Core Viewpoint - China Pacific Insurance achieved a year-on-year increase of 19.3% in net profit attributable to shareholders for the first three quarters, reaching 45.7 billion yuan [1] Group 1: Business Performance - The life insurance segment is advancing its "Long Voyage" transformation, with results gradually becoming evident [1] - The agent channel is strengthening high-quality team building, enhancing the sales capability of participating insurance products, with the proportion of new premium income from participating insurance reaching 58.6% [1] - The property insurance segment is accelerating the application of AI and effectively managing flood prevention to mitigate risks, further solidifying operational results [1] Group 2: Investment Strategy - The company is accurately seizing investment opportunities in the A-share market, leveraging dividend strategies to support stable investment performance in a low-interest-rate environment [1] - Long-term, the company aims to increase the proportion of participating insurance sales and create a more balanced product structure, which is expected to strengthen its long-term operational capability in a low-interest-rate environment [1] Group 3: Valuation and Future Outlook - As of November 21, the company's 2025 PEV is 0.54 times, indicating a favorable investment opportunity for valuation recovery amid stabilizing interest rates [1] - Projected NBV growth rates for 2025, 2026, and 2027 are 30.5%, 19.0%, and 14.1% respectively [1] - The target price for the next 12 months is set at 47.97 yuan, maintaining a "buy" rating [1]