大华继显研报：维持水滴公司“买入”评级 给予2.91美元目标价

Core Insights - Waterdrop Inc. reported a significant increase in net profit for Q3 2025, exceeding expectations with a year-on-year growth of over 60%, driven by strong premium growth and efficiency improvements from AI applications [1][2] - The company achieved a net operating revenue of 975 million yuan and a net profit attributable to shareholders of 158 million yuan, marking the fifteenth consecutive quarter of profitability [1] - The target price for Waterdrop Inc. has been set at $2.91, with a "Buy" rating reaffirmed by Daiwa Capital Markets [1] Financial Performance - For the first nine months of 2025, Waterdrop's cumulative net profit increased by 55% to 406.8 million yuan, significantly surpassing management's growth guidance [1] - Operating expenses, including sales, management, and R&D, accounted for 39.6% of revenue, a decrease of 8.3 percentage points year-on-year [1] - Insurance-related revenue reached 870 million yuan, reflecting a year-on-year growth of 44.8%, with first-year premium growth increasing by 32.3% quarter-on-quarter [1] AI Integration and Strategy - The company's "All in AI" strategy has led to substantial cost reductions and efficiency improvements, with AI models enhancing various core functions such as underwriting, customer service, quality inspection, product innovation, and sales [2] - AI-driven medical insurance expertise facilitated an 82% quarter-on-quarter growth in premium scale, while the AI customer service tool "Baoxiao Hui" handled over 600,000 service requests in a month [2] - The AI underwriting expert "KEYI.AI" streamlined the underwriting process, reducing response times from several minutes to near-instantaneous [2] Share Buyback Program - Since the announcement of the stock repurchase program in September 2021, Waterdrop has repurchased approximately 58.1 million ADS from the open market as of November 30, 2025 [1]