Zhi Tong Cai Jing·2026-01-26 08:37Core Viewpoint - The report from CMB International maintains a "Buy" rating for China Ping An (601318) (02318) and raises the target price for its H-shares from HKD 75 to HKD 90, reflecting a valuation of approximately 0.9 times the intrinsic value and a price-to-book ratio of 1.24 times for the forecasted year of 2026 [1] Group 1 - The expected group net profit after tax for China Ping An in 2025 is projected to grow by 12% year-on-year to RMB 136 billion, indicating a significant increase of approximately 46% in operating profit for the fourth quarter [1] - The acceleration in growth is primarily attributed to strong profit growth in life and health insurance, a decrease in impairment losses in asset management, and stable underwriting profits in property insurance [1] - China Ping An continues to expand its bancassurance channels, now covering approximately 19,000 non-Ping An bank outlets, which presents further penetration potential amid a trend of household savers seeking stable returns [1] Group 2 - The new business value (NBV) for China Ping An is expected to grow by 41.7% and 17.7% year-on-year in 2025 and 2026, respectively [1]