Zhi Tong Cai Jing·2026-01-26 08:35Core Viewpoint - China Ping An (02318) maintains a "Buy" rating with an increased target price for H-shares from HKD 75 to HKD 90, reflecting a price-to-intrinsic value ratio of approximately 0.9 times and a price-to-book ratio of 1.24 times for the forecasted year 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, indicating potential for further penetration in the market [1] Group 2 - The trend of household savers seeking stable returns is expected to enhance the potential of bancassurance channels [1] - The new business value (NBV) for China Ping An is anticipated to grow by 41.7% and 17.7% year-on-year in 2025 and 2026, respectively [1]