Mei Ri Jing Ji Xin Wen·2026-03-27 06:29Core Viewpoint - The valuation of China Ping An (601318) is expected to show significant divergence from its double-digit earnings growth by 2026, indicating a high investment safety margin due to its historically low valuation levels. Group 1: Valuation Metrics - The current dynamic price-to-earnings (P/E) ratio of China Ping An is around 7 times, and the price-to-book (P/B) ratio is approximately 1 time, indicating a deep bottoming out compared to its historical highs of 20 times P/E and over 3 times P/B in 2017 [1] Group 2: Core Performance - In 2025, the company's attributable operating profit is projected to reach 134.415 billion yuan, representing a year-on-year growth of 10.3%, while the non-recurring net profit is expected to be 143.773 billion yuan, with a year-on-year increase of 22.5% [1] - The new business value of core life and health insurance is anticipated to be 36.897 billion yuan, reflecting a substantial year-on-year increase of 29.3%, providing a solid performance foundation for potential upward adjustments in institutional ratings and target prices [1] Group 3: Dividend and Shareholder Support - The total cash dividend for 2025 is expected to reach 48.891 billion yuan, marking the 14th consecutive year of increases, with an anticipated A-share dividend yield of 4.7% [2] - Two "national team" funds remain among the top ten shareholders, holding 2.24% and 2.17% of shares respectively, without selling any shares; additionally, 83,024 core talents invested 3.875 billion yuan in purchasing H-shares, indicating strong long-term investment logic supported by substantial internal and external capital [2]