PING AN OF CHINA(601318) 申万宏源证券·2025-03-20 07:13Investment Rating - The investment rating for Ping An Insurance is "Buy" and is maintained [1] Core Insights - The company's performance and dividend for 2024 exceeded expectations, leading to a downward adjustment of the investment return assumption by 50 basis points to 4.0% [4][7] - The net profit attributable to shareholders for 2024 is projected to be 126.61 billion yuan, representing a year-on-year increase of 47.8% [4][8] - The company has adjusted its assumptions for new business value (NBV), with a year-on-year increase of 28.8% [5][10] - The investment asset scale has grown significantly, with a year-on-year increase of 21.4% to 5.73 trillion yuan [6] Financial Data and Profit Forecast - The projected operating revenue for 2024 is 1,028.93 billion yuan, with a year-on-year growth rate of 12.6% [8] - The net profit for 2025 is estimated at 129.26 billion yuan, reflecting a year-on-year growth of 2.1% [8] - The earnings per share for 2024 is expected to be 6.95 yuan, with a projected price-to-earnings (P/E) ratio of 7.78 [8]