CPIC(SH:601601) Soochow Securities·2025-03-27 05:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's earnings per share (EPS) is expected to increase steadily, with significant growth in profit, new business value (NBV), and net assets [1][9] - The company has adjusted its long-term investment return assumption from 4.5% to 4% and reduced the risk discount rate from 9% to 8.5% [9] - The report emphasizes the company's focus on high-quality development and continuous optimization of its product structure [9] Financial Performance Summary - Revenue Forecast: - 2023A: 323,945 million - 2024A: 404,089 million (up 24.74% YoY) - 2025E: 414,902 million (up 2.68% YoY) [1] - Net Profit Forecast: - 2023A: 27,257 million - 2024A: 44,960 million (up 64.95% YoY) - 2025E: 49,125 million (up 9.26% YoY) [1] - EPS Forecast: - 2023A: 2.83 - 2024A: 4.67 - 2025E: 5.11 [1] - Net Asset Value: - 2023: 2,914 million (up 16.8% YoY) [9] Business Segment Insights - Life Insurance: - New business value (NBV) reached 13.3 billion, up 20.9% YoY, with a significant increase in NBV margin [9] - The new insurance premium scale decreased by 4.8% YoY, but individual insurance and bank insurance proportions improved [9] - Property Insurance: - Achieved underwriting profitability with a comprehensive cost ratio of 98.6% [9] - Total premium income was 2,012 million, up 6.8% YoY [9] Investment Strategy - The company has significantly increased its allocation to bonds while reducing exposure to non-standard investments and funds [9] - The total investment asset scale reached 27,345 billion, up 21.5% YoY, with net investment income of 828 million, up 6.5% YoY [9]