CPIC(SH:601601) Minsheng Securities·2025-03-27 06:31Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601.SH) with a current price of 31.76 CNY [1] Core Views - The company achieved a revenue of 404.09 billion CNY in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion CNY, up 64.9% year-on-year [1] - The new business value (NBV) reached 13.26 billion CNY, reflecting a robust growth of 20.9% year-on-year, with a new business value margin (NBVM) of 16.8%, an increase of 3.5 percentage points [1][2] - The company is advancing its "Long Voyage" transformation, leading to improved business quality and policy standards, which in turn supports steady growth in intrinsic value [1][4] Summary by Sections Revenue and Profitability - In 2024, the company reported total operating revenue of 404.09 billion CNY, a 24.7% increase year-on-year, and a net profit of 44.96 billion CNY, which is a 64.9% increase [1][19] - The operating profit was 34.43 billion CNY, reflecting a modest growth of 2.5% year-on-year [1] Life Insurance Segment - The new business value (NBV) for 2024 was 13.26 billion CNY, up 20.9% year-on-year, with an NBVM of 16.8%, an increase of 3.5 percentage points [1][2] - The individual insurance channel achieved a premium income of 202.48 billion CNY, a 3.6% increase year-on-year, with new single premium income rising by 9.7% to 28.73 billion CNY [2] Property and Casualty Insurance Segment - The property and casualty insurance segment reported a premium income of 203.54 billion CNY, a 6.8% increase year-on-year, with non-auto insurance growing at 10.7% [3] - The combined ratio slightly increased by 0.9 percentage points to 98.6%, influenced by natural disaster claims [3] Investment Performance - Total investment income reached 120.39 billion CNY, a significant increase of 130.5% year-on-year, with an overall investment yield of 5.6%, up 3.0 percentage points [3] - Net investment income rose by 6.5% to 82.80 billion CNY, despite a slight decrease in net investment yield by 0.2 percentage points to 3.8% [3] Future Outlook - The company is expected to continue its "Long Voyage" transformation, enhancing operational efficiency and channel quality, with projected EPS of 4.57 CNY, 5.39 CNY, and 6.31 CNY for 2025, 2026, and 2027 respectively [4][19] - The report anticipates a stable growth trajectory for both life and property insurance segments, supported by macroeconomic recovery [4]