CPIC(601601) 华创证券·2025-03-27 06:46Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601) with a target price of 45.5 CNY [2][6]. Core Views - The company achieved a revenue of 404.1 billion CNY in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 45.0 billion CNY, up 64.9% year-on-year [6][7]. - The report highlights a significant increase in the company's investment assets, which rose by 21.5% year-on-year to 2.73 trillion CNY by the end of 2024 [6][7]. - The net new business value (NBV) for life insurance grew by 20.9% year-on-year to 13.3 billion CNY, indicating a stable growth trend [6][7]. Financial Performance Summary - Total revenue for 2024 was 404,089 million CNY, with a projected growth rate of 3.5% for 2025 [7]. - The net profit attributable to shareholders for 2024 was 44,960 million CNY, with an expected growth of 4.3% in 2025 [7]. - The earnings per share (EPS) for 2024 was 4.7 CNY, with forecasts of 4.9 CNY for 2025 and 5.0 CNY for 2026 [7]. Business Segment Insights - The life insurance segment's NBV margin increased by 3.5 percentage points to 16.8%, although new business premiums decreased by 5% to 78.9 billion CNY [6][7]. - The property and casualty insurance segment saw a premium income growth of 6.8% to 201.2 billion CNY, outperforming peers [6][7]. - The company’s investment strategy has shifted towards equities and bonds, with a notable increase in equity investments, which now account for 30% of the total investment assets [6][7].