CPIC(SH:601601) CMS·2025-03-27 07:06Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company's life insurance new business value (NBV) for 2024 is projected at 17.282 billion, representing a year-on-year increase of 57.7% [7] - The net profit attributable to shareholders is expected to reach 44.96 billion, reflecting a 64.9% year-on-year growth [7] - The operating profit attributable to shareholders is forecasted at 34.425 billion, with a slight increase of 2.5% year-on-year [7] Financial Data and Valuation - Total revenue for 2024 is projected at 404.089 billion, a 25% increase from 2023 [2] - The operating profit for 2024 is expected to be 55.711 billion, a significant increase of 74% compared to 2023 [2] - The net profit for 2025 is estimated at 48.251 billion, with a growth rate of 7% [8] Business Performance - The company reported a total insurance premium income of 201.243 billion for property insurance, marking a 6.8% increase year-on-year [7] - The combined ratio for property insurance is 98.6%, which is an increase of 0.9 percentage points year-on-year [7] - The investment asset scale at the end of 2024 is projected to be 27.34457 trillion, a 21.5% increase from the beginning of the year [7] Profitability Metrics - The return on equity (ROE) is reported at 15.4% [3] - The earnings per share (EPS) for 2024 is expected to be 4.67, with a price-to-earnings (PE) ratio of 6.8 [8] - The book value per share (PB) is projected at 1.0 for 2024 [8]