CPIC(601601) 申万宏源证券·2025-03-27 15:20Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [2][8] Core Views - The company's new business value (NBV) grew by 57.7% year-on-year, significantly exceeding expectations, while the agent scale has stabilized [6][8] - The company adjusted its long-term investment return assumptions down by 50 basis points to 4.0%, and the risk discount rate by 50 basis points to 8.5% [6] - The expected net profit for 2024 is projected at 44.96 billion yuan, representing a year-on-year increase of 64.9% [5][10] Financial Performance - For 2024, the company achieved a net profit of 44.96 billion yuan and an operating profit of 34.43 billion yuan, with year-on-year growth rates of 64.9% and 2.5% respectively [5][10] - The company's total revenue for 2024 is expected to be 404.09 billion yuan, reflecting a year-on-year growth of 24.7% [10][12] - The earnings per share (EPS) for 2024 is projected to be 4.67 yuan, with a year-on-year increase of 64.9% [10][12] Investment Performance - The company's investment income for 2024 is expected to reach 26.91 billion yuan, with a significant increase driven by the rebound in equity markets [8][12] - The total investment assets increased by 21.5% year-on-year to 27.3 trillion yuan, with equity assets contributing significantly [8] Market Data - As of March 27, 2025, the closing price of the stock is 32.20 yuan, with a market capitalization of 220.41 billion yuan [2][10] - The price-to-earnings (P/E) ratio for 2024 is projected at 6.89, indicating a favorable valuation [10][12]