CPIC(SH:601601) KAIYUAN SECURITIES·2025-03-28 06:47Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is "Buy" (maintained) [1] Core Views - The report highlights a significant improvement in the quality and efficiency of life insurance, with a new business value (NBV) of 13.26 billion yuan for 2024, representing a year-on-year increase of 57.7% on a comparable basis and 20.9% on a non-comparable basis [4][5] - The net profit attributable to shareholders for 2024 is projected at 44.96 billion yuan, a year-on-year increase of 64.9%, with the CSM reaching 342.11 billion yuan, up 5.6% from the beginning of the year [4][5] - The report anticipates continued growth in NBV for 2025-2027, with expected year-on-year increases of 9.8%, 12.2%, and 14.2%, respectively [4][5] Financial Performance Summary - For 2023, the insurance service revenue was 266.17 billion yuan, with a year-on-year growth of 6.6% [7] - The intrinsic value for 2024 is estimated at 562.07 billion yuan, reflecting a year-on-year growth of 6.2% [7] - The new business value for 2023 was 10.96 billion yuan, with a year-on-year growth of 19.1% [7] - The net profit attributable to shareholders for 2023 was 27.26 billion yuan, showing a decline of 27.1% [7] - The projected earnings per share (EPS) for 2025 is 5.04 yuan, with a year-on-year increase of 7.9% [7] Business Channel Performance - The report notes a transformation in the individual insurance channel, with significant growth in the bancassurance channel and improvements in the payment structure [5] - The new single premium for the year was 78.9 billion yuan, down 4.8% year-on-year, but the individual and bancassurance new single premiums increased by 9.7% and 20.5%, respectively [5] Investment and Asset Management - The report indicates that the company adjusted its economic assumptions for the intrinsic value at the end of 2024, with the investment return rate lowered from 4.5% to 4.0% [5] - The total investment assets reached 2.73 trillion yuan, with a net investment yield of 3.8% [6]