CPIC(SH:601601) Dongguan Securities·2025-03-28 08:52Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [1][5] Core Views - In 2024, China Pacific Insurance achieved an operating revenue of 404.09 billion yuan, a year-on-year increase of 24.7%. The net profit attributable to shareholders reached 44.96 billion yuan, growing by 64.9% year-on-year [1][5] - The report highlights the robust growth in new business value (NBV), which increased by 20.9% year-on-year, with a new business value margin of 16.8%, up by 3.5 percentage points [5] - The total investment income saw a significant rise of 130.5% year-on-year, amounting to 120.39 billion yuan, driven by favorable market conditions and strategic asset allocation [5] Summary by Sections Financial Performance - In 2024, the operating profit was 34.43 billion yuan, a 2.5% increase year-on-year, while the operating profit for life insurance was 27.59 billion yuan, up by 6.1% [1][5] - The total insurance premium income for life insurance reached 261.08 billion yuan, reflecting a 3.3% growth [5] Investment Strategy - The report notes an increase in the total investment yield to 5.6%, up by 3.0 percentage points year-on-year, attributed to a strategic shift towards long-term bonds and equities [5] - The report anticipates a net profit of 47.40 billion yuan for 2025, with a price-to-earnings ratio (PEV) of 0.54 as of March 27 [5][6] Market Position - As of March 27, the closing price was 32.20 yuan, with a total market capitalization of 284.45 billion yuan [3]