Huachuang Securities·2025-04-23 06:34Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The report highlights that the predetermined interest rate for ordinary life insurance products is currently set at 2.13%, with expectations for a potential downward adjustment in Q3 [1][8]. - The report emphasizes the importance of managing liability costs and optimizing product structures in a low-interest-rate environment, as companies face challenges related to potential "interest spread losses" [8]. - The report suggests that the industry is pushing for a transformation towards dividend insurance products, although sales growth may be pressured due to declining predetermined interest rates and the need for consumer education [8]. Company Summaries - New China Life Insurance: - Stock Price: 49.14 CNY - EPS Forecast (2025E): 6.39 CNY - PE Ratio (2025E): 7.69 - PB Ratio (2025E): 1.72 - Rating: Recommended [4] - Ping An Insurance: - Stock Price: 50.57 CNY - EPS Forecast (2025E): 7.56 CNY - PE Ratio (2025E): 6.69 - PB Ratio (2025E): 0.94 - Rating: Strongly Recommended [4] - China Pacific Insurance: - Stock Price: 30.97 CNY - EPS Forecast (2025E): 4.87 CNY - PE Ratio (2025E): 6.35 - PB Ratio (2025E): 0.88 - Rating: Recommended [4] - China Life Insurance: - Stock Price: 36.60 CNY - EPS Forecast (2025E): 3.09 CNY - PE Ratio (2025E): 11.83 - PB Ratio (2025E): 1.94 - Rating: Recommended [4] - China Reinsurance: - Stock Price: 7.15 CNY - EPS Forecast (2025E): 1.01 CNY - PE Ratio (2025E): 7.08 - PB Ratio (2025E): 1.03 - Rating: Recommended [4]