Shenwan Hongyuan Securities·2025-04-29 14:15Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company demonstrated strong performance on both asset and liability sides, with a notable year-on-year increase in net profit and new business value (NBV) [5][7] - The company's net profit for Q1 2025 reached 5.882 billion yuan, reflecting a year-on-year growth of 19.0% [5] - The NBV saw an impressive year-on-year increase of 67.9%, driven by a strong performance in new business, particularly in long-term insurance [5][9] Financial Data and Profit Forecast - The company is projected to achieve a net profit of 26.902 billion yuan in 2025, with a year-on-year growth of 2.56% [8][10] - The estimated total revenue for 2025 is 100.98 billion yuan, representing a year-on-year decline of 23.82% [8][10] - The company's price-to-earnings (P/E) ratio for 2025 is estimated at 5.52, while the price-to-embedded value (P/EV) is projected at 0.53 [8][10] Business Segment Performance - The individual insurance segment saw a year-on-year increase of 122.8% in new business, reaching 12.312 billion yuan [9] - The bancassurance channel also experienced significant growth, with new business increasing by 168.1% year-on-year to 15.060 billion yuan [9]