Soochow Securities·2025-04-30 01:21Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance shows strong growth in new business premiums, NBV, and net profit, with a notable increase in new business value by 67.9% year-on-year [8] - The report highlights a significant rise in first-year premiums for long-term insurance, with a 149.6% increase year-on-year, indicating effective strategies in both individual and bank insurance channels [8] - The overall market valuation remains low, with the current market cap corresponding to a 2025E PEV of 0.52x and PB of 1.41x, suggesting potential for growth [8] Financial Performance Summary - For Q1 2025, the company reported an operating income of 33.4 billion yuan, a year-on-year increase of 26.1% [8] - The net profit attributable to shareholders reached 5.88 billion yuan, reflecting a year-on-year growth of 19.0% [8] - The company's net assets stood at 79.8 billion yuan, down 17.0% from the beginning of the year [8] - The annualized total investment return was 5.7%, up 1.1 percentage points year-on-year, while the annualized comprehensive investment return was 2.8%, down 3.9 percentage points year-on-year [8] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been slightly adjusted upwards for 2025-2027, now projected at 29.2 billion, 30.2 billion, and 31.4 billion yuan respectively [8] - The report emphasizes the company's strategy to deepen supply-side reforms and capitalize on opportunities in health, retirement, and wealth management sectors [8]