Guoxin Securities·2025-08-20 13:52Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has significantly improved its underwriting profit and investment returns, with a year-on-year increase in net profit attributable to shareholders of over 11 times [1] - Total premium income reached 16.661 billion yuan, a year-on-year growth of 9.3%, indicating an increase in market share [1] - The company has shown continuous optimization in underwriting quality and cost control, with an underwriting comprehensive cost ratio of 95.6%, improving by 2.3 percentage points year-on-year [1] Summary by Relevant Sections Insurance Business Performance - Health insurance premiums grew by 38.3% to 6.275 billion yuan, making it the largest contributor to overall premium income [2] - The digital life segment saw a decline in premiums by 16.3%, but innovative businesses like pet insurance and low-altitude economy showed significant growth [2] - The automotive ecosystem experienced a premium growth of 34.2%, with new energy vehicle insurance premiums increasing by 125.4% [2] Technology and Banking Performance - The technology segment's losses narrowed, with total revenue from technology output reaching 496 million yuan, a year-on-year increase of 12.2% [3] - ZA Bank achieved a net profit of 49 million HKD for the first time, with a net income growth of 82.1% [3] - Total investment income for the first half of 2025 was 639 million yuan, reflecting a year-on-year growth of 3.1% [3] Financial Forecasts and Valuation - The company maintains its earnings per share (EPS) forecasts for 2025 to 2027 at 0.91, 1.09, and 1.30 yuan per share, respectively [4] - The current price-to-book (PB) ratios are projected to be 1.14, 1.06, and 0.98 for the years 2025 to 2027 [4] - The company is expected to see a significant increase in net profit attributable to shareholders, projected at 1.337 billion yuan in 2025, up from 603 million yuan in 2024 [5]