ZHESHANG SECURITIES·2025-08-22 09:14Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is the only listed insurance enterprise backed by the Shanghai State-owned Assets Supervision and Administration Commission, with ongoing transformation and forward-looking layout in the Web3 sector expected to bring a dual boost to performance and valuation [1] - The strategic importance of the insurance industry is increasing, with the company benefiting from the long-term transformation in life insurance and support from the Shanghai State-owned Assets Supervision and Administration Commission [2] - The company is expected to see a strong increase in new business value (NBV) due to the implementation of its transformation plan and growth in its agent workforce [3] - The company has a diversified shareholder structure, with significant strategic support from the Shanghai State-owned Assets Supervision and Administration Commission, which is expected to aid in its high-quality development [4] - The company is proactively entering the Web3 sector, launching on-chain asset management products and forming strategic partnerships, which may drive valuation upward [4] - The recent acquisition of shares by China Ping An indicates strong recognition from peers in the industry [4] Financial Summary - The company’s projected revenue for 2025 is approximately 419.63 billion yuan, with a year-on-year growth of 4% [11] - The projected net profit for 2025 is approximately 47.77 billion yuan, reflecting a year-on-year growth of 6% [11] - The estimated new business value growth rate is expected to be 23% in 2025 [12] - The price-to-earnings value (PEV) is projected to be 0.64x for 2025, indicating a relatively low valuation compared to historical levels [10][12] - The target price based on a 0.8x PEV for 2026 is set at 54.09 yuan, representing a potential upside of 36% [10]