Soochow Securities·2025-08-28 07:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a double-digit growth in New Business Value (NBV) and doubled its OCI stock scale [1] - The report highlights a significant increase in the contribution of the bancassurance channel to NBV, with a year-on-year increase of 179% [8] - The company is expected to benefit from its competitive advantages as a leading player in the life insurance industry, with further improvements anticipated in team quality and performance [8] Financial Performance Summary - Total revenue for 2023 is projected at 344.27 billion yuan, with a year-on-year growth of 53.53% for 2024 [1] - The net profit attributable to the parent company is expected to reach 46.18 billion yuan in 2023, with a significant increase of 131.56% in 2024 [1] - The company's embedded value (EV) is projected to be 1.48 trillion yuan, reflecting a 5.5% increase from the beginning of the year [8] Business Growth Summary - The new business premium (NBP) showed a year-on-year growth of 0.6% in the first half of 2025, with a notable increase in bancassurance new business premiums [8] - The individual insurance channel's NBV margin improved to 32.4%, up 9.2 percentage points year-on-year [8] - The company’s investment assets reached 7.1 trillion yuan, with a year-to-date increase of 7.8% [8] Investment Strategy Summary - The report maintains previous profit forecasts, projecting net profits of 107.5 billion yuan, 112 billion yuan, and 120.5 billion yuan for 2025, 2026, and 2027 respectively [8] - The current market capitalization corresponds to a 2025E PEV of 0.8x and a PB of 2.1x [8] - The company is expected to continue its transformation in individual insurance marketing, which will further enhance its performance [8]