HUAXI Securities·2025-08-28 15:27Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance in its new business value (NBV), with a year-on-year increase of 20.3% to 28.546 billion yuan in the first half of 2025 [2][3] - The company achieved a total revenue of 239.235 billion yuan, reflecting a 2.1% year-on-year growth, and a net profit attributable to shareholders of 40.931 billion yuan, up 6.9% year-on-year [2] - The interim cash dividend per share is 0.238 yuan (before tax), representing a 19% increase compared to the previous year [2] Summary by Sections Business Performance - The company’s NBV grew by 20.3% to 28.546 billion yuan in H1 2025, with new single premiums increasing by 0.6% to 161.255 billion yuan [3] - The NBV margin (NBVM) improved by 2.9 percentage points to 17.7%, driven by the implementation of "reporting and operation integration" and business structure transformation [3] - Individual insurance channel NBV rose by 9.5% to 24.337 billion yuan, while new single premiums decreased by 21.6% to 73.885 billion yuan [3] - Non-individual insurance channel NBV surged by 179.2% to 4.209 billion yuan, with new single premiums increasing by 32.4% to 87.370 billion yuan [3] Investment Performance - As of the end of H1 2025, the company’s investment assets reached 7.127 trillion yuan, a 7.8% increase from the previous year [4] - The proportion of fixed-income investments decreased by 0.73 percentage points to 73.56%, while the allocation to stocks and funds increased by 1.4 percentage points to 13.62% [4] - The company achieved a net investment income of 96.067 billion yuan, up 4.0% year-on-year, with a net investment yield of 2.78% [4] Profit Forecast and Valuation - The company maintains its profit forecast, expecting revenues of 524.5 billion yuan, 537.1 billion yuan, and 545.2 billion yuan for 2025-2027 [5] - The projected net profit attributable to shareholders for 2025-2027 is 105.9 billion yuan, 108.5 billion yuan, and 110.1 billion yuan respectively [5] - The expected earnings per share (EPS) for 2025-2027 are 3.75 yuan, 3.84 yuan, and 3.90 yuan [5] - The price-to-earnings value (PEV) ratios for 2025-2027 are projected to be 0.76, 0.70, and 0.63 respectively [5]