Guoxin Securities·2025-08-29 05:19Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown steady growth in insurance investments and a continuous improvement in new business value, with a 10.95% year-on-year increase in net profit attributable to shareholders in the first half of 2025 [1] - The new business value of Taibao Life Insurance reached 9,544 million yuan, a significant increase of 32.3% year-on-year, with a new business value rate of 15.0% [2] - The company is focusing on building an "insurance + health care" integrated ecosystem, enhancing operational efficiency and risk control through intelligent services [1] Financial Performance Summary - Total operating revenue for the first half of 2025 was 2,004.96 billion yuan, up 3.01% year-on-year, with total profit reaching 322.59 billion yuan, a 9.74% increase [1] - The company achieved an insurance service income of 968.31 billion yuan in the first half of 2025, reflecting a 4.0% year-on-year growth [3] - The comprehensive cost ratio for underwriting improved to 96.3%, a decrease of 0.8 percentage points year-on-year, with underwriting profit increasing by 30.9% to 35.5 billion yuan [3] Investment Strategy and Forecast - The company is increasing its direct investment in bonds and stocks, achieving a total investment return rate of 2.3% in the first half of 2025 [4] - The earnings per share (EPS) forecast for 2025 to 2027 is 4.77, 4.90, and 5.08 yuan per share, respectively, with the current stock price corresponding to P/EV ratios of 0.59, 0.51, and 0.45 [4][5] - The company maintains its earnings forecast for 2025 to 2027, indicating a stable transition strategy and solid operational results [4]