GUOTAI HAITONG SECURITIES·2025-08-29 06:34Investment Rating - The report maintains a "Buy" rating for the company with a target price of 77.49 CNY per share [6][13]. Core Insights - The company's net profit for the first half of 2025 increased by 33.5% year-on-year, primarily driven by improved investment returns [13]. - The net asset value decreased by 13.3% compared to the beginning of the year, mainly due to the impact of declining interest rates and negative effects from the assessment methods of insurance contract liabilities [13]. - The new business value (NBV) grew significantly by 58.4% in the first half of 2025, attributed to a rapid increase in new single premiums, which rose by 100.5% year-on-year [13]. - The company’s annualized net investment return rate was 3.0%, slightly down by 0.2 percentage points year-on-year, while the annualized total investment return rate improved to 5.9%, up by 1.1 percentage points year-on-year [13]. Financial Summary - For 2023, the company is projected to have a revenue of 71,547 million CNY, with a net profit of 8,712 million CNY [4]. - The earnings per share (EPS) for 2025 is estimated at 8.65 CNY, reflecting a growth trajectory [14]. - The return on equity (ROE) is expected to be 27% in 2024 and stabilize at 28% from 2025 to 2027 [4][14]. - The company’s total assets are projected to reach 1,861,048 million CNY by 2025, with total liabilities of 1,764,056 million CNY [14][15]. Investment Structure - The investment asset portfolio reached 1.71 trillion CNY in the first half of 2025, marking a 5.1% increase from the beginning of the year [13]. - The company’s investment structure includes 56.4% in debt-type investments and 15.2% in equity-type investments for 2023 [15].