Guotou Securities·2025-09-04 10:02Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 6-month target price of 43.93 CNY [6] Core Views - The company reported a 3.5% year-on-year increase in insurance service revenue to 1418.24 billion CNY and an 11.0% increase in net profit attributable to shareholders to 278.85 billion CNY for the first half of 2025 [2] - The proportion of participating insurance has increased, with new business value (NBV) growing significantly, particularly in the bancassurance channel, which saw a 156% year-on-year increase in NBV [2] - The comprehensive cost ratio for property insurance improved to 96.3%, benefiting from refined management of auto insurance [3] - The total investment return rate decreased to 2.3%, primarily due to declines in the fair value of fixed-income assets [3] Financial Performance Summary - For the first half of 2025, the life insurance segment achieved a premium income of 193.5 billion CNY, a 13.1% increase year-on-year, with participating insurance accounting for 42.5% of new premiums [2] - The property insurance segment reported a premium income of 112.8 billion CNY, a 0.9% increase year-on-year, with auto insurance premiums rising by 2.8% [3] - The company's investment assets reached 29,247 billion CNY, a 7.0% increase from the end of the previous year [3] - The projected earnings per share (EPS) for 2025-2027 are 5.65 CNY, 6.34 CNY, and 7.19 CNY respectively [3][4]