KAIYUAN SECURITIES·2025-10-29 09:12Investment Rating - The investment rating for Ping An Insurance (601318.SH) is maintained as "Buy" [1] Core Insights - The group's operating profit for the first three quarters of 2025 reached 116.3 billion yuan, a year-on-year increase of 7.2%, significantly improving from the 3.7% growth in the first half of 2025, primarily driven by improvements in asset management and property insurance segments [4] - The net profit attributable to shareholders for the same period was 132.9 billion yuan, up 11.5% year-on-year, with a substantial increase of 45.4% in the third quarter, driven by high investment returns [4] - The new business value (NBV) for individual insurance reached 35.7 billion yuan, a year-on-year increase of 46.2%, indicating strong growth in the insurance sector [5] - The company has adjusted its net profit forecasts for 2025-2027 to 138.9 billion, 151.2 billion, and 168.0 billion yuan respectively, reflecting a positive outlook for future performance [4] Financial Performance Summary - For the first three quarters of 2025, the insurance service revenue was 253.4 billion yuan, a year-on-year increase of 3.0%, with a combined cost ratio of 97.0%, showing a year-on-year improvement of 0.8 percentage points [6] - The total investment income for the insurance fund portfolio was 5.4%, an increase of 1.0 percentage points year-on-year, indicating a solid investment performance [6] - The NBV margin improved to 30.6%, up 9.0 percentage points year-on-year, driven by a reduction in the preset interest rate and optimization of product structure [5] Valuation Metrics - The projected new business value for 2025 is 38.7 billion yuan, with a year-on-year growth of 35.5% [7] - The estimated net profit for 2025 is 138.9 billion yuan, reflecting a year-on-year increase of 9.7% [7] - The price-to-earnings (P/E) ratio for 2025 is projected at 7.57, indicating a favorable valuation compared to historical levels [7]