KAIYUAN SECURITIES·2025-10-31 06:19Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained at "Buy" [2][6] Core Insights - The report highlights a sequential improvement in the growth rate of individual insurance new policies, with the proportion of participating insurance continuing to rise [1][7] - For the first three quarters of 2025, the company's net profit attributable to shareholders reached 45.7 billion, a year-on-year increase of 19.3%, significantly expanding from the mid-year growth rate of 11.0% [6][8] - The report predicts that the new business value (NBV) will grow by 30.3%, 16.8%, and 15.2% for the years 2025-2027, with corresponding embedded value (EV) growth rates of 7.1%, 9.7%, and 10.6% [6][9] Financial Performance Summary - The total market capitalization of China Pacific Insurance is approximately 363.17 billion, with a circulating market capitalization of 258.4 billion [3] - The company achieved a scale premium of 263.9 billion in life insurance, a year-on-year increase of 14.2%, and an NBV of 15.4 billion, a year-on-year increase of 31.2% [7] - The investment assets of the group reached 2.97 trillion at the end of the third quarter, with a net investment yield of 2.6% and a total investment yield of 5.2% [8][9] Valuation Metrics - The current price-to-embedded value (P/EV) ratios for 2025-2027 are projected to be 0.60, 0.55, and 0.50 respectively [6][9] - The report also indicates a current dividend yield of 2.86% [6]