Guoxin Securities·2025-11-03 15:23Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Insights - The company reported significant growth in investment income and new business value (NBV), driven by strong performance in the investment sector and a strategic shift in product structure [1][2][3] - The total revenue for the first three quarters of 2025 reached 537.9 billion yuan, a year-on-year increase of 25.9%, while the net profit attributable to shareholders was 167.8 billion yuan, up 60.5% year-on-year [1][7] - The company has successfully increased its equity investments, resulting in a substantial rise in investment income, which grew by 453.4% year-on-year to 137.1 billion yuan [3][7] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 298.7 billion yuan, a 54.8% increase year-on-year, and a net profit of 126.9 billion yuan, up 91.5% year-on-year [1] - The new business value (NBV) for the first three quarters increased by 41.8% compared to the same period in 2024, reflecting effective business development and product optimization [2] - Total premium income rose by 10.1% to 669.645 billion yuan, with both new and renewal premiums showing double-digit growth [2] Investment Strategy - The company realized total investment income of 368.55 billion yuan, a 41.0% increase year-on-year, with an investment return rate of 6.42%, up 104 basis points [3] - The company maintained a high proportion of trading financial assets (TPL) to enhance flexibility and has adopted a high-dividend strategy to stabilize net investment income [3] Earnings Forecast - The earnings per share (EPS) for 2025 to 2027 are projected to be 6.33, 6.51, and 6.71 yuan, respectively, with an upward revision from previous estimates [3][4] - The current stock price corresponds to a price-to-embedded value (P/EV) of 0.84, 0.77, and 0.71 for 2025 to 2027 [3][4]