Guoxin Securities·2025-11-03 15:30Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has shown robust growth in the first three quarters of 2025, with operating revenue reaching 344.90 billion yuan, a year-on-year increase of 11.1%, and net profit attributable to shareholders of 45.70 billion yuan, up 19.3% [1] - The life insurance segment has demonstrated significant value growth, with new business value at 15.35 billion yuan, reflecting a substantial year-on-year increase of 31.2% [2] - The property and casualty insurance business has maintained high-quality development, with a combined ratio of 97.6%, improving by 1.0 percentage point year-on-year [3] - The company has adjusted its investment strategy, achieving a total investment return rate of 5.2%, an increase of 0.5 percentage points year-on-year, benefiting from the rising A-share market [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved operating revenue of 144.41 billion yuan, a 24.6% increase year-on-year, and net profit of 17.82 billion yuan, a significant growth of 35.2% [1] - The life insurance business's premium income from the bancassurance channel reached 58.31 billion yuan, a remarkable growth of 63.3% year-on-year [2] - The property insurance segment reported original premium income of 160.21 billion yuan, remaining stable year-on-year, with auto insurance premiums growing by 2.9% to 80.46 billion yuan [3] Investment Strategy - The company has actively restructured its product offerings, increasing the proportion of participating insurance in new premium income to 58.6%, which helps optimize the product structure and reduce liability costs [2] - The company has also focused on long-term fixed-income assets to extend duration and capitalize on interest rate fluctuations [3] Earnings Forecast - The earnings per share (EPS) forecast for 2025 to 2027 has been revised upward to 5.14, 5.25, and 5.43 yuan per share, respectively, from previous estimates of 4.77, 4.90, and 5.08 yuan per share [3] - The current stock price corresponds to a price-to-embedded value (P/EV) of 0.52, 0.45, and 0.40 for 2025 to 2027 [3]