Guotou Securities·2025-11-04 14:31Investment Rating - The report maintains a "Buy-A" investment rating for the company [6] Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with total revenue reaching 537.89 billion yuan (YoY +25.9%) and net profit attributable to shareholders at 167.8 billion yuan (YoY +60.5%, with Q3 showing a YoY increase of 91.5%) [2] - The new business value (NBV) showed strong growth, increasing by 41.8% YoY, driven by product transformation and cost optimization [2] - The company’s total sales force increased to 657,000, with a notable improvement in the quality of the sales team [2] Financial Performance Summary - For the first three quarters of 2025, total premiums increased by 10.1% YoY to 669.645 billion yuan, achieving record high levels for the same period [2] - Investment assets grew by 10.2% year-to-date to 7,282.982 billion yuan, with total investment income rising by 41.0% YoY to 368.551 billion yuan [3] - The projected earnings per share (EPS) for 2025-2027 are estimated at 6.40 yuan, 6.93 yuan, and 7.68 yuan respectively, with a target price of 47.88 yuan based on a 0.9x 2025 P/EV [3][4]