Guotou Securities·2025-11-05 01:03Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 40.79 CNY over the next six months [5]. Core Insights - The company reported insurance service revenue of 216.89 billion CNY for the first three quarters of 2025, reflecting a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 45.70 billion CNY, up 19.3% year-on-year [1]. - The life insurance segment saw a significant contribution from the bancassurance channel, with premium income increasing by 14.2% year-on-year to 263.9 billion CNY, and new business value (NBV) rising by 7.7% to 15.4 billion CNY [1]. - The property insurance segment achieved a slight increase in original insurance premium income of 0.1% year-on-year to 160.21 billion CNY, with a combined ratio (COR) improving by 1.0 percentage point to 97.6% [2]. Financial Performance Summary - The company’s total investment assets increased by 8.8% year-on-year to 2.97 trillion CNY as of Q3 2025, with a total investment return rate of 5.2%, up 0.5 percentage points year-on-year [2]. - Forecasted earnings per share (EPS) for 2025-2027 are projected to be 5.83 CNY, 6.39 CNY, and 7.12 CNY respectively [2]. - The company’s market capitalization is approximately 340.85 billion CNY, with a circulating market value of 242.52 billion CNY [5].