Guotou Securities·2025-11-06 06:33Investment 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 the first three quarters of 2025, with total revenue reaching 137.25 billion yuan (YoY +28.3%) and net profit attributable to shareholders at 32.86 billion yuan (YoY +58.9%), primarily driven by high investment returns [2] - The new business value (NBV) growth exceeded 50%, with first-year premium income from long-term insurance increasing by 59.8% to 54.6 billion yuan [2] - The individual insurance and bank insurance channels both experienced rapid growth, with individual insurance first-year premium income up by 48.5% and bank insurance first-year premium income up by 66.7% [2] Financial Performance Summary - As of Q3 2025, the company's investment assets increased by 8.6% year-to-date to 1.77 trillion yuan, with an annualized total investment return rate of 8.6%, up by 1.8 percentage points [3] - The projected earnings per share (EPS) for 2025-2027 are 12.88 yuan, 15.82 yuan, and 17.83 yuan respectively, with a target price of 75.34 yuan based on a 0.85x 2025 P/EV [3][6] - The company is expected to achieve total revenue of 169.67 billion yuan and net profit of 40.19 billion yuan in 2025, with a projected P/E ratio of 5.14 [10]