GUOTAI HAITONG SECURITIES·2026-01-20 05:26Investment Rating - The report maintains a "Buy" rating for China Taiping [7] Core Views - China Taiping is expected to see a significant increase in net profit for 2025, projected to grow by 215%-225% year-on-year, primarily driven by improved investment income and favorable tax policies [2][11] - The report anticipates a stable recovery in investment returns and a positive impact from tax policy changes, which will enhance the company's profitability [11] Financial Summary - Insurance Service Revenue: Expected to increase from 107,489 million HKD in 2023 to 117,071 million HKD in 2025, reflecting a growth rate of 5.2% [5] - Net Profit: Projected to rise from 6,190 million HKD in 2023 to 26,982 million HKD in 2025, representing a staggering growth of 220.0% [5] - Price-to-Earnings (PE) Ratio: Expected to decrease from 10.63 in 2023 to 3.04 in 2025, indicating a significant improvement in valuation [5] - Price-to-Book (PB) Ratio: Anticipated to remain stable around 0.76 for 2025 [5] Key Catalysts - The stabilization of long-term interest rates and a recovery in the equity market are identified as key catalysts for the company's performance [3]