Guoxin Securities·2026-01-30 00:30Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Views - The company has been continuously promoting liability-side business and value transformation, significantly improving product structure and channel value rates. Recent easing of real estate risks is favorable for further valuation enhancement [2][15]. - The company is expected to maintain its earnings forecast for 2025 to 2027, with projected EPS of 7.72, 8.57, and 9.26 CNY per share, respectively. The current stock price corresponds to P/EV ratios of 0.77, 0.69, and 0.63 [2][15]. - The company is anticipated to have a clear valuation recovery space, with an expected annual growth rate of approximately 11% in EV over the next three years, suggesting a reasonable P/EV valuation range of 1.02 to 1.13 [2][15]. Summary by Sections Business Transformation - The company is shifting from a scale-oriented approach to a value-oriented strategy, reducing the proportion of low-value short-term savings products and focusing on long-term protection and savings products. The integration of "insurance + services" enhances customer stickiness and premium capabilities [3][7]. - As of mid-2025, the company has served over 13 million customers in health management, with home care services covering 85 cities and nearly 210,000 customers qualifying for home care services [3]. Channel Development - The company is implementing deep reforms in its sales channels, focusing on high-quality development. The agent channel has seen a 17% increase in new business value, with a 21.6% increase in per capita new business value [9][13]. - The company is expanding its bancassurance channel and other innovative channels, with bancassurance new business value growth reaching 168.6%, ranking among the top in the industry [9][13]. Real Estate Policy Impact - Recent regulatory changes have eased constraints on real estate financing, which is expected to improve market expectations regarding the quality of insurance capital's real estate exposure. This is likely to drive valuation recovery for companies like Ping An [14][15].