Soochow Securities·2026-01-31 13:40Investment Rating - The report maintains a "Buy" rating for Ping An Insurance [1] Core Views - Ping An Insurance is positioned as a leading comprehensive financial group in China, with strong operational fundamentals and reliable dividend returns. The company has demonstrated a robust growth trajectory in its insurance and banking sectors, particularly through its bancassurance business, which has significantly contributed to its net profit growth. The stock is currently undervalued, presenting a compelling investment opportunity due to its high dividend yield and low valuation metrics [1][7][9]. Summary by Sections Company Overview - Ping An Insurance has evolved into one of the most comprehensive financial groups in China, with a diverse range of services including insurance, banking, and asset management. The company has a decentralized shareholding structure, with no controlling shareholder, which enhances its operational flexibility [14][15]. Strategic Blueprint - The company focuses on a dual strategy of comprehensive finance and healthcare, leveraging technology to enhance service quality and efficiency. This strategy aims to build competitive barriers and provide a wide array of financial services to its clients [22][24]. Operating Performance - The net profit of Ping An Insurance has shown a significant recovery, with a projected net profit of 126.6 billion yuan for 2024, reflecting a year-on-year growth of 47.8%. The company has maintained a high return on equity (ROE) of 16.7% on average from 2015 to 2024, which is among the highest in the industry [43][50]. Dividend Returns - The company has consistently increased its dividend per share for 13 consecutive years, with a compound annual growth rate (CAGR) of 19.1% from 2015 to 2024. The current dividend yield for both A and H shares is around 4%, which is considered high within the industry [52].