GF SECURITIES·2026-03-06 07:57Investment Rating - The investment rating for the company is "Buy-A/Buy-H" [3] Core Views - The report highlights that the company is increasing its stake in high-quality life insurance companies and is continuously enhancing its equity investments [1][7] - The company is expected to see continued growth in its fundamentals in 2026, driven by stable growth in liabilities and an upward trend in the asset side due to stable long-term interest rates and a recovering equity market [7] - The report projects a significant increase in new business value and earnings per share (EPS) over the next few years, with EPS expected to reach 8.15 CNY by 2027 [2][7] Financial Forecast - Embedded Value (EV) is projected to grow from 1,390,126 million CNY in 2023 to 1,815,124 million CNY in 2027, with a growth rate of 8.47% in 2027 [2] - New business value is expected to increase from 31,080 million CNY in 2023 to 35,505 million CNY in 2027 [2] - Net profit attributable to shareholders is forecasted to rise from 85,665 million CNY in 2023 to 147,564 million CNY in 2027, reflecting a growth rate of 5.10% in 2027 [2] - The report anticipates a gradual increase in the company's equity investment ratio, which is expected to reach 27% of total investment assets by the end of 2025 [7]