Soochow Securities·2026-03-27 05:45Investment Rating - The investment rating for China Pacific Insurance (601601) is "Buy" (maintained) [1] Core Insights - The report highlights that the company's profit performance in Q4 significantly outperformed peers, with a full-year growth in New Business Value (NBV) exceeding 40% [1] - The report provides a detailed financial forecast for the years 2024 to 2028, indicating a steady increase in revenue and net profit [1][8] - The company is expected to maintain a focus on high-quality development and optimize its product structure, which supports the positive investment outlook [8] Financial Performance Summary - Revenue Forecast: Projected revenues for 2024, 2025, 2026, 2027, and 2028 are 404,089 million, 435,156 million, 448,705 million, 459,469 million, and 470,653 million respectively, with year-on-year growth rates of 24.74%, 7.69%, 3.11%, 2.40%, and 2.43% [1] - Net Profit: Expected net profits for the same years are 44,960 million, 53,505 million, 59,055 million, 62,093 million, and 65,248 million, reflecting growth rates of 64.95%, 19.01%, 10.37%, 5.15%, and 5.08% [1] - Embedded Value (EV): The projected EV per share for 2024 to 2028 is 58.42, 63.76, 68.83, 74.72, and 81.31 respectively [1] - Price-to-Earnings (P/E) Ratio: The P/E ratios for 2024 to 2028 are 7.94, 6.67, 6.04, and 5.75, indicating a low valuation [1][8] Business Segment Insights - Life Insurance: The new business premium increased by 14.3% in 2025, with significant growth in the bancassurance channel, which accounted for 43.1% of new business premiums [8] - Property and Casualty Insurance: The combined ratio improved to 97.5%, with underwriting profits increasing by over 80% [8] - Investment Strategy: The company has increased its allocation to bonds and core equities while reducing exposure to non-standard investments [8]