Guoxin Securities·2026-03-28 09:38Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - The company is expected to achieve a 38.3% year-on-year increase in net profit attributable to shareholders by 2025, with total revenue projected to reach 157.75 billion yuan, a 19.0% increase [1] - The company has shown significant growth in new business value, which increased by 57.4% to 9.84 billion yuan, driven by improvements in individual insurance channels and the bank insurance channel [2] - The investment strategy focusing on high equity positions and long-term investments has resulted in a total investment return rate of 6.6% for the year [3] Financial Projections - For 2025, the company is projected to have total revenue of 157.75 billion yuan and a net profit of 36.28 billion yuan, with earnings per share (EPS) expected to be 11.63 yuan [5] - The company's embedded value is estimated to grow to 287.84 billion yuan by the end of 2025, reflecting an 11.4% increase from the beginning of the year [1][5] - The projected EPS for 2026, 2027, and 2028 are 12.69 yuan, 13.27 yuan, and 13.60 yuan respectively, with a corresponding price-to-embedded value (P/EV) of 0.63, 0.57, and 0.52 [3][5]