GF SECURITIES·2026-03-29 12:47Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company [3] Core Views - The company has shown significant growth in profitability, with a 38.3% year-on-year increase in net profit and a 57.4% increase in new business value [7] - The growth is attributed to the rising equity market and a high proportion of secondary equity assets, leading to a total investment return of 6.6%, which is an increase of 0.8 percentage points year-on-year [7] - The new business value (NBV) has increased by 57.4% year-on-year, with first-year premiums (FYP) rising by 44.9% [7] - The embedded value (EV) has grown by 11.4% year-on-year, driven by the expansion of NBV [7] - The report forecasts earnings per share (EPS) for 2026-2028 to be 11.41, 12.27, and 13.28 CNY respectively, with a reasonable valuation of 0.8X PEV for A shares [7] Financial Forecasts - Embedded Value (CNY million): - 2024A: 258,448 - 2025A: 287,840 - 2026E: 331,749 - 2027E: 376,846 - 2028E: 427,505 - Growth Rate (%): - 2024A: 3.2% - 2025A: 11.37% - 2026E: 15.25% - 2027E: 13.59% - 2028E: 13.44% [2] - New Business Value (CNY million): - 2024A: 6,253 - 2025A: 9,842 - 2026E: 10,052 - 2027E: 11,054 - 2028E: 12,017 [2] - Net Profit Attributable to Shareholders (CNY million): - 2024A: 26,229 - 2025A: 36,284 - 2026E: 35,609 - 2027E: 38,288 - 2028E: 41,421 [2] - EPS (CNY/share): - 2024A: 8.41 - 2025A: 11.63 - 2026E: 11.41 - 2027E: 12.27 - 2028E: 13.28 [2] - PEV: - 2024A: 0.76 - 2025A: 0.69 - 2026E: 0.60 - 2027E: 0.52 - 2028E: 0.46 [2] - ROE: - 2024A: 27.3% - 2025A: 32.5% - 2026E: 30.6% - 2027E: 31.6% - 2028E: 32.9% [2]