Soochow Securities·2026-03-30 00:24Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has demonstrated high growth in net profit and new business value (NBV), with a significant increase in the proportion of new business from the bancassurance channel compared to peers [1][8] - The company is expected to benefit from deepening supply-side reforms and is well-positioned to capitalize on opportunities in health, retirement, and wealth management sectors [8] Financial Performance Summary - Revenue Forecast: Projected revenues for 2024, 2025, 2026, 2027, and 2028 are 132,555 million, 157,745 million, 168,483 million, 177,365 million, and 186,933 million respectively, with year-on-year growth rates of 85.3%, 19.0%, 6.8%, 5.3%, and 5.4% [1] - Net Profit: Expected net profit for 2025 is 36,284 million, reflecting a year-on-year increase of 38.3% [1][8] - Embedded Value (EV): The EV per share is projected to increase from 82.85 in 2024 to 113.78 in 2028 [1] Investment Strategy - The company has reduced its bond allocation and increased its core equity investments, which are significantly higher than industry peers [8] - The total investment scale is expected to reach 18.4 trillion, with a notable increase in core equity investments by 26.7% to 389 billion [8] New Business Value (NBV) Insights - The NBV for 2025 is projected at 98.4 billion, showing a year-on-year growth of 57.4%, with bancassurance new business premiums accounting for 61.5% of total new business [8][22] - The first-year premium growth rate is expected to be 44.9% for 2025 [8] Human Resources and Productivity - The individual insurance workforce is stable at 133,000, with a significant increase in per capita productivity by 43% year-on-year [8][24] Valuation Metrics - The current market capitalization corresponds to a 2026E PEV of 0.64x and a PB of 1.58x, indicating that the stock is still undervalued [8]