Guolian Minsheng Securities·2026-03-30 09:08Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3] Core Insights - The company achieved a net profit attributable to shareholders of 36.284 billion yuan in 2025, representing a year-on-year increase of 38.3% [8] - The New Business Value (NBV) reached 9.842 billion yuan, up 57.4% year-on-year, driven by growth in new single premiums and an increase in NBV Margin [8] - The NBV Margin improved to 16.2%, an increase of 1.5 percentage points year-on-year [8] - The contribution of the bancassurance channel to NBV increased significantly, with its share rising to 52.6%, up 13.5 percentage points year-on-year [8] - The company plans to distribute a dividend of 2.73 yuan per share, a 7.9% increase from the previous year [8] Financial Forecasts - Projected operating revenue for 2025 is 155.551 billion yuan, with a growth rate of 17.8% [2] - The estimated net profit for 2026 is 31.151 billion yuan, reflecting a decline of 14.1% [2] - The expected Earnings Per Share (EPS) for 2025 is 11.6 yuan [2] - The company's estimated Embedded Value Per Share (EVPS) for 2025 is 92.3 yuan [2] - The A-share price-to-embedded value (PEV) ratio is projected to be 0.7 for 2025 [2] Additional Insights - The number of agents as of the end of 2025 was 133,400, showing a slight stabilization compared to previous periods [8] - The average monthly productivity per agent increased by 43% year-on-year to 11,200 yuan [8] - The company's total Embedded Value (EV) reached 287.84 billion yuan, an increase of 11.4% from the previous year [8]