Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit attributable to the parent company, with new business value growth exceeding expectations. The operating profit after tax (OPAT) for Q1 2025 increased by 2.4% year-on-year, primarily driven by the life and health insurance segments [5]. - The new business value for Q1 2025 surged by 34.9% year-on-year, with significant contributions from various channels, particularly the bancassurance and community finance channels, which grew by 170.8% and 171.3% respectively [5]. - The comprehensive cost ratio for the property and casualty insurance segment improved significantly, with a year-on-year reduction of 3 percentage points to 96.6% [5]. - Investment income remained stable, with a year-to-date growth of 3.3% in investment assets and an annualized comprehensive investment return of 1.3% [5]. - The solvency ratio for the life insurance segment was robust at 163.7%, reflecting a 47.3 percentage point increase from the end of 2024 [5]. Financial Overview - Revenue projections for China Ping An Insurance show a steady increase from RMB 913,789 million in 2023 to RMB 1,153,545 million by 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4][11]. - Net profit is expected to fluctuate, with a forecast of RMB 120,657 million for 2025, down from RMB 126,607 million in 2024, but projected to rise to RMB 130,993 million by 2027 [4][11]. - The earnings per share (EPS) is projected to be RMB 6.63 in 2025, with a gradual increase to RMB 7.19 by 2027 [4][11]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9.2 in 2023 to 6.0 by 2027, indicating an attractive valuation [4][11]. Business Segment Performance - The life and health insurance segment is expected to see a slight recovery in premium income growth, with a forecasted increase of 1.0% in 2025 [6]. - The property and casualty insurance segment is projected to maintain a growth rate of 6.5% in premium income for 2025 [6]. - The new business value rate is anticipated to stabilize around 25.6% for 2025, reflecting a slight decrease from previous estimates [7]. Conclusion - The report maintains a positive outlook on China Ping An Insurance, emphasizing its strong market position, diversified business model, and potential for growth in new business value, supported by a solid financial foundation and attractive valuation metrics [5][11].

Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" [1] Core Views - The report highlights a steady growth in operating profit, with a year-on-year increase in new business value (NBV) of 35% driven by an improvement in value rate [1] - The report maintains previous profit forecasts, expecting net profit attributable to shareholders to be 135.2 billion, 154.4 billion, and 177.0 billion for 2025, 2026, and 2027 respectively [1] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion, with a year-on-year growth of 3.8% [1] - Net profit attributable to shareholders for 2023 is expected to be 85.665 billion, reflecting a year-on-year decrease of 22.8% [1] - The earnings per share (EPS) for 2025 is estimated at 7.42 yuan, with a price-to-earnings (P/E) ratio of 6.92 [1][21] - The projected net asset value per share (BVPS) for 2025 is 57.64 yuan, with a price-to-book (P/B) ratio of 0.89 [21] Business Segment Analysis - In the life insurance segment, the NBV reached 12.9 billion yuan, with a comparable year-on-year increase of 34.9% [1] - The property and casualty insurance segment saw a premium growth of 7.7%, with a combined cost ratio improving by 3.0 percentage points to 96.6% [1] - Investment income showed a non-annualized comprehensive investment return of 1.3%, an increase of 0.2 percentage points year-on-year [1] Capital Strength - The net asset at the end of Q1 2025 was 939.7 billion yuan, reflecting a 1.2% increase from the beginning of the year [1] - The solvency adequacy ratio for life insurance improved significantly, with core and comprehensive solvency ratios rising to 164% and 228% respectively [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit showed steady growth, with a year-on-year increase in New Business Value (NBV) of 35% driven by an improvement in value rates [1] - The report highlights a decline in net profit attributable to the parent company by 26.4% year-on-year, primarily due to the downturn in the bond market and the consolidation of Ping An Good Doctor [1] - The report anticipates that the company's net profit for 2025-2027 will be 135.2 billion, 154.4 billion, and 177.0 billion respectively, maintaining previous profit forecasts [1] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion, with a year-on-year growth of 3.8% [1] - The net profit attributable to the parent company for 2023 is expected to be 85.665 billion, reflecting a year-on-year decrease of 22.8% [1] - The company's net assets at the end of Q1 2025 reached 939.7 billion, an increase of 1.2% from the beginning of the year [1] Business Segment Analysis - Life Insurance: The NBV margin increased by 11.4 percentage points to 28.3%, with individual insurance and bank insurance channels contributing significantly [1] - Property Insurance: The combined cost ratio improved by 3.0 percentage points to 96.6%, attributed to reduced disaster claims and risk clearance in credit insurance [1] - Investment: The non-annualized comprehensive investment return rate increased by 0.2 percentage points year-on-year to 1.3% [1] Capital Strength - The core and comprehensive solvency ratios for life insurance improved significantly, reaching 164% and 228% respectively [1] - The company plans to issue up to 50 billion in domestic bond financing tools over the next three years to enhance capital strength [1]

证券研究报告·公司点评报告·保险Ⅱ 执业证书：S0600524120004 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 913789 | 1028925 | 1066394 | 1137642 | 1215854 | | 同比（%） | 3.8% | 12.6% | 3.6% | 6.7% | 6.9% | | 归母净利润（百万元） | 85665 | 126607 | 135166 | 154369 | 176971 | | 同比（%） | -22.8% | 47.8% | 6.8% | 14.2% | 14.6% | | 每股 EV（元/股） | 76.34 | 78.12 | 82.73 | 87.51 | 92.30 | | PEV | 0.71 | 0.69 | 0.65 | 0.62 | 0.59 | [Table_Tag] [投资要点 Table_Summary] 2025 年 03 月 20 日 证券分析师 ...