CPIC(601601) 民生证券·2025-03-27 10:23Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601.SH) [1] Core Views - The company achieved a revenue of 404.09 billion yuan in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion yuan, up 64.9% year-on-year [1] - The new business value (NBV) reached 13.26 billion yuan, with a year-on-year growth of 20.9%, and the new business value margin (NBVM) improved by 3.5 percentage points to 16.8% [1][2] - The company is advancing its "Long Voyage" transformation, leading to improved business quality and policy standards, which in turn supports steady growth in intrinsic value [1][4] Summary by Sections Revenue and Profitability - In 2024, the company reported total operating income of 404.09 billion yuan, a 24.7% increase year-on-year, and a net profit of 44.96 billion yuan, reflecting a 64.9% increase [1][19] - The operating profit was 34.43 billion yuan, with a slight increase of 2.5% year-on-year [1] Life Insurance Segment - The new business value (NBV) for 2024 was 13.26 billion yuan, up 20.9% year-on-year, with an NBVM of 16.8%, an increase of 3.5 percentage points [1][2] - The individual insurance channel achieved a premium income of 202.48 billion yuan, a 3.6% increase, while the new single premium income rose by 9.7% to 28.73 billion yuan [2] Property and Casualty Insurance Segment - The property and casualty insurance segment reported a premium income of 203.54 billion yuan, a 6.8% increase year-on-year, with non-auto insurance growing by 10.7% [3] - The combined ratio slightly increased by 0.9 percentage points to 98.6%, influenced by natural disasters [3] Investment Performance - Total investment income reached 120.39 billion yuan, a significant increase of 130.5% year-on-year, with a total investment yield of 5.6%, up 3.0 percentage points [3] - Net investment income rose by 6.5% to 82.80 billion yuan, with a net investment yield of 3.8% [3] Future Outlook - The company is expected to continue its "Long Voyage" transformation, with stable growth in operating performance and improvements in channel quality and operational efficiency [4] - EPS forecasts for 2025-2027 are projected at 4.57, 5.39, and 6.31 yuan, with corresponding P/E ratios of 7X, 6X, and 5X [4][19]