CPIC(601601) 东吴证券·2025-04-26 00:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in New Business Value (NBV) by 39% year-on-year, driven by the performance of the bancassurance channel [8] - The combined ratio (COR) improved year-on-year, indicating better underwriting performance [8] - The company’s first-quarter results showed a slight decline in operating revenue and net profit, but the outlook remains positive due to strategic initiatives [8] Financial Performance Summary - Revenue Forecast: - 2023A: 323,945 million - 2024A: 404,089 million (up 24.74%) - 2025E: 414,571 million (up 2.59%) [1] - Net Profit Forecast: - 2023A: 27,257 million - 2024A: 44,960 million (up 64.95%) - 2025E: 48,864 million (up 8.68%) [1] - Earnings Per Share (EPS): - 2023A: 2.83 - 2024A: 4.67 - 2025E: 5.08 [1] - Valuation Metrics: - Current market capitalization corresponds to a 2025E Price to Embedded Value (PEV) of 0.50x and Price to Book (PB) of 0.90x, indicating the stock is undervalued [8] Business Segment Performance - Life Insurance: - NBV reached 57.8 billion, with a year-on-year increase of 39% on a comparable basis [8] - Bancassurance channel new business premium increased by 130.7% year-on-year [8] - Property and Casualty Insurance: - The combined ratio improved to 97.4%, a decrease of 0.6 percentage points year-on-year [8] - Original premium income for property insurance was 631 billion, up 1% year-on-year [8] Investment Performance - Investment Assets: - Total investment assets reached 28,102 billion, an increase of 2.8% from the beginning of the year [8] - The annualized net investment yield remained stable at 0.8% [8]