CPIC(601601) 申万宏源证券·2025-04-26 11:12Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [2][8] Core Views - The company's new business value (NBV) increased by 39% year-on-year, while investment performance faced temporary pressure [1][8] - The report highlights the company's strong growth in new single premium insurance and the significant increase in the proportion of dividend insurance new business [6][8] - The report anticipates sustainable growth in NBV and positive effects from product structure transformation under the policy of "promoting development" [8] Financial Performance Summary - In Q1 2025, the company achieved a net profit attributable to shareholders of 9.627 billion yuan, a year-on-year decrease of 18.1%, which was below expectations [5][8] - The NBV for Q1 2025 was 5.778 billion yuan, representing a year-on-year growth of 11.3% and a comparable growth of 39% [6][8] - The total investment yield faced temporary pressure, with total investment assets growing by 2.8% year-on-year to 2.81 trillion yuan [7][8] Business Segment Analysis - Individual insurance new single premium decreased by 15.2% year-on-year to 13.668 billion yuan, influenced by multiple factors including product structure optimization [9][8] - The bancassurance channel saw a significant increase, with new single premiums rising by 130.7% year-on-year to 20.114 billion yuan [9][8] - The property insurance segment experienced slow growth, with insurance service revenue increasing by 4.8% year-on-year to 47.741 billion yuan [6][8] Financial Projections - The report projects the company's net profit attributable to shareholders for 2025 to be 45.268 billion yuan, with a year-on-year growth of 0.7% [9][8] - The estimated earnings per share for 2025 is 4.71 yuan, with a price-to-earnings ratio of 6.55 [9][8] - The report adjusts the profit forecast for 2025-2027 to 45.268 billion, 48.766 billion, and 56.148 billion yuan respectively [8][9]