CPIC(601601) 光大证券·2025-04-26 14:46Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 30.82 RMB and 21.55 HKD respectively [1]. Core Insights - The company has experienced rapid growth in new business value (NBV), with a year-on-year increase of 39% to 57.8 billion RMB in Q1 2025, driven by the development of the bancassurance channel and an increase in the value rate [4][6]. - The overall operating income for Q1 2025 was 937.2 billion RMB, a slight decrease of 1.8% year-on-year, while the net profit attributable to shareholders was 96.3 billion RMB, down 18.1% year-on-year [4][5]. - The company is focusing on a multi-channel model upgrade and enhancing its core human resources to ensure balanced business development and stable value growth [6]. Financial Performance Summary - In Q1 2025, the company achieved a total premium income of 1,184.2 billion RMB, reflecting an 11.8% increase year-on-year, primarily driven by renewal business and new bancassurance policies [4]. - The property insurance segment reported a slight premium growth of 1.0% year-on-year, with a combined cost ratio improving by 0.6 percentage points to 97.4% [5]. - The net investment yield remained stable at 0.8%, while the total investment yield decreased slightly by 0.3 percentage points to 1.0% due to short-term interest rate increases [5]. Earnings Forecast and Valuation - The company forecasts net profits of 519 billion RMB, 591 billion RMB, and 624 billion RMB for the years 2025, 2026, and 2027 respectively, with a projected growth rate of 15.42% in 2025 [7]. - The report indicates that the A/H share prices correspond to a price-to-earnings value (PEV) of 0.46 for A-shares and 0.31 for H-shares in 2025 [6][7].