CPIC(601601) 华创证券·2025-04-26 14:46Investment Rating - The report maintains a "Recommended" investment rating for China Pacific Insurance (601601) with a target price of 45.5 CNY [2][8]. Core Views - The company reported a year-on-year decline of 18.1% in net profit attributable to shareholders, amounting to 9.6 billion CNY in Q1 2025. However, the new business value (NBV) for life insurance increased by 39% year-on-year, indicating strong performance in this segment. The combined ratio (COR) for property insurance improved slightly by 0.6 percentage points to 97.4% [2][8]. - The report highlights a significant increase in new insurance premiums, particularly from the bancassurance channel, which saw a 131% year-on-year growth in new business. This growth was partially offset by a decline in the agent channel [8]. - The investment income remained stable, with a net investment yield of 0.8% and a total investment yield of 1%, although the latter saw a decline of 0.3 percentage points year-on-year due to bond market fluctuations [8]. Financial Summary - Total revenue is projected to grow from 404,089 million CNY in 2024 to 438,513 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 3.7% [4]. - Net profit attributable to shareholders is expected to increase from 44,960 million CNY in 2024 to 49,025 million CNY in 2027, reflecting a steady growth trajectory [4]. - Earnings per share (EPS) are forecasted to rise from 4.7 CNY in 2024 to 5.1 CNY in 2027, with a price-to-earnings (P/E) ratio decreasing from 6.6 to 6.0 over the same period [4].