CPIC(601601) 东莞证券·2025-04-28 06:09Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [7] Core Insights - In Q1 2025, China Pacific Insurance achieved a significant increase in new insurance premiums through the bancassurance channel, with new single premiums growing by 130.7% year-on-year [7] - The company's total investment yield has declined, primarily due to fluctuations in bond rates affecting the fair value of FVTPL bond assets [7] - The report highlights a robust performance in life insurance, with a new business value (NBV) growth of 11.3% year-on-year, and a comparable growth of 39.0% [7] Summary by Relevant Sections Financial Performance - In Q1 2025, insurance service revenue reached 695.50 billion yuan, a year-on-year increase of 3.9%, while total revenue was 937.17 billion yuan, down 1.8% year-on-year. Net profit was 96.27 billion yuan, reflecting an 18.1% decline year-on-year [5] - The total investment assets amounted to 2.81 trillion yuan, growing by 2.8% from the previous year [7] Business Segments - Life Insurance: The scale premium reached 1,184.22 billion yuan, up 11.8% year-on-year, with new business value at 57.78 billion yuan, marking an 11.3% increase [7] - Property Insurance: The original insurance premium income was 631.08 billion yuan, a 1.0% increase year-on-year, with a combined underwriting cost ratio of 97.4%, down 0.6 percentage points [7] Investment Outlook - The report projects a net profit of 452.11 billion yuan for 2025, with a price-to-earnings value (PEV) of 0.53 as of April 25 [7][8]