CPIC(601601) 国信证券·2025-04-29 02:05Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company experienced a 1.8% year-on-year decline in operating revenue due to fluctuations in the bond market in the first quarter. Investment-related income decreased by 15.9%, with fair value changes dropping by 89.0%. However, insurance service revenue grew by 3.9% year-on-year, reaching 695.5 billion yuan [1] - The individual life insurance channel showed steady growth, with premium income of 82.87 billion yuan, and the proportion of participating insurance in new business premiums increased significantly by 16.1 percentage points to 18.2% [2] - The property insurance segment saw a 1.0% increase in premium income, totaling 63.108 billion yuan, while the combined ratio (COR) improved by 0.6 percentage points to 97.4% [2] - The company's investment strategy demonstrated resilience, maintaining a net investment yield of 0.8% year-on-year, despite market volatility. Total investment yield decreased by 0.3 percentage points to 1.0% [3] - The company maintains its earnings forecast for 2025 to 2027, projecting EPS of 4.77, 4.90, and 5.08 yuan per share, with current stock prices corresponding to P/EV ratios of 0.46, 0.40, and 0.35 [3] Financial Forecasts - The projected operating revenue for 2025 is 412.823 billion yuan, reflecting a 2.16% increase from 2024 [4] - The forecasted net profit attributable to the parent company for 2025 is 45.924 billion yuan, with a year-on-year growth of 2.14% [4] - The diluted EPS is expected to be 4.77 yuan for 2025, with a steady increase projected in subsequent years [4] - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 10.89 in 2023 to 6.46 in 2025, indicating potential undervaluation [8]