China Life(601628) 申万宏源证券·2025-04-29 14:41Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's profit growth exceeded expectations due to significant performance in insurance services, with a year-on-year increase in net profit of 39.5% to 28.802 billion yuan in Q1 2025, surpassing the forecast of 4.1% [4] - The company's net asset value increased by 4.5% compared to the end of 2024, reaching 532.507 billion yuan [4] - The new business value (NBV) showed a year-on-year increase of 4.8%, exceeding the expected growth of 0.4% [5] - The company’s total investment assets grew by 3.1% to 6.82 trillion yuan by the end of Q1 2025, although the annualized net investment return decreased by 0.22 percentage points [6] - The report projects an upward adjustment in profit forecasts for 2025-2027, with expected net profits of 114.29 billion yuan, 128.46 billion yuan, and 152.56 billion yuan respectively [7] Financial Data Summary - The company reported operating revenue of 405.04 billion yuan in 2023, projected to increase to 528.57 billion yuan in 2024, followed by a decrease to 486.72 billion yuan in 2025 [8] - The net profit attributable to shareholders is expected to rise from 51.18 billion yuan in 2023 to 106.94 billion yuan in 2024, and further to 114.29 billion yuan in 2025 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 20.0 in 2023 to 9.0 in 2025, indicating improved valuation [8]