CPIC(601601) 国投证券·2025-04-30 07:01Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 37.65 yuan over the next six months [3][6]. Core Views - The company reported a 3.9% year-on-year increase in insurance service revenue for Q1 2025, totaling 69.6 billion yuan, while the net profit attributable to shareholders decreased by 18.1% year-on-year to 9.6 billion yuan, primarily due to rising short-term interest rates and fluctuations in the equity market affecting fair value [1][2]. - The company's new business value (NBV) grew by 39% year-on-year on a comparable basis, driven by the growth in the bancassurance channel, with life insurance premiums increasing by 11.8% to 118.4 billion yuan [2][3]. - The company aims to enhance its fundamental performance through ongoing reforms and the implementation of the "North Star Plan" in 2025, projecting earnings per share (EPS) of 5.65 yuan, 6.34 yuan, and 7.19 yuan for 2025 to 2027 [3]. Summary by Sections Financial Performance - In Q1 2025, the life insurance segment generated 21 billion yuan in service revenue (YoY +0.6%), while the property insurance segment achieved 47.7 billion yuan (YoY +4.8%) [1]. - The overall premium income for property insurance reached 63.1 billion yuan (YoY +1.0%), with a combined cost ratio of 97.4%, reflecting a 0.6 percentage point improvement year-on-year [2]. Investment Returns - The company's total investment assets amounted to 2,810.2 billion yuan as of the end of Q1 2025, with a total investment return rate of 1.0%, down 0.3 percentage points year-on-year, largely due to the impact of rising short-term interest rates and equity market volatility [3]. Future Projections - The report forecasts the company's operating revenue to reach 449.75 billion yuan in 2025, with net profit attributable to shareholders projected at 54.39 billion yuan [4][12].