In "Major Banks," China International Capital Corporation maintains Ping An's "outperform industry" rating, expecting a 6.2% year-on-year increase in annual earnings per share dividend for last year

CICC published a research report indicating that Ping An (02318.HK) will release its full-year results for 2025 in late March this year, expecting the company's net profit attributable to shareholders to increase by 5.2% year-on-year to RMB 133.25 billion, and the operating profit attributable to shareholders (OPAT) to increase by 8.8% year-on-year to RMB 132.54 billion, with an annual dividend per share increasing by 6.2% to RMB 2.71.

CICC reiterated its previous judgment that under the wave of "deposit migration" and opportunities for customer group upgrades, the company may welcome another golden development period, relying on its excellent core operational capabilities to achieve growth in market share that outperforms the overall industry.

CICC maintains the company's "outperform industry" rating; however, due to the impact of the rise in the company's convertible bond prices exceeding the bank's expectations, it has respectively lowered Ping An's earnings per share for 2025 to 2026 by 17.8% and 5.7% to RMB 7.4 and RMB 9.4 (the same below), and introduced the earnings per share for the fiscal year 2027 at RMB 10.2 for the first time. It maintains the target price for Ping An (601318.SH) A shares at RMB 89.8 and the target price for H shares at HKD 99.4, corresponding to a price-to-embedded value ratio (P/EV) of 1 time for the fiscal year 2026 and 0.9 times for the fiscal year 2027, with an upside potential of 36% and 45% from the current levels