Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [7]. Core Insights - The company reported a net profit attributable to shareholders of HKD 6.03 billion for the first half of 2024, representing a year-on-year growth of 15.4%. The new business value reached HKD 6.69 billion, up 108.3% year-on-year [2]. - The significant profit growth is driven by a remarkable increase in net investment performance, which surged by 360.7% to HKD 7.503 billion. Various segments, including life insurance, domestic property insurance, overseas property insurance, reinsurance, and asset management, also showed positive profit growth [2]. - The company's embedded value (EV) increased by 8.0% compared to the end of the previous year, reflecting strong operational performance [2]. Summary by Sections Performance Review - The company's net profit for the first half of 2024 was HKD 6.03 billion, a 15.4% increase year-on-year, driven by a 360.7% rise in net investment performance to HKD 7.503 billion [2]. - The life insurance segment saw a 4.9% increase in net profit, while domestic and overseas property insurance profits grew by 100.3% and 74.5%, respectively [2]. Life Insurance Analysis - The new business value (NBV) in RMB terms grew by 108%, with a significant margin improvement driven by product adjustments and reduced costs [2]. - The NBV in HKD terms increased by 85.5%, primarily due to a margin increase of 12.4 percentage points to 24.6%, despite a new policy premium decline of 8.8% [2]. - The individual insurance channel's NBV rose by 59.8%, while the bank insurance channel's NBV surged by 304%, although new policy premiums dropped by 30% due to regulatory changes and high base effects from the previous year [2]. Investment Performance - The annualized net investment yield was 3.47%, a decrease of 0.16 percentage points year-on-year, while the total investment yield increased by 1.38 percentage points to 5.27% [2]. - The company has a limited exposure to real estate debt financial products, amounting to HKD 18.4 billion, which is only 1.1% of total assets [2]. Profit Forecast and Valuation - The report anticipates a slowdown in NBV growth to around 30% for the full year, with profit growth expected to exceed 30% due to a low base in the second half of the year [2]. - The projected EVPS for 2024, 2025, and 2026 is HKD 61.8, HKD 65.8, and HKD 70.3, respectively, with the current stock price reflecting a PEV valuation of 0.14, 0.13, and 0.12 times for the respective years [2].

海 外 公 司 （ 中 国 香 港 ） NBV 大超预期，投资端否极泰来 中国太平(0966) [Table_Industry] 保险 | --- | --- | --- | --- | |----------|--------------------------------|----------------------|-------------------------| | | | ——中国太平 | 2024 年中报业绩点评 | | | [table_Authors] 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880521120003 | S0880524030003 | 本报告导读： 公司 24H1 归母净利润同比 15.4%，由资负两端共同驱动；NBV 高速增长，业务品 质全面改善 ...

Financial Performance - Shareholders' profit attributable increased to HKD 60.27 billion, a year-on-year growth of 15.4%[6] - Pre-tax profit increased by 110.7% to HKD 16,528.16 million, up from HKD 7,844.45 million in 2023[19] - The company's profit before tax for the six months was HKD 16,528,157, a substantial increase of 110.0% from HKD 7,844,453 in 2023[109] - The net profit attributable to shareholders for the period was HKD 8,978,244, up 19.4% from HKD 7,521,241 in the previous year[110] - The company reported a net profit of HKD 6,026.68 million for the six months ending June 30, 2024, compared to HKD 2,951.56 million in the same period last year, representing a significant increase[116] - The total comprehensive income for the period was HKD 23,858.19 million, up from HKD 3,490.00 million year-on-year, indicating strong growth in overall performance[116] Revenue and Income - Insurance service revenue reached HKD 55.875 billion, up 3.2% year-on-year, with insurance service performance growing by 38.0% to HKD 11.249 billion[6] - The insurance service income for the life insurance business was HKD 32,470.53 million, representing a year-on-year increase of 4.7%[31] - The total insurance service income was HKD 55,874,723, with life insurance contributing HKD 32,470,529 and property insurance (domestic and overseas) contributing HKD 19,477,442 combined[132] - The insurance premium income for the period was HKD 61,414.87 million, up from HKD 54,000.00 million, reflecting a growth rate of approximately 13.5%[116] Investment Performance - Net investment performance surged to HKD 7.503 billion, reflecting a significant year-on-year increase of 360.7%[6] - The total investment income for the first half of 2024 was HKD 37.242 billion, a year-on-year increase of 57.1%[12] - The annualized total investment return rate improved to 5.27%, up 1.38 percentage points year-on-year[12] - The group's net investment income for the first half of 2024 was HKD 24,500.78 million, up 10.8% from HKD 22,113.41 million in the same period of 2023[69] - The total investment return for the group was HKD 37,241,973, with significant contributions from interest income and other investment returns[132] Assets and Liabilities - Total assets grew to HKD 1,640.4 billion, marking an 8.7% increase from the previous year[6] - The total assets as of June 30, 2024, amounted to HKD 1,640,354.99 million, reflecting an 8.7% growth from HKD 1,509,497.49 million at the end of 2023[20] - The company's total liabilities increased to HKD 1,508,033,380 from HKD 1,376,901,834 at the end of 2023[112] - The total liabilities as of June 30, 2024, were HKD 1,508,033,380, with insurance contract liabilities accounting for HKD 1,325,033,437[134] Equity and Shareholder Returns - The group’s total equity as of June 30, 2024, was HKD 132,321.61 million, a slight decrease of 0.2% from HKD 132,595.65 million at the end of 2023[20] - The net asset value attributable to shareholders was HKD 132,321,606, slightly down from HKD 132,595,654 at the end of 2023[114] - The company declared a dividend of HKD 1,078.21 million for the period, consistent with the previous year, reflecting stable shareholder returns[116] - The company proposed a final dividend of HKD 0.30 per share, totaling HKD 1,078,206,000, compared to HKD 0.26 per share and HKD 934,445,000 in 2023[168] Operational Efficiency - The comprehensive cost ratio for property insurance business was 97.0%, with original premium income increasing by 4.3%[11] - The life insurance business's insurance service expenses decreased by 6.1% to HKD 21,878.98 million from HKD 23,288.15 million[32] - Total employee costs (excluding retirement plan contributions) for the financial period were HKD 6.855 billion, a decrease of 13.6% from HKD 7.931 billion in the first half of 2023[82] Strategic Initiatives - The company aims to enhance its international operations and improve service quality while focusing on risk prevention and compliance[85] - The company plans to optimize its business structure and enhance cost efficiency through innovation and talent development[88] - The group will continue to expand its personal and commercial pension businesses, aiming to solidify its first-mover advantage in the third pillar of retirement[88] - The company is committed to digital transformation and improving operational efficiency to support the development of the Greater Bay Area[92] Market Position and Competition - The market share of Taiping Life decreased to 4.2% from 4.8% year-on-year, reflecting a decline in competitive positioning[43] - The number of individual customers for Taiping Life decreased by 464,760 to 14,709,271 as of June 30, 2024, compared to 15,174,031 in the previous year[43] - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[116] Challenges and Risks - The company reported a net impairment loss of HKD 1,223,973,000, an increase of 67.2% compared to HKD 731,742,000 for the same period in 2023[154] - The total expenses related to insurance services were HKD 43,148,387, highlighting the operational costs associated with maintaining service levels[132] - The group’s performance in the reinsurance segment showed a net expense of HKD 1,477,021, indicating ongoing challenges in that area[132]

投资逻辑 中国太平资负两端弹性充足，居民储蓄意愿强烈叠加报行合一政 策下，预计 2024NBV 有望实现 30%左右增长，预计将快于其他保险 公司，且公司 23 年业绩发布会指出资产端历史风险已基本出清， 轻装上阵，利润高增可期。 寿险：战略稳定性强，渠道、客户、产品三端均具备差异化竞争 优势。核心管理层任职期长且为内部晋升，为公司战略的连续性 与稳定性提供支撑，行业深度调整期公司整体采取跟随战略，未 进行大刀阔斧的改革，2018-2022 年 NBV4 年复合增速-13%表现优 异，上市同业分别为国寿-8%、人保寿-17%、平安-21%、太保-24%、 新华-33%。①渠道端：个险坚持以人力发展作为公司成长最主要 的驱动因素，高度重视组织建设。②客户端：2001 年即前瞻性提 出"三高"策略，提升中高端客户服务能力、抢占中高端市场份 额。③产品端：自 2006 年起，公司便已将续期保费管理提到了重 要高度，2023 年个银 13/25 个月继续率均高于 90%，显著优于上 市同业，为差异化月缴产品的运营提供支撑。 财险：境内业务盈利能力待改善，境外业务表现较好。太平财险 整体规模较小，2023 年利润贡献不 ...

Investment Rating - The report assigns a "Buy" rating for China Taiping (00966) with a target price based on the last closing price of 8.86 HKD [1][6]. Core Insights - China Taiping's 2023 annual report highlights strong growth in life insurance business and excellent investment performance. The company achieved insurance service revenue of 107.49 billion HKD, a year-on-year decrease of 1.3%, while the net profit attributable to shareholders reached 6.19 billion HKD, reflecting a year-on-year increase of 44.1% [2][4]. Summary by Relevant Sections Financial Performance - The company reported a net profit of 6.19 billion HKD in 2023, with a growth rate of 44.05%. The projected net profits for 2024, 2025, and 2026 are 7.36 billion HKD, 8.48 billion HKD, and 9.64 billion HKD, respectively [4]. - The diluted earnings per share (EPS) for 2023 was 1.50 HKD, with projections of 1.78 HKD, 2.05 HKD, and 2.33 HKD for the following three years [4]. Life Insurance Business - The new business value (NBV) for life insurance reached 6.81 billion RMB, with a comparable year-on-year growth of 27.8%. The total premium income for life insurance was 187.5 billion HKD, an increase of 4.7% year-on-year [2][4]. Investment Performance - The company's investment assets totaled 1.3 trillion HKD, reflecting a year-on-year increase of 14.9%. The net investment income and total investment income were 44.92 billion HKD and 33.57 billion HKD, respectively, with total investment income showing a significant year-on-year increase of 138.8% [2][4]. - The company has optimized its investment strategy, significantly increasing its bond investments, which accounted for 68.7% of the investment portfolio by the end of 2023, up 6.5 percentage points year-on-year [2][4].

[Table_Page] 公司深度研究|保险Ⅱ 证券研究报告 [【Table_T广itle] 发 非 银 & 海 外 】 中 国 太 平 [公Tab司le_I评nves级t] 买入 当前价格 8.55港元 （00966.HK） 合理价值 13.51港元 报告日期 2024-06-14 资负筑底，否极泰来 [相Tab对le_P市icQ场uote表] 现 [Table_Summary] 核心观点： 12% 3%  中国太平的前身“中保国际”于2000年在港交所上市，是我国首家境 -6%06/23 08/23 10/23 12/23 02/24 04/24 06/24 外上市保险公司。回顾公司战略及经营情况，两个三年战略的辉煌期、 -14% 行业冲击和管理层频繁变更的低谷期及改革期。当前公司估值较低， -23% -32% 较同业有提升空间，改革效果持续释放，我们认为公司有望否极泰来。 中国太平 恒生指数  寿险业务：改革持续深化推动业绩领先同业。公司于1937年开设人寿 保险部，1956 年暂停国内业务，2001 年境内复业，2009-2023 年保 [分Ta析ble师_A：uth or] 刘淇 费CAGR为1 ...

交银国际研究 公司更新 保险 收盘价 目标价 潜在涨幅 2024年6月3日 港元8.45 港元10.60↑ +25.4% 中国太平保险 (966 HK) 预计 2024 年资产负债两端均呈回升态势，上调目标价  预计2024年新业务价值同比增长超10%。2023年公司将长期投资回报率 个股评级 从5%下调至4.5%，风险贴现率从11%下调至9%，上述假设调整对于新业 买入 务价值的影响为20%，2023年调整后新业务价值同比持平（调整前可比口 径同比增长26%）。银保渠道推行报行合一之后，公司银保新业务价值增 1年股价表现 长强劲，贡献提升。我们预计2024年随着整体新业务价值率同比提升， 公司新业务价值有望同比增长13%。新业务价值率提升预计主要来自三方 966 HK 恒生指数 15% 面因素：1）预定利率同比下调；2）银保渠道报行合一降低费用率；3） 10% 5% 产品结构优化。 0% -5% -10% -15%  预计 2024 年投资收益有望同比回升。从公司保险资金资产配置来看， -20% -25% 2023年末相比2022年末，债券占比上升6.5个百分点，股票占比下降3.5 -30% -35% ...

今天的一个太平的交流会议正式开始然后我们今天非常荣幸的请到了太平集团董办副总经理吴总然后集团投资管理部的一个张述以及太平受选政法部副总经理何总然后今天非常来非常荣幸请到他们来给大家做一个关于公司经营以及未来展望的一个交流然后这边咱们就正式开始 就是要不先请一下就太平的领导和我们简单介绍一下公司近期近年以来的一个经营情况就可能包括保费然后价值议论投资等等因为就是A股公司可能都发了财报然后咱们太平没有发所以大家对这一块近期的一个经营情况也是比较关注的好的好的谢谢苏总感谢国金证券的邀请和组织各位线上投资者大家好我是中国太平董办的吴伟 我们今天邀请到除了董办的工作人员之外呢还有我们在投资端的集团投资管理部的张鹏处长以及我们在负债端的我们这个太平集团旗下主力子公司太平人寿战略发展部的何玉玲何总可以说是负债端和投资端我们都有邀请了也希望能够和在场的所有投资者有一个坦诚全面的交流 大家可能从近期的这个股票市场也可以关注到太平的港股近期它的上涨势头还挺不错的过往的一个月涨了差不多有30%左右看了一下相关的这个数据那由于和A股是有在披露方面不同 因为啊太平在港股啊我们只是按照监管的要求是发布中期业绩和年度业绩所以可能对于一季度 ...

中国太平相当交流 目前所有参会者均属于静音状态 下面开始播报名字声明声明播报完毕后主持人可直接开始发言 本次电话会议仅面向国金证券的专业投资机构客户或受邀客户仅供交流研究观点 专家发言内容仅代表其个人观点 会议内容并不构成对任何人的投资建议 未经国金证券事先说明 各位投资者好我们今天的一个太平的交流会议正式开始 我们今天非常荣幸的请到了太平集团董办副总经理吴总然后集团投资管理部的一个张述以及太平受选战发部副总经理何总然后今天非常来非常荣幸请到他们来给大家做一个关于公司经营以及未来展望的一个交流然后这边咱们就正式开始 就是要不先请一下就太平的领导和我们简单介绍一下公司近期近年以来的一个经营情况就可能包括保费啊然后价值啊议论投资等等因为就是A股公司可能都发了财报然后咱们太平没有发所以大家对这一块近期的一个经营情况也是比较关注的好的好的谢谢苏总感谢国金证券的邀请和组织各位线上投资者大家好我是中国太平董办的吴易伟 我们今天邀请到除了董办的工作人员之外还有我们在投资端的集团投资管理部的张鹏处长以及我们在负债端的我们太平集团旗下主力子公司太平人寿战略发展部的何玉玲何总可以说是负债端和投资端我们都有邀请了也希望能够和在场的 ...

a CHINA TAPING | 95 2023 ANNUAL 年 REPORT 報 CHINA TAIPING Bock Code HK00966 INVEST FRIEND HEAR Contents 目錄 Contents 目錄 Corporate Information 公司資料 4 Simplified Ownership Structure 簡明公司架構 6 Chairman's Statement 董事長致辭 8 Management Review and Analysis 管理層回顧和分析 18 Independent Actuaries Report on Review of Embedded Value Information 關於內含價值信息的獨立精算師審閱報告 57 Embedded Value 內含價值 59 Biographical Details of Directors, Senior Management and Company Secretary 董事、高級管理層及公司秘書之履歷 69 Report of the Directors 董事會報告書 76 Corporate ...