港股公司报告 | 公司点评 负债端业绩显著提升，投资端表现优异 2024H1 归母净利润同比+15.4%至 60.27 亿港元。1）寿险：2024H1 实现 NBV 为 73.35 亿港元，同比+85.5%，其中个险 NBV 同比 +59.8%，银保 NBV 同比+303.7%。2） 产险，2024H1 实现保险 服务业绩 5.0 亿港元，同比+27.6%，综合成本率为 97.0%，同比 -0.6pct。3）投资端，投资资产较 2023 年底增长 9.4%至 14764 亿 港元，总投资收益同比+57.1%至 372.42 亿港元，年化总投资收益率 同比+1.38 pct 至 5.27%。 寿险：1）新单保费：2024H1 实现新单保费 285.3 亿港元，同比 -8.8%，其中个险新单保费为 190.7 亿港元，同比 7.3%，银保新单 保费为 94.6，同比-30.0%；个险长险首年期交保费为 149.5 亿港元， 同比+11.7%，银保长险首年期交为 93.35 亿港元，同比-30.4%。2） NBV：2024H1 实现 NBV 为 73.35 亿港元，同比+85.5%，其中个 险 NBV 为 52.3 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国太平（0966.HK）公司年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 寿险 NBV、NBVM 同比大增，投资收益带 动净利润提升 [投Ta资ble要_S点um：mary] 股票数据 [0T8a月ble30_S日t收oc盘k价In（fo港]元） 10.12 52 周股价波动（元） 5.42-10.40 股本结构 [总Ta股b本le（_C百a万p股ita）lInfo] 3594 流通 H 股（百万股） 3594 B 股/H 股（百万股） 0/3594 相关研究 [《TaNbBlVe、_R净e利p润or实tIn现fo高] 增长，24 年一季 度银保表现亮眼》2024.03.26 《NBV、净利润大增，财险实现承保盈利》 2023.08.26 《产险业务扭亏为盈，寿险 NBV 表现仍 优于多数同业》2023.04.01 市场表现 [Table_QuoteInfo] 【事件】中国太平发布 2024 年中报业绩：1）归母净利润 60.3 亿港元，同比 +15.4% ； 其 中 寿 险 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of HKD 11.60, indicating a potential upside of 18.1% from the current price of HKD 9.82 [2][9]. Core Insights - The company's performance on both asset and liability fronts has significantly exceeded expectations, with a projected profit growth of over 40% for the year due to a low base in the second half of 2023 [2][9]. - The new business value has shown rapid growth, increasing by 85.5% year-on-year, driven primarily by individual insurance and bancassurance channels [1][5]. - Investment income has performed strongly, with net investment income rising by 10.8% and total investment income increasing by 57.1% year-on-year, attributed to optimized equity investment structures [1][5]. Financial Performance Summary - For the first half of 2024, the company's net profit attributable to shareholders reached HKD 6,027 million, reflecting a 15.4% year-on-year increase [1][5]. - The new business value for the first half of 2024 was HKD 7,335 million, with a year-on-year growth of 85.5% [5][6]. - The company's total investment income for the first half of 2024 was HKD 37,242 million, marking a 57.1% increase compared to the previous year [5][10]. Business Segments Performance - Life insurance operating profit increased by 4.9% year-on-year, while the reinsurance segment turned profitable with a significant recovery [1][5]. - The domestic property and casualty insurance segment saw a remarkable 100.3% increase in operating profit, while the overseas property and casualty insurance segment's operating profit grew by 74.5% [5][6]. - The company plans to enhance its focus on dividend insurance sales in the second half of the year, anticipating a new business value growth of over 50% in 2024 [1][5].

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% ...