2024年3月31日 公司研究 投资拖累利润，NBV 同比高增 ——新华保险（601336.SH、1336.HK）2023 年年报点评 A 股：买入（维持） 要点 当前价：29.82元人民币 H 股：买入（维持） 事件： 2023 年，新华保险营业收入 715.5 亿元，同比-33.8%；保险服务收入 480.5 亿 当前价：13.86港币 元，同比-15.5%；归母净利润87.1亿元，同比-59.5%；新业务价值30.2亿元， 同比+24.8%（旧假设下同比+65.1%）；内含价值2505.1亿元，较年初-2.0%（旧 作者 假设下同比+3.2%）；净投资收益率3.4%，同比-1.2pct；总投资收益率1.8%， 分析师：王一峰 同比-2.5pct；每股股息0.85元，同比-21.3%。 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 点评： 联系人：黄怡婷 010-57378023 人均产能大幅提升，个险渠道新单增速保持稳健。2023 年，公司持续深入推进 huangyiting@ebscn.com 以绩优建设为核心的队伍转型，全面加强渠道基础管理， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 51.40 CNY, while the current price is 29.82 CNY [1]. Core Views - The company reported a strong New Business Value (NBV) of 3.024 billion CNY for the year 2023, despite a significant decline in net profit due to investment losses [2][3]. - The decline in net profit is attributed to investment performance, with total investment income dropping by 50.3% year-on-year [5]. - The company is expected to see a recovery in net profit from 11.933 billion CNY in 2024 to 15.114 billion CNY by 2026, reflecting a growth rate of 37% in 2024 [6]. Financial Data and Valuation - The company's operating revenue for 2023 was 71.547 billion CNY, down 33.8% from the previous year, but is projected to grow in the following years [1][10]. - The embedded value (EV) at the end of the year was 250.51 billion CNY, a slight decrease of 2.0% from the beginning of the year [4]. - The company’s net profit margin improved to 6.9%, up 1.5 percentage points year-on-year, due to business structure optimization [4]. - The company plans to distribute a dividend of 0.85 CNY per share, which is a decrease of 21.3% compared to the previous year [3].

股 票 研 究 [Table_industryInfo] 保险/金融 [ Table_Main[新ITnaf 华bol]e 保_Ti险tle]( 601336) [评Tab级le_：Inv est] 增持 上次评级： 增持 投资压力拖累利润增长，NBV 困境反转 目标价格： 46.79 上次预测： 46.79 公 ——新华保险2023 年年报业绩点评 当前价格： 30.23 司 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(研究助理) 2024.03.28 更 021-38676647 021-38674943 021-38038619 [交Ta易bl数e_M据a rket] 新 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880122030071 52周内股价区间（元） 28.20-47.00 报 总市值（百万元） 94,304 告 本报告导读： 总股本/流通A股（百万股） 3,120/2,085 流通 B股/H股（百万股） 0/1,034 23 年归母 ...

[Table_Page] 年报点评|保险Ⅱ 证券研究报告 新[Tabl华e_Title保] 险(601336.SH/01336.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 30.23元/13.58港元 “量价齐涨”推动 NBV 大幅增长 合理价值 40.15元/21.75港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-27  公司发布23年报：2023年归母净利润同比-59.5%，NBV同比+65.1%。 [相Tab对le_P市icQ场uote表] 现  “量价齐升”推动2023年NBV同比大幅增长65.1%（假设调整前，下 同）。价方面，NBVM 得益于缴费结构的改善同比大幅提升 3.4pct 至 62% 45% 8.9%，新单保费中首年期交保费的占比从 46%提升至 2023 年的 28% 57.6%，且期交占银保渠道新单的比重同比+15.1pct。量方面，内外因 12% 素共振推动新单保费同比小幅增长 2.9%，其中“内因素”包括代理人队 -5%03/23 05/23 07/23 09/23 11/23 01/24 ...

证券研究报告 | 2024年03月28日 新华保险（601336.SH） 增持 渠道转型，立意长远 核心观点 公司研究·财报点评 新会计准则实施及投资收益拖累业绩表现。受新会计准则实施及资本市场 非银金融·保险Ⅱ 波动影响，2023年，公司累计实现营业收入715.5亿元，可比口径下同 证券分析师：孔祥 联系人：王京灵 比下降33.8%。公司持续推进渠道价值改革，叠加监管趋严等因素影响， 021-60375452 0755-22941150 kongxiang@guosen.com.cn wangjingling@guosen.com.cn 公司实现保险服务收入480.5亿元，可比口径下同比下降15.5%；实现 S0980523060004 归母净利润87.2亿元，可比口径下同比下降59.5%。公司聚焦产品长期 基础数据 化转型，实现长期险首年期交保费占比提升11.6pt，其中十年期及以上 投资评级 增持(维持) 期交保费28.9亿元，同比提升12.7%。 合理估值 个险聚焦长期化产品转型，推动团队绩优建设。2023年，公司个险渠道累计 收盘价 30.23元 总市值/流通市值 94304/94304百万元 实现 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7][9]. Core Insights - The company reported a net profit attributable to shareholders of 8.712 billion yuan in 2023, a year-on-year decrease of 59.5%. The fourth quarter saw a loss of 830 million yuan, contrasting with a profit in the same period last year [7][9]. - The company's net assets attributable to shareholders stood at 105.1 billion yuan, reflecting a 7.2% increase from the beginning of the year but a 3.0% decrease from the end of the third quarter [7][9]. - The return on equity (ROE) was 7.94%, down 14.47 percentage points year-on-year [7][9]. - The company adjusted its long-term investment return assumptions and risk discount rates, lowering them from 5% and 11% to 4.5% and 9%, respectively, impacting both EV and NBV [7][9]. - The end-of-year EV was 250.5 billion yuan, a decrease of 2.0% year-on-year, while the NBV for the year was 30.2 billion yuan, an increase of 24.8% [7][9]. Financial Data and Forecast - Revenue for 2023 is projected at 71.547 billion yuan, with a year-on-year decrease of 33.78%. Forecasts for 2024, 2025, and 2026 are 82.890 billion yuan, 89.677 billion yuan, and 97.068 billion yuan, respectively [7][24]. - Net profit for 2023 is expected to be 8.712 billion yuan, with projections of 10.773 billion yuan for 2024, 11.945 billion yuan for 2025, and 13.238 billion yuan for 2026 [7][24]. - Earnings per share (EPS) for 2023 is estimated at 2.79 yuan, with forecasts of 3.45 yuan for 2024, 3.83 yuan for 2025, and 4.24 yuan for 2026 [7][24]. - The company’s investment scale increased to 1.3361 trillion yuan, a 15.4% rise from the beginning of the year, with a net investment yield of 3.4% [8][9]. Business Performance - The insurance service revenue was 48.045 billion yuan in 2023, with a forecast of 52.850 billion yuan for 2024 [24]. - The first-year premium for long-term insurance was 40.9 billion yuan, a year-on-year increase of 5.4%, with significant growth in the periodic premium segment [8][9]. - The company’s new business value (NBV) margin improved to 8.9%, up 3.4 percentage points year-on-year [8][9]. - The individual insurance workforce decreased by 21.3% from the beginning of the year, but the average productivity per person nearly doubled [8][9]. Valuation - The company is expected to enhance its valuation through improved business quality in the bancassurance channel and a recovery in the agency channel [9]. - The reasonable value range is estimated at 43.14 to 47.45 yuan, with the current stock price corresponding to a 2024E PEV of 0.37x [9].

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company's net profit for 2023 was 8.712 billion yuan, a year-on-year decrease of 59.5%, primarily due to investment losses [2][7] - The implementation of the new financial instrument standard (IFRS9) has led to significant fluctuations in profit, with the investment spread turning from profit to a loss of 6.450 billion yuan [2][7] - The company's return on equity (ROE) for 2023 was 7.9%, down 14.5 percentage points year-on-year [2][7] - The company has adjusted its economic assumptions, lowering the long-term investment return rate to 4.5% and the risk discount rate to 9.0% [2][7] - The company reported a total premium income of 165.903 billion yuan in 2023, a year-on-year increase of 1.7% [2][7] Summary by Sections Profit Forecast and Valuation - The company’s net profit forecast for 2024-2026 is 10.921 billion, 12.458 billion, and 13.246 billion yuan respectively [1][8] - The price-to-embedded value (P/EV) for 2024 is projected at 0.34 times [2][5] Financial Performance - The insurance service income for 2023 was 48.045 billion yuan, down 15.5% year-on-year [2][7] - The investment yield for 2023 was 3.4%, down from 4.60% in 2022 [2][7] - The company’s total assets and liabilities ratio stands at 92.51% [1] Business Segments - The health insurance segment saw a 19.6% decline in service income, contributing to the overall drop in performance [2][7] - The company has been focusing on improving the quality of its sales force, with a 94.4% year-on-year increase in average productivity per agent [2][7]

Financial Performance - The company reported a significant increase in net profit, reaching CNY 5.2 billion, representing a 15% year-over-year growth[156]. - Total revenue for 2023 was 71,547 million, a decrease of 66.6% compared to 214,319 million in 2022[49]. - Net profit attributable to shareholders for 2023 was 8,712 million, down 11.3% from 9,822 million in 2022[49]. - Net profit excluding non-recurring items for 2023 was 8,746 million, a decline of 10.8% from 9,803 million in 2022[49]. - The total comprehensive income for 2023 was CNY -5.859 billion, compared to CNY 8.610 billion in 2022[61]. - The company’s investment income was CNY -3.775 billion, significantly impacted by the implementation of new financial instrument standards[61]. - The company’s foreign exchange gains were CNY 113 million, a decrease of 75% due to foreign currency asset exchange rate fluctuations[61]. - The company’s net profit attributable to shareholders was CNY 8.712 billion, a decrease of 43% compared to CNY 21.5 billion in 2022[61]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.85 per share for the fiscal year 2023, totaling approximately CNY 2.652 billion, which accounts for 30.4% of the net profit attributable to shareholders of the parent company[5]. - The board of directors approved a dividend payout of CNY 1.2 billion, reflecting a 20% increase compared to the previous year[165]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to effectively manage and control these risks[5]. - The company is committed to optimizing its risk management framework to address potential risks arising from complex internal and external environments[115]. Audit and Compliance - The financial report for the fiscal year 2023 has been audited by Deloitte and received a standard unqualified opinion[5]. - The board of directors and senior management have confirmed the accuracy and completeness of the financial report for 2023[5]. - The company has adopted corporate governance policies and has been monitoring compliance with legal and regulatory standards[184]. Business Growth and Market Expansion - Future outlook includes potential market expansion and the development of new products and technologies to enhance service offerings[6]. - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2025[160]. - New product launches contributed to a 25% increase in premium income, with the introduction of three innovative insurance products[159]. Customer Engagement and Technology - The "掌上新华" app had 4.4 million users, while the "新华保险" WeChat account had 7 million users, with a total of 53 million visits in 2023[33]. - The company invested CNY 200 million in technology development to improve customer service and streamline operations[162]. - The management team emphasized a focus on digital transformation, aiming for a 30% increase in online sales channels by the end of the year[163]. Employee and Management Structure - As of December 31, 2023, the company employed a total of 30,662 staff members, with 55.9% (17,133) in sales and sales management roles[170]. - The company has established a performance-based remuneration system for senior management, linking annual performance pay to company performance and individual assessment results[167]. - The company has seen a turnover in senior management, with several key positions being adjusted due to age and work arrangements[142]. Financial Health and Solvency - The total assets of the company reached CNY 1,403.257 billion, with net profit attributable to shareholders amounting to CNY 8.712 billion[22][25]. - The comprehensive solvency adequacy ratio improved to 278.43% from 238.20% in the previous year[26]. - Total assets increased by 11.8% to CNY 1,403,257 million in 2023, driven by the implementation of new insurance contract standards and business growth[58]. Product Offerings and Insurance Services - The company offered 169 products by the end of 2023, including 107 health insurance products, 8 annuity products, 20 life insurance products, and 34 accident insurance products[35]. - The policy-based health insurance business generated premium income of 734 million yuan, covering 19.6545 million clients, an increase of 9.5% year-on-year[74]. - The first-year premium for long-term insurance reached CNY 40.9 billion, up 5.4% year-on-year, with first-year regular premium increasing by 31.8% to CNY 23.538 billion[69]. Strategic Initiatives and Future Outlook - The company plans to focus on high-quality development and deepen supply-side structural reforms, aiming to enhance customer-centric development systems[112]. - The company anticipates a recovery in market demand and aims to improve resource allocation efficiency while addressing risk management[113][114]. - The company will continue to invest in digital transformation and product development aligned with technology, green initiatives, and inclusive finance[112].

Investment Rating - The report suggests a positive outlook for the company, indicating that the channel reform effects are becoming evident and core indicators are showing significant improvement [12]. Core Viewpoints - The company achieved a premium income of 165.903 billion yuan in 2023, a year-on-year increase of 1.7%, while the net profit attributable to shareholders was 8.712 billion yuan, a decrease of 11.3% [11]. - The business quality is continuously improving, with a substantial increase in new business value. The proportion of first-year premium income from long-term insurance increased by 11.6 percentage points to 57.6%, and the first-year premium income from long-term insurance increased by 31.8% year-on-year [11]. - The individual insurance channel maintained stable premium income, while the bank insurance channel saw a significant increase of 60.5% in first-year premium income for long-term insurance, reaching a historical high [11]. Summary by Sections Business Performance - In 2023, the company focused on optimizing its business structure, particularly in high-value periodic premium business, leading to a notable increase in new business value. The new business value (NBV) was 3.024 billion yuan based on revised assumptions, and 3.999 billion yuan based on original assumptions, reflecting a year-on-year increase of 65.1% [11]. Channel Development - The individual insurance channel generated premium income of 115.576 billion yuan, remaining stable year-on-year, with a 9.8% increase in first-year premium income for long-term insurance. The agency workforce was streamlined to enhance quality, resulting in a monthly average productivity increase of 94.4% [11]. - The bank insurance channel capitalized on market opportunities, achieving premium income of 47.824 billion yuan, an increase of 8.9% year-on-year, with a focus on deepening periodic and long-term transformation [11]. Investment Performance - The total investment return rate for 2023 was 1.8%, a decrease of 2.5 percentage points year-on-year, primarily due to fluctuations in investment asset trading and fair value changes. The net investment return rate was 3.4%, down 1.2 percentage points [12]. - By the end of 2023, the proportion of stocks in the investment portfolio was 7.9%, an increase of 0.8 percentage points, while bonds and debt assets accounted for 50.4%, a significant increase of 8.8 percentage points [12]. Investment Recommendations - The report indicates that the effects of channel reform are becoming increasingly evident, with core indicators such as new business value showing significant improvement. The quality of the channel workforce is expected to continue to enhance, leading to potential growth in new business value and improved contributions from both individual and bank insurance channels [12].

A股股票代码：601336 A股股票简称：新华保险 编号：2024-017号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 2023年年度利润分配方案公告 一、利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）审计，新华人寿保险股份有限公 司（以下简称"公司"）2023 年度母公司财务报表净利润为 79.81 亿元（人民币， 下同），合并财务报表归属于母公司股东的净利润为 87.12 亿元。2023 年度末母 公司以前年度未分配利润累计为 831.42 亿元，无未弥补亏损。经董事会决议，公 司 2023 年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次 利润分配方案如下： 公司拟按照 2023 年度母公司财务报表净利润的 10%分别提取法定公积金、 任意公积金和一般风险准备金各 7.98 亿元；拟向全体股东派发现金股利每股 0.85 元（含税），按公司已发行股份 3,119,546,600 股计算，共计约 26.52 亿元，其余 未分配利润结转至 2024 年度，留待以后年度进行分配。2023 年度，公司拟派发 现金股利总额占归属于母公司股东净利润的比例为 ...