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 ...

新华保险 2023年度业绩发布会 2024年3月28日 中国 北京 前瞻性声明 本文件限于特定范围使用，"前瞻性声明"是本文件不可分割的组成内容 1 本材料仅供参考之用，并不构成以下情况或作为其中的一部分：在任何司法管辖区内新华人寿保险股份有限公司（以下简称"本公 司"）或其任何控股公司、联属公司出售或发售证券之要约或邀请，或者购买或认购上述证券之要约或邀请的招揽。本材料的任何 部分概不作为任何合同或承诺的依据，亦不得就有关合同或承诺而对其加以依赖。 本材料中载列的资料和观点尚未经独立核实。对于本材料所载资料或观点的公平性、准确性、完整性或正确性，本公司并未作出任 何明示或默示的陈述或保证，亦不应对其加以依赖。本材料所载的资料和观点提供至本次报告日期为止。对于本次报告日期后可能 发生的变化，不会另行通知，亦不会对本材料进行更新或另外修订，以反映任何进展。本公司及其任何联属公司、董事、监事、高 级管理人员、管理人员、雇员、顾问以及上述公司或人士的任何代表，对于本材料载列、呈列或派生的任何资料或因依赖该等资料 而引致的，或有关本材料的其他原因而引致的任何损失，概不承担过失或其他方面的任何责任。 本材料载有多项陈述 ...

新华人寿保险股份有限公司第八届董事会第十八次会议文件 新华人寿保险股份有限公司 2023 年度独立董事述职报告 （独立董事马耀添） 本人是新华人寿保险股份有限公司（以下简称"公司"）独立 董事马耀添。2023 年，本人严格按照《保险机构独立董事管理办法》 《上市公司独立董事管理办法》《上海证券交易所股票上市规则》 《香港联合交易所有限公司证券上市规则》《新华人寿保险股份有 限公司章程》（以下简称《公司章程》）、董事会及专业委员会议事 规则等制度要求，诚信、勤勉、谨慎、独立地履行职责，出席董事 会和各专业委员会，认真审议议案，审慎发表独立意见，关注和了 解公司经营管理状况，切实维护公司、被保险人和中小股东的合法 权益。现将 2023 年度独立董事尽职情况报告如下： 一、独立董事基本情况 本人自2019年12月起担任公司独立董事，并担任董事会提名薪 酬委员会、风险管理与消费者权益保护委员会委员。本人在法律领 域具有专业能力和丰富经验，具备监管规则要求的独立董事任职条 件。 本人现任Liberty Chambers大律师事务所大律师及以粤港澳大 湾区执业律师身份出任广信君达（东莞）律师事务所的顾问。本人 于1985 ...

二、审议通过了《关于 2023 年利润分配预案的议案》，同意将议案提交股东 大会审议。 A股股票代码：601336 A股股票简称：新华保险 编号：2024-015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 第八届董事会第十八次会议决议公告 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 3 月 13 日以电子 邮件方式向全体董事发出第八届董事会第十八次会议（以下简称"会议"）通知和 材料，会议于 2024 年 3 月 27 日在北京市以现场方式召开。会议应到董事 11 人， 现场出席董事 11 人，公司监事和高级管理人员列席了会议。会议的召集、召开 符合《中华人民共和国公司法》《新华人寿保险股份有限公司章程》（以下简称"《公 司章程》"）和《新华人寿保险股份有限公司董事会议事规则》的有关规定，所作 的决议合法、有效。 会议由董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议决议： 一、审议通过了《关于 ...

根据证监会《上市公司独立董事管理办法》（证监会令〔第 220 号〕）、上海证券交易所《股票上市规则》《上市公司自律监管 指引第 1 号——规范运作》等要求，新华人寿保险股份有限公司 （以下简称"公司"）董事会，就公司 2023 年度任职的独立董事马 耀添先生、赖观荣先生、徐徐女士、郭永清先生的独立性情况进 行评估并出具如下专项意见： 2024 年 3 月 27 日 经核查独立董事马耀添先生、赖观荣先生、徐徐女士、郭永 清先生的任职经历以及签署的相关自查文件，上述人员未在公司 担任除独立董事外的其他职务，与公司及主要股东不存在直接或 者间接利害关系、或者其他可能影响其进行独立客观判断的关系， 符合《上市公司独立董事管理办法》（证监会令〔第 220 号〕）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 中对独立董事独立性的相关要求。 新华人寿保险股份有限公司董事会 关于独立董事独立性自查情况的专项评估意见 新华人寿保险股份有限公司董事会 ...