智通财经APP获悉，高盛发布研究报告称，将中国财险(02328)目标价从10.8港元上调2%至11港元，维持“中性”评级。2023财年业绩后，该行将财险2024财年的承保盈利预测提高5%，因为较低的综合成本率(CR)，但部分被保费增长放缓所抵销。该行小幅下调2025/26财年的承保利润，导致净利润预测下降4%及6%。另将2024-26财年股东权益预测上调1-2%，反映2023财年表现好于预期。 ...

Financial Performance - The company's original insurance premium income for 2023 was RMB 515,807 million, an increase from RMB 485,434 million in 2022, reflecting a growth of 6.3%[9] - Insurance service income rose to RMB 457,203 million in 2023, up 7.7% from RMB 424,355 million in 2022[9] - The underwriting profit for 2023 was RMB 10,189 million, compared to a loss in the previous year[9] - Net profit for 2023 was RMB 24,566 million, a decrease of 15.6% from RMB 29,108 million in 2022[9] - The company reported a pre-tax profit of RMB 28,035 million for 2023, down 17.6% from RMB 34,020 million in 2022[9] - The total investment income reached CNY 20.807 billion, with a net profit of CNY 24.566 billion and a return on equity of 10.8%[29] - The comprehensive cost ratio stood at 97.8%, with underwriting profit amounting to CNY 10.189 billion[29] - The comprehensive loss ratio increased to 70.6%, up 1.2 percentage points from 69.4% in 2022[34] - The underwriting profit for motor vehicle insurance decreased by 41.1% to RMB 8.623 billion[39] - The underwriting profit for agricultural insurance fell by 16.1% to RMB 2.233 billion[41] - The underwriting profit for accident and health insurance turned positive at RMB 1.007 billion, compared to a loss of RMB 0.176 billion in the previous year[43] Assets and Liabilities - Total assets reached RMB 703,623 million in 2023, an increase of 4.6% from RMB 672,462 million in 2022[10] - Total liabilities increased to RMB 469,319 million in 2023, up 4.1% from RMB 450,857 million in 2022[10] - The company's liabilities-to-assets ratio as of December 31, 2023, was 65.5%, a decrease of 0.3 percentage points from the beginning of the year[67] - The total investment assets increased to RMB 600.711 billion, representing a 4.3% growth year-on-year[54] Market Presence and Growth - The company aims to enhance its financial strength and expand its market presence in line with national financial development goals[23] - The company achieved original insurance premium income of CNY 515.807 billion in 2023, representing a year-on-year growth of 6.3% and maintaining a market share of 32.5% in the property insurance sector[28] - The number of insured new energy vehicles increased by 57.7% year-on-year, reflecting the company's commitment to expanding its market presence[26] - The company is actively expanding into new business markets and increasing product innovation efforts[49] - The company is expanding its market presence, targeting a 10% increase in market share in the next two years[86] - The company is expanding its market presence, targeting a 25% increase in market share in the Asia-Pacific region over the next three years[94] Risk Management and Compliance - The company aims to enhance its risk management capabilities through the establishment of a risk research and development center and the implementation of a unified risk management platform[25] - The company is committed to continuous risk monitoring and assessment, focusing on key areas to strengthen risk control[100] - The company emphasizes the importance of risk management training and cultivating a risk-aware culture among its employees[100] - The company has implemented measures to reduce energy consumption, including time-based operation of public energy-consuming facilities, aiming to lower greenhouse gas emissions[102] - The company plans to enhance its compliance and risk management frameworks, leveraging the expertise of its newly appointed external directors[94] Corporate Governance - The company has a strong management team with extensive experience in the insurance industry, including executives with over 30 years of experience[96][97] - The company has complied with all provisions of the Corporate Governance Code as of August 8, 2023[163] - The board consists of 5 independent directors, with Ms. Qu Xiaohui serving as the chair of the audit committee, bringing extensive experience in accounting and financial management[165] - The company has established guidelines for securities trading applicable to all directors and employees, ensuring compliance with the standards set forth[180] - The board has established 5 specialized committees, including the audit committee and risk management committee, with clear written regulations on their responsibilities[162] Strategic Initiatives - The company plans to focus on high-quality development and optimize its strategic implementation in 2024, coinciding with the 75th anniversary of the People's Republic of China[26] - The company is committed to digital transformation, enhancing technological infrastructure to optimize underwriting and claims processes, and improving customer engagement through online platforms[80] - The company plans to invest 500 million RMB in enhancing its IT infrastructure to support digital transformation initiatives[86] - The company has completed a strategic acquisition of a fintech startup for 1 billion RMB, enhancing its digital capabilities[88] - A new partnership with a major tech firm is expected to drive innovation in customer engagement, with anticipated improvements in customer satisfaction scores by 25%[89] Employee and Community Engagement - As of December 31, 2023, the company employed 164,653 staff and paid a total of RMB 37.285 billion in employee compensation, which includes fixed salaries, performance bonuses, and various insurance and welfare contributions[79] - The company made charitable donations totaling CNY 4.1 million, with CNY 2.4 million allocated for public welfare donations[111] Future Outlook - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[88] - The company has set a future outlook with a revenue guidance of 40 billion RMB for the next fiscal year, anticipating a growth rate of 18%[91] - New product launches are expected to contribute an additional 5 billion RMB in revenue, focusing on digital insurance solutions[89]

公司研 究 证 券研究 报 告 非银行金融 2024年04月03日 中 国财险（02328.HK）2023年报点评 推 荐 （维持） 目标价：13.54港元 COR 目标达成，分红超预期 当前价：10.58港元 事项： 华创证券研究所  中国财险发布 2023 年年报。公司 2023 年实现归母净利润 246 亿元，同比- 证券分析师：徐康 15.6%；综合成本率达到97.8%，同比+1.2pct；总投资收益率3.5%，同比-0.3pct； ROE 达到 10.8%，同比-1.9pct；每股拟派发股息 0.489 元，同比+2.3%，分红 电话：021-20572556 比率达到40%以上。 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 评论： 联系人：陈海椰  产险保费增速维持高景气度，综合成本率达成年初既定目标。2023 年，公司 实现保险服务收入4572亿元，同比+7.7%，主要来源于车险、意健险、农险分 邮箱： chenhaiye@hcyjs.com 别贡献3.3%/2.0%/1.2%；实现承保利润102亿元，同比-29.1%；综合成本率达 到97.8%，同比+1 ...

Investment Rating - Maintain BUY rating with a new target price (TTM) of HK$11.9, implying 1.0x FY24E P/B [2][7] Core Views - PICC P&C reported a solid underwriting combined ratio (CoR) of 97.8%, 0.3pct lower than the estimate, driven by better-than-expected non-auto CoR at 99.1% [2] - The company is expected to sustain a payout ratio of over 40% in the next two years, with a dividend yield of 5.7% in FY24E [2][7] - The auto segment met guidance with a CoR of 96.9%, while non-auto outperformed, particularly in individual A&H, which achieved RMB1.0bn underwriting profits [2] - The company's long-term auto premium growth is adjusted to 5%, with NEV profitability expected to improve [2] Financial Performance - Net profit for FY23A was RMB24.6bn, with EPS of RMB1.11, and is expected to grow to RMB30.0bn in FY24E [4] - The combined ratio is forecasted to improve from 97.8% in FY23A to 96.9% by FY26E [4] - ROE is expected to recover from 10.8% in FY23A to 12.6% by FY26E [4] Valuation - The stock is currently trading at 0.84x FY24 P/B, with a target valuation of HK$11.9 based on P/B-ROE [7][8] - Key valuation assumptions include a long-term growth rate of 3%, a revised long-term ROE of 12.8%, and a cost of equity of 9.7% [7] Dividend Policy - The company raised DPS by 2.3% YoY to RMB0.489 per share in 2023, maintaining a payout ratio of 44.2% [2] - Management guided to maintain a robust payout ratio of over 40% in the next two years [2] Segment Performance - Auto premiums grew by 5.3% YoY to RMB285.6bn, with a conversion rate of 98.8% [2] - Non-auto individual A&H achieved RMB43.7bn in insurance revenue, growing 23.8% YoY, with a CoR of 97.7% [2] Future Outlook - The company expects a lift in auto comprehensive loss ratio and a contraction in comprehensive expense ratio to 70.6%/26.1% in FY24E [2] - NEV profitability is anticipated to improve, with NEV CoR expected to drop below 100% [2]

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国财险（02328.HK）公司年报点评 2024年03月30日 [Table_InvestInfo] 分红水平稳中有升，综合成本率仍保持较 投资评级 优于大市 维持 好表现 股票数据 [0T3a月ble29_S日t收oc盘k价In（fo港] 元） 10.32 [投Ta资ble要_S点um：m ary] 52周股价波动（港元） 7.42-11.54 股本结构 ⚫ 【事件】中国财险发布2023年度业绩：1）归母净利润246亿元，同比-15.7%， [总Ta股b本le（_C百a万p股ita）lI nfo] 22243 下半年归母净利润43亿元，同比-56.5%。ROE为10.8%。2）归母净资产2314 流通A股（百万股） 0 亿元，较年初+5.8%，较年中+1.6%。 B股/H股（百万股） 0/6899 相关研究 ⚫ 分红水平稳中有升。公司 2023 年拟派发每股股息 0.489 元，同比+2.3%，对应 分红率44.2%，同比提升4pct。公司3月29日收盘价对应股息率为5.2%。 [《Ta大b灾le等_R因e素p推or高tI综nf合o]成 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of HKD 10.32 [1] Core Views - The company has shown improvement in non-auto business profitability and a steady increase in dividend levels [1] - In 2023, the company achieved a total insurance premium income of CNY 515.81 billion, a year-on-year increase of 6.3%, while the net profit attributable to shareholders decreased by 15.7% to CNY 24.59 billion [7][8] - The company maintains a strong market position with a market share of 32.5% in the property insurance industry [8] Summary by Sections Financial Performance - The company reported insurance service income of CNY 457.2 billion in 2023, up 7.7% year-on-year, with a quarterly breakdown showing a slowdown in growth in Q4 [8] - The comprehensive cost ratio (COR) for the company increased to 97.8%, up 1.2 percentage points year-on-year, with the auto insurance COR at 96.9% and non-auto insurance COR at 99.1% [9] - Total investment income decreased by 1.6% to CNY 20.81 billion, with an investment return rate of 3.5% [8] Business Structure - The company’s non-auto insurance service income reached CNY 175.09 billion, a year-on-year increase of 11.9%, with a 1.4 percentage point increase in its share of total income [8] - The auto insurance segment saw a slight increase in premium income, with household car premiums accounting for 73.2% of total auto insurance [8] Future Outlook - The company is expected to maintain its leading COR in the industry and is projected to achieve net profits of CNY 29.1 billion, CNY 32.3 billion, and CNY 35.9 billion for 2024, 2025, and 2026 respectively [8][10] - The price-to-book (PB) ratios for 2024, 2025, and 2026 are projected to be 0.86, 0.82, and 0.77 respectively [10]

智通财经APP获悉，美银证券发布研究报告称，维持中国财险(02328)今明两年盈利预测大致不变，目标价由10.5港元上调至11.5港元，维持“买入”评级，因为公司增长前景稳定，在当前宏观环境下较佳的派息比率提供更好防守力。 报告中称，中国财险去年纯利246亿元人民币，同比下跌16%，主要受投资收入疲弱及下半年灾害损失影响。核心业务保持稳定，派息比率由40%提升至44%，每股派息增加2%至0.489元人民币，符合市场预期。在较佳派息预期下，股息率约6%，对投资者吸引。 ...

Investment Rating - The report maintains a "Buy" rating and raises the target price to HKD 13.35 per share, corresponding to a 2024 P/B of 1.2 times [3][4]. Core Insights - The company reported a net profit of RMB 24.566 billion for 2023, a year-on-year decrease of 15.6%, which aligns with expectations. The dividend payout ratio increased from 39.9% in 2022 to 44.3% in 2023, exceeding market expectations [3]. - The underwriting profit was RMB 10.189 billion, down 29.1% year-on-year, with a combined ratio of 97.8%, up 1.2 percentage points, primarily due to increased claims from natural disasters and higher accident rates from increased vehicle usage [3]. - Total investment income was RMB 20.807 billion, a decrease of 1.6% year-on-year, with an investment return rate of 3.5%, down 0.3 percentage points, mainly affected by fluctuations in the capital market [3]. - The report anticipates improvements in underwriting profitability and investment returns, leading to enhanced shareholder returns, and adjusts the EPS forecasts for 2024-2026 to RMB 1.35, RMB 1.50, and RMB 1.67 respectively [3]. Summary by Sections Financial Performance - The company achieved insurance service revenue of RMB 457.203 billion in 2023, an 8% increase year-on-year. The net profit for 2023 was RMB 24.566 billion, reflecting a 16% decrease from the previous year [7]. - The combined ratio for the auto insurance segment was 96.9%, up 2.4 percentage points year-on-year, driven by increased claims due to higher accident rates and natural disasters [9]. Underwriting and Premiums - The auto insurance premium income grew by 5.3% year-on-year, while non-auto insurance premiums increased by 7.4%, with health and agricultural insurance being the main growth drivers [3][8]. - The underwriting performance varied across non-auto segments, with agricultural insurance facing increased claims but maintaining a combined ratio of 95.8% due to effective cost control [3]. Investment and Returns - The investment asset scale reached RMB 596.846 billion, with a net investment return rate of 3.5% [8]. - The report highlights a focus on optimizing the business structure to improve profitability, particularly in the liability and corporate property insurance segments, which still face losses [3][9].

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨中国财险（ ） 2328.HK [中Ta国b财le_险Ti2tl0e2] 年年报点评：龙头地位稳固，承 3 保盈利能力领先 报告要点 [2T0a2b3le_年S由um于m自ar然y]灾害相对频发使得承保业绩略有承压，同时由于资本市场波动影响导致利润 出现下滑，但自然灾害、市场波动等短期因素并不影响公司稳健的基本面和盈利能力，同时伴 随着对于市场竞争监管的增强，判断行业中长期集中度将持续上行，看好公司资负两端改善和 估值上行空间。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.00 HKD, while the current price is 10.32 HKD [6]. Core Insights - The company reported a net profit of 24.585 billion, a decrease of 15.7% year-on-year, primarily due to pressure on investment income [1][4]. - The company plans to distribute a dividend of 0.489 HKD per share, reflecting a 2.3% increase year-on-year, with a dividend payout ratio of 44% [1]. - The combined loss ratio (COR) for the year was 97.8%, an increase of 1.2 percentage points year-on-year, indicating strong underwriting profitability [2][4]. Summary by Sections Financial Performance - The company achieved a total insurance premium income of 515.807 billion, up 6.3% year-on-year, with motor insurance premiums increasing by 5.3% and non-motor insurance premiums by 7.4% [2]. - The underwriting profit was 10.189 billion, down 29.1% year-on-year, with a COR of 97.8% [2]. - Total investment income was 20.807 billion, a decrease of 1.6% year-on-year, with an investment return rate of 3.5% [3]. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 28.244 billion, 31.365 billion, and 33.301 billion respectively, with growth rates of 14.9%, 11.0%, and 6.2% [4][5]. - The report anticipates improvements in underwriting profitability and investment income, supporting net profit growth [4].