智通财经APP获悉，中金发布研究报告称，维持中国财险(02328)“跑赢行业”评级，公司24e EPS 每股1.37元人民币不变，并首次引入25e EPS为1.46元，目标价11.8港元。公司公布2023年业绩：保费收入同比+6.3%;综合成本率(CoR)同比+1.2ppt至97.8%，好于该行预期，主要由于车险竞争环境改善幅度好于该行此前预期。净利润245.85亿元，同比-15.7%，好于该行预期，主要由于公司承保表现好于该行此前预期。 中金主要观点如下： 尽管存在大灾影响，承保业绩依旧优秀且达到公司指引。 受疫后交通出行恢复及下半年暴雨等自然灾害影响，公司全年CoR同比+1.2ppt至97.8%，其中车险/非车险分别同比+2.4/-1.1ppt至96.9%/99.1%，达到年初管理层给予市场车险/非车险低于97%/100%的目标指引。 车险方面，在疫后市场非理性竞争抬头、自然灾害影响下，赔付率/费用率同比+2.1/+0.3ppt。但业务结构持续优化，全年家用车续保率同比+1.1ppt至77.8%、家自车/家自车新车承保数量分别同比+6.9%/+6.0%。 非车险方面，除农险受自然灾害影响CoR同比+1.4 ...

证券研究报告·公司点评报告·保险(HS) 中国财险（02328.HK） 2023 年业绩发布会点评：优化升级卓越保险 2024 年 03月 27日 战略，承保盈利目标一以贯之 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 保险服务收入（百万元） 424,355 457,203 494,002 529,798 569,764 同比 6.9% 7.7% 8.0% 7.2% 7.5% 执业证书：S0600522040002 归母净利润（百万元） 29,163 24,585 29,641 32,330 34,478 021-60199761 同比 30.4% -15.7% 20.6% 9.1% 6.6% geyx@dwzq.com.cn 净资产收益率 13.4% 10.8% 12.1% 12.0% 11.8% 研究助理 罗宇康 P/B 1.01 0.91 0.83 0.76 0.70 执业证书：S06001 ...

申万宏源研究 上海市南京东路99号 | +86 21 2329 7818 www.swsresearch.com 简单金融 成就梦想 非银金融 | 公司研究 承保表现超预期，股息率达 5.2% 2024年3月27日 中国财险 (02328:HK)2023 年年报点评 买入 承保表现超预期，利润表现符合预期，分红策略保持稳健。中国财险发布2023年业绩公告，公司 实现归母净利润245.85亿元，yoy-15.7%，业绩表现符合预期，净资产收益率达10.8%。承保表 现亮眼，在 23Q3 大灾影响下依然超预期达成全年综合成本率目标（23 年年初设定车险综合成本 维持 率目标为97%以内，非车险为100%以内），承保利润达101.89亿元，yoy-29.1%。分红策略保持 稳健，23年分红比率达44.24%，连续5年超40%，每股股息yoy+2.3%至0.489元，对应最新 市场数据：2024年3月26日 收盘价股息率为5.23%。 收盘价（港币） 10.3 改革成效持续显现，车险、非车承保利润分别达86.23/15.66亿元。公司坚持高质量发展之路，优 恒生中国企业指数 5825.42 结构、提质量、增效益的经营 ...

非银金融/保险Ⅱ 公 司 研 中国财险（02328.HK） 大灾及权益市场拖累净利润，47%分红支撑高股息 究 2024年03月27日 ——中国财险 2023 年业绩点评 投资评级：买入（维持） 高超（分析师） 吕晨雨（分析师） 唐关勇（联系人） gaochao1@kysec.cn lvchenyu@kysec.cn tangguanyong@kysec.cn 证 书编号：S0790520050001 证书编号：S0790522090002 证书编号：S0790123070030 日期 2024/3/26  2023年归母净利润低于预期，47%分红支撑高股息，维持“买入”评级 港 当前股价(港元) 10.300 公司披露 2023 年度财务报告，新准则下归母净利润 245.9 亿元、同比-15.7%， 股 一年最高最低(港元) 11.540/7.350 单4季度转盈52亿元，全年主要受到权益市场下跌以及台风等灾害事件频发影 公 司 总市值(亿港元) 2,291.00 响，净利润低于我们预期。年化净资产收益率 10.8%，同比-1.9%，公司承保综 信 流通市值(亿港元) 710.63 合成本率97.8%，同 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of HKD 13.14 per share based on a 1.1 times price-to-book ratio for 2024 [4][28]. Core Views - The company reported a net profit attributable to shareholders of RMB 24.57 billion for 2023, a year-on-year decrease of 15.6%, which aligns with market expectations. Despite significant external changes, the company's profitability remains relatively stable [9][23]. - The total premium income for 2023 increased by 6.3% year-on-year, driven by the essential nature of insurance products, with growth rates for motor and non-motor insurance at 5.3% and 6.4%, respectively [10][14]. - The combined ratio (COR) for the company was 97.8% in 2023, up 1.2 percentage points year-on-year, indicating a stable underwriting performance despite challenges from natural disasters and market conditions [15][20]. Summary by Sections Premium Income - The company achieved total premium income of RMB 515.8 billion in 2023, reflecting a 6.3% increase year-on-year. The growth in motor insurance was supported by a 12% increase in new car sales, while non-motor insurance growth was slightly slower due to macroeconomic conditions [10][11]. - The market share in the property insurance sector remained at 32.5%, a slight decrease of 0.2 percentage points year-on-year, indicating a stable competitive position [10][12]. Profitability - The underwriting profit for 2023 was RMB 10.19 billion, down 29.1% year-on-year, primarily due to increased claims from natural disasters and competitive pressures in the motor insurance market [15][20]. - The company maintained a combined ratio of 97.8%, with a loss ratio of 70.6% and an expense ratio of 27.2%. The company successfully implemented cost control measures to mitigate the impact of rising claims [15][16]. Investment Performance - Total investment income decreased by 1.6% year-on-year, with an investment return rate of 3.5%, down 0.3 percentage points from the previous year. The decline was attributed to a drop in the equity market, which affected overall investment performance [9][23]. - The report anticipates a recovery in profitability and return on equity (ROE) in 2024, driven by a stabilization in natural disaster losses and regulatory guidance promoting rational competition in the motor insurance sector [9][27]. Earnings Forecast - The earnings per share (EPS) for 2024-2026 are projected to be RMB 1.3, RMB 1.4, and RMB 1.6, respectively, indicating a positive growth outlook [28].

Investment Rating - The investment rating for China Pacific Insurance (2328.HK) is "Buy" [1] Core Views - The report highlights that despite fluctuations in underwriting profits, the resilience of the leading property and casualty insurer remains intact, with expectations for continued improvement in business quality [3][4] - The company achieved a gross premium income of CNY 515.807 billion in 2023, representing a year-on-year increase of 6.3%, and insurance service income of CNY 457.203 billion, up 7.7% year-on-year [3][4] - Underwriting profit was CNY 10.189 billion, down 29.1% year-on-year, while net profit was CNY 24.566 billion, a decrease of 15.6% year-on-year [3][4] Summary by Sections Underwriting Performance - The company reported stable insurance service income, with natural disasters causing fluctuations in underwriting profits. The business structure has been optimized, achieving a balanced growth between motor and non-motor insurance [4] - In 2023, motor insurance service income was CNY 282.117 billion, up 5.3% year-on-year, while non-motor insurance service income reached CNY 175.086 billion, up 11.9% year-on-year [4] - The combined ratio (COR) for the company was 97.6%, an increase of 1.2 percentage points year-on-year, primarily due to increased claims from natural disasters and the recovery of travel [4] Investment Performance - The total investment income for 2023 was CNY 20.807 billion, with an investment yield of 3.5%. The investment balance at the end of 2023 was CNY 600.711 billion, a growth of 4.3% from the beginning of the year [5] - The company has optimized its investment portfolio, increasing allocations to non-standard debt products and reducing fixed-term deposits. The proportion of equity investments in the total investment portfolio was 26.4%, up 2.0 percentage points year-on-year [5] Dividend Policy - The company proposed a dividend of CNY 0.489 per share, with a payout ratio exceeding 40%. This reflects the company's resilience as a market leader despite fluctuations in underwriting profits [4] Future Outlook - The report anticipates continued stable growth in insurance service income, supported by precise pricing and cost management strategies. The projected net profits for 2024-2026 are CNY 27.623 billion, CNY 28.057 billion, and CNY 30.237 billion, respectively [6][7]

Financial Performance - The company reported original insurance premium income of RMB 515.807 billion for 2023, an increase of 6.3% from RMB 485.434 billion in 2022[8]. - The net profit for 2023 was RMB 24.566 billion, down 15.6% from RMB 29.108 billion in 2022[8]. - The underwriting profit for 2023 was RMB 10.189 billion, a decrease of 29.1% compared to RMB 14.364 billion in 2021[8]. - The total investment income for 2023 was RMB 20.807 billion, with an investment yield of 3.5%[12]. - The comprehensive cost ratio stood at 97.8%, resulting in an underwriting profit of CNY 10.189 billion and total investment income of CNY 20.807 billion, with a net profit of CNY 24.566 billion and a return on equity of 10.8%[21]. - The pre-tax profit for 2023 was RMB 28.04 billion, a decrease of 17.6% from RMB 34.02 billion in 2022[58]. - The company reported total assets of RMB 703.623 billion and net assets of RMB 234.304 billion as of December 31, 2023, with a solvency adequacy ratio of 232.4%, up 3.1 percentage points from the beginning of the year[26]. - The company achieved insurance service revenue of CNY 457.203 billion, a year-on-year increase of 7.7%, with auto insurance revenue of CNY 282.117 billion and non-auto insurance revenue of CNY 175.086 billion[25]. Market Position and Share - The company achieved a market share of 32.5% in the property insurance sector[11]. - In 2023, the company achieved original insurance premium income of CNY 515.807 billion, a year-on-year increase of 6.3%, maintaining a market share of 32.5% in the property insurance sector[25]. - The company processed 130 million claims, a year-on-year increase of over 40%, showcasing its commitment to efficient claims handling[21]. - The company is expanding its market presence, targeting an increase in market share by 5% in the next year[84]. Investment and Assets - Total investment income for the company was RMB 20.807 billion, with a total investment return rate of 3.5%[48]. - The total investment assets increased to RMB 600.711 billion, representing a 4.3% growth from the previous year[48]. - Fixed income investments totaled RMB 349.75 billion, an increase of 2.0% from the beginning of the year, but the proportion decreased by 1.3 percentage points[54]. - Equity investments increased by 12.4% to RMB 158.42 billion, with a rise in proportion by 2.0 percentage points compared to the beginning of the year[54]. Customer and Service Development - The company has a diversified customer base, reducing significant credit concentration risk in insurance receivables[68]. - The company aims to enhance its service offerings by focusing on personal, corporate, and government client needs, particularly in auto insurance and agricultural insurance products[77]. - The company is committed to digital transformation, enhancing its technological infrastructure to support business operations and improve customer engagement[77]. - The company is focusing on optimizing product offerings and enhancing service quality to capture growth opportunities in the post-pandemic environment[36][39]. Risk Management and Compliance - The company emphasizes compliance and risk management, focusing on early identification and resolution of potential risks[77]. - The company has maintained a good overall compliance status in its management activities, with no significant systemic compliance risks reported in 2023[100]. - The company has established a risk management framework, reviewing the solvency risk management system and conducting stress tests[174]. - The company is committed to enhancing its risk management capabilities, focusing on comprehensive risk management system improvements and digital upgrades[97]. Corporate Governance - The company maintained a strong governance structure, with all board members rated as "competent" in their duties for the year 2022[155]. - The board of directors 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[161]. - The company has established 5 specialized committees under the board, including the audit committee and risk management committee, to improve governance[161]. - The company plans to continue its commitment to regulatory compliance and effective governance in 2024, focusing on sustainable development[156]. Future Outlook and Strategy - The company aims to continue high-quality development in 2024, focusing on optimizing its strategic implementation and enhancing service to the real economy[23]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[82]. - New product launches are expected to contribute an additional 5 billion RMB in revenue, with a focus on innovative insurance products[83]. - The company plans to pursue strategic acquisitions to enhance its service offerings, with a budget of RMB 10 billion allocated for potential deals[89]. Social Responsibility and Community Engagement - The company made charitable donations totaling CNY 41 million during the year, with CNY 24 million allocated for public welfare donations[108]. - The company is actively pursuing green finance opportunities and developing green insurance products to support sustainable development[99].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in cash dividends, with a per-share dividend of 0.489 yuan, up 2.3% from 0.478 yuan in 2022, resulting in a dividend payout ratio of 44% [3] - The underwriting profit for 2023 was 10.189 billion yuan, a year-on-year decrease of 29.1%, while net profit was 24.566 billion yuan, down 15.6% year-on-year, aligning with expectations [3] - The report highlights the resilience of underwriting profits despite challenges in the market, with a comprehensive cost ratio (COR) of 97.8% [3] Summary by Relevant Sections Earnings Forecast and Valuation - Insurance service revenue is projected to grow from 424.355 billion yuan in 2023 to 569.764 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.5% [2] - The forecasted net profit for 2024-2026 is 29.6 billion, 32.3 billion, and 34.5 billion yuan respectively, reflecting a recovery trend after a decline in 2023 [2][3] Underwriting Performance - The company reported a COR of 96.9% for auto insurance, with underwriting profit of 8.623 billion yuan, down 41.1% year-on-year [8] - Non-auto insurance achieved underwriting profitability for the first time in three years, with a COR improvement to 99.1% [3][8] Investment Performance - The total investment assets reached 600.711 billion yuan, a 4.3% increase from the beginning of the year, with a non-annualized total investment return of 3.5% [3][9] - The investment contribution to profit was 36.3%, while underwriting contributed 63.7% [3][9]

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证券研究报告 公 2024年02月22日 司 报 告 中国财险(02328) 行 业： 非银金融/保险Ⅱ │ 港 投资评级： 买入（维持） 股 当前价格： 10.06港元 公司注重承保质量，保费增速有所放缓 - 公 目标价格： 12.00港元 司 点 事件：公司发布2024年1月保费收入公告，公司实现保费收入628.28亿 基本数据 评 元，同比增长2.7%，其中车险同比增长2.9%、非车险同比增长2.6%。 22,242.77/6,899.2 研 总股本/流通股本(百万股) 9 究 ➢ 车险保费同比仅+2.9%，主要系公司更加注重车险业务质量 流通市值(百万港元) 69,406.90 1月公司实现车险保费收入284.36亿元，同比增长2.9%，预计主要得益于 每股净资产(元) 11.10 新车业务和续保业务的稳定贡献。1 月我国狭义乘用车零售销量同比增长 57.4%，主要系春节假期推动消费者购车需求释放。公司的车险保费增速环 资产负债率(%) 66.72 比略有放缓，预计主要系车均保费有所下降。全年来看，我们预计公司对 一年内最高/最低(港元) 10.70/6.89 车险 COR 的重视程度将高于车险保费增 ...