Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (02328.HK) with a target price of HKD 13.51, compared to the current price of HKD 9.98 [1][2]. Core Insights - The company reported a 5.9% year-on-year increase in insurance service revenue for Q1 2024, reaching CNY 113.8 billion. The combined cost ratio (COR) rose by 2.2 percentage points to 97.9%, but remains better than peers. The net profit decreased by 38.3% year-on-year to CNY 5.9 billion, primarily due to investment performance [1][2]. - The company is expected to maintain steady growth in underwriting, supported by its leading position and a new business model integrating "insurance + risk reduction services + technology." The report anticipates a gradual improvement in return on equity (ROE) [2][3]. Financial Performance Summary - For Q1 2024, the company achieved insurance service revenue of CNY 113.8 billion, a year-on-year increase of 5.9%. The COR was 97.9%, which is better than major competitors [1][2]. - The investment performance was impacted by a high base from the previous year, with a total investment yield of 0.8% for Q1 2024. The net profit was affected by a significant decline in investment income, with total investment income decreasing by 36.4% year-on-year [2][3]. - The report projects the company's earnings per share (EPS) for 2024-2026 to be CNY 1.37, CNY 1.54, and CNY 1.70 respectively, with a price-to-book (PB) target of 1.1x for 2024 [2][3].

非银金融/保险Ⅱ 公 司 中国财险（02328.HK） 冰冻灾害和高出行拖累 COR，政策端释放积极信号 研 究 2024年04月30日 ——中国财险 2024年 1季报点评 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） 日期 2024/4/30 gaochao1@kysec.cn lvchenyu@kysec.cn tangguanyong@kysec.cn 当前股价(港元) 9.980 证 书编号：S0790520050001 证书编号：S0790522090002 证书编号：S0790123070030 一年最高最低(港元) 11.540/8.030  冰冻灾害和高出行拖累COR，高基数下权益投资下滑拖累业绩 总市值(亿港元) 2,219.83 公司披露 2024年1季报，2024Q1归母净利润58.71亿元、同比-38.3%，低于我 流通市值(亿港元) 688.55 们预期，我们测算承保/投资利润分别同比-32%/-53%，预计主要系春季雪灾多 港 总股本(亿股) 222.43 发和出行率提升造成 COR提高，同时权益投资收益下滑。公司承保综合成本率 股 流通港股(亿股 ...

Financial Performance - In Q1 2024, the company achieved insurance service revenue of RMB 113.843 billion, a year-on-year increase of 5.9%[3] - The motor vehicle insurance segment generated revenue of RMB 72.288 billion, up 6.5% year-on-year, while non-motor vehicle insurance revenue reached RMB 41.555 billion, growing by 4.9%[4] - The company's operating revenue for Q1 2024 reached RMB 118,988 million, a 3.3% increase from RMB 115,258 million in Q1 2023[9] - Insurance service revenue increased to RMB 113,843 million, up from RMB 107,520 million, reflecting a growth of 5.5% year-over-year[9] - Net profit for Q1 2024 was RMB 5,871 million, a significant decrease of 38.5% compared to RMB 9,508 million in Q1 2023[9] - The total profit for Q1 2024 was RMB 6,826 million, down 41.5% from RMB 11,609 million in Q1 2023[9] Cost and Profitability - The net profit for Q1 2024 was RMB 5.871 billion, reflecting the company's efforts to enhance risk management amid adverse weather conditions and market volatility[3] - The comprehensive cost ratio for Q1 2024 was reported at 297.9%, influenced by increased claims due to low-temperature weather and rising traffic incidents[4] - The net cash flow from operating activities was RMB 902 million, down from RMB 6,332 million in the same period last year, indicating a decline of 85.7%[10] - The company reported a total investment cash inflow of RMB 38,021 million, compared to RMB 48,658 million in Q1 2023, representing a decrease of 21.8%[10] - The cash flow from financing activities showed a net outflow of RMB 8,357 million, compared to a net outflow of RMB 19,711 million in Q1 2023, indicating an improvement[10] Assets and Liabilities - As of March 31, 2024, the company's total assets amounted to RMB 697.079 billion, a decrease from RMB 700.799 billion as of December 31, 2023[8] - The company's cash and cash equivalents were reported at RMB 10.652 billion, down from RMB 12.458 billion at the end of 2023[8] - The company’s total liabilities decreased to RMB 457.865 billion from RMB 470.410 billion at the end of 2023[8] - The total equity attributable to shareholders rose to RMB 239.214 billion, up from RMB 230.388 billion at the end of 2023[8] - The core capital increased by 5.9% to RMB 215.061 billion compared to RMB 203.088 billion at the end of 2023[7] Strategic Focus - The company plans to focus on expanding its insurance services and enhancing investment strategies to improve future performance[9] - The company is actively exploring new technologies and products to drive growth in the upcoming quarters[9] Investment Returns - The company maintained a total investment return rate of 0.8% for Q1 2024, despite a decline in equity investment returns due to market conditions[5] - The company recorded a foreign exchange loss of RMB 308 thousand, a decrease from a loss of RMB 31,150 thousand in the previous year[10]

智通财经APP获悉，野村发布研究报告称，予中国财险(02328)“买入”评级，预计2024年首季综合比率上升以及投资收益率下降，纯利可能同比减少8%至87.5亿元人民币，年化股股东权益回报率同比减少2.2个百分点至14.8%，目标价从12.51港元下调2.2%至12.23港元。 该行预计，中国财险第一季度承保利润跌10.1%至41.57亿元人民币，第一季度综合比率将同比增0.6个百分点至96.3%，主因是中国重新开放国门后人流量回升，以及春节期间雪灾等自然灾害，造成的损失率扩大。此外新车销售疲软以及严格执行费用和定价监管，保险收入的同比增速可能从2023年第四季度的5.1%，放缓至2024财年第一季度的4.5%。 ...

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]