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].

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]