股 票 研 究 [Table_industryInfo] 保险 [ Table_Main[中I Tnaf 国bol]e 财_Ti险tle]（ 2328） [评Tab级le_：Inv est] 增持 当前价格（港元）： 9.98 盈利低于预期，多措并举预计全年业绩稳健 2024.04.30 海 ——中国财险2024 年一季报业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(分析师) 52周内股价区间（港元） 8.17-11.28 当前股本（百万股） 22,243 公 021-38676647 021-38674943 021-38038619 当前市值（百万港元） 221,983 司 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880524030003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司24Q1净利润同比-38.3%，承保及投资均承压；车险及非车保费增长均 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company's net profit for Q1 2024 was 5.871 billion yuan, a year-on-year decrease of 38.3%. The combined ratio (COR) increased by 2.2 percentage points to 97.9%, which is below expectations but still better than peers [2][4]. - The insurance service revenue for Q1 2024 was 113.843 billion yuan, reflecting a year-on-year growth of 5.9%. However, the underwriting profit decreased by 48.3% to 2.391 billion yuan due to increased claims from natural disasters and traffic incidents [2][4]. - The company is expected to maintain a stable business operation with a focus on optimizing structure, reducing costs, and managing risks, which should lead to long-term improvement in COR [2][4]. Financial Data and Earnings Forecast - Insurance service revenue is projected to grow from 424.355 billion yuan in 2024E to 552.869 billion yuan in 2026E, with a compound annual growth rate (CAGR) of approximately 7.5% [2][6]. - Net profit is expected to recover from 24.585 billion yuan in 2023E to 35.951 billion yuan in 2026E, with a notable year-on-year growth of 16.1% in 2024E [2][6]. - Earnings per share (EPS) is forecasted to increase from 1.11 yuan in 2023E to 1.62 yuan in 2026E, indicating a positive trend in profitability [2][6]. - The price-to-earnings (P/E) ratio is projected to decrease from 8.20 in 2024E to 5.60 in 2026E, suggesting an attractive valuation [2][6]. Market Performance - As of April 29, 2024, the closing price of the company's stock was 9.98 HKD, with a market capitalization of 222 billion HKD [1]. - The stock has a 52-week high of 11.28 HKD and a low of 8.17 HKD, indicating some volatility in its trading range [1].

证券研究报告 公 2024年05月05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： 9.45港元 - 短期业绩低点，后续有望逐季改善 公 目标价格： 13.00港元 司 事件： 季 基本数据 报 点 公司发布 2024 年一季报，新准则下公司实现净利润 58.71 亿元，同比- 总股本/流通股本(百万股) 22,242.77/6,899.2 9 评 38.3%。公司整体COR为97.9%，同比+2.2PCT。 流通市值(百万港元) 65,198.33 ➢ COR抬升导致承保利润同比下滑 每股净资产(元) 11.10 1）2024Q1公司实现原保险保费收入1739.77亿，同比+3.8%，其中车险保 资产负债率(%) 66.72 费同比+1.9%，非车险保费同比+5.0%。公司保费增速略落后于行业（+5.1%）， 一年内最高/最低(港元) 11.54/8.03 主要系农险等政府类项目的招标节奏有所延迟。展望全年，随着我国经济 股价相对走势 持续复苏和季节性因素消除，公司的保费收入仍有望实现大个位数增长。 中国财险 恒生指数 2）2024Q1 ...

Investment Rating - The investment rating for China Pacific Insurance (02328.HK) is "Buy" (maintained) [1][2] Core Views - The report highlights that the company's net profit for Q1 2024 was 5.871 billion yuan, a significant decline of 38.3% year-on-year, which was below expectations. This decline is attributed to challenges in underwriting due to adverse weather conditions and increased travel, as well as fluctuations in capital markets affecting investment income [2][5] - The report indicates that the high base from the previous year is a core factor dragging down the Return on Equity (ROE), which was 2.5% in Q1 2024, a decrease of 1.8 percentage points year-on-year [2][5] - Despite the challenges, the company is noted to have certain resilience compared to its peers, with absolute performance levels still superior to the industry [2][5] Summary by Relevant Sections Earnings Forecast and Valuation - Insurance service revenue is projected to grow from 457.203 billion yuan in 2023 to 569.764 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.5% [1][7] - The net profit attributable to shareholders is expected to increase from 24.585 billion yuan in 2023 to 34.478 billion yuan in 2026, reflecting a CAGR of about 9.1% [1][7] - The report maintains the profit forecast for 2024-2026, estimating net profits of 29.641 billion yuan, 32.330 billion yuan, and 34.478 billion yuan respectively [2][5] Performance Analysis - The average underwriting leverage remained stable at 0.48 in Q1 2024, with insurance service revenue growth of 5.9% slightly outpacing equity growth of 5.3% [2][5] - The underwriting profit margin decreased from 4.3% in Q1 2023 to 2.1% in Q1 2024, primarily due to increased claims from adverse weather events [2][5] - The total investment return rate fell from 1.3% in Q1 2023 to 0.8% in Q1 2024, with investment income declining by 36.4% year-on-year [2][5] Competitive Positioning - The report compares the company's performance with its peers, noting that its comprehensive cost ratio of 97.9% in Q1 2024 is better than that of its competitors [2][5] - In terms of original premium growth for Q1 2024, the company is positioned behind its peers, with a focus on upgrading business quality and moderating premium growth in the auto insurance segment [2][5]

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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (在中華人民共和國註冊成立之股份有限公司) (股份代號:2328) 截至2024年3月31日止三個月之未經審計業績公告 本公告乃中國人民財產保險股份有限公司（「本公司」）根據證券及期貨條例（香港法 例第571章）第XIVA部之內幕消息條文（定義見上市規則）及香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.09條而發出。 本公司董事會公佈本公司（不包括子公司）截至2024年3月31日止三個月之未經審計業績 公告。本公告所載財務資料根據中國企業會計準則編制1，且未經審計。 一、主要業務經營分析 2024年一季度，本公司堅持穩中求進工作總基調，全面推進「八項戰略服務」，深入實 施「保險+風險減量服務+科技」新商業模式，持續優化保險產品供給，全面實施風險減 量服務工程，持續推動客戶服務提質增效，著力做好風險防範化解工作，增強高質量發 展動能。2024年一季度，本公司實現保險服務收入1,138.43億 ...

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。 ...

股份代號: 2328 2023 年度報告 ...