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 ...

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 ...