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]

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 ...