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]

Financial Performance - The company reported original insurance premium income of RMB 515.807 billion for 2023, an increase of 6.3% from RMB 485.434 billion in 2022[8]. - The net profit for 2023 was RMB 24.566 billion, down 15.6% from RMB 29.108 billion in 2022[8]. - The underwriting profit for 2023 was RMB 10.189 billion, a decrease of 29.1% compared to RMB 14.364 billion in 2021[8]. - The total investment income for 2023 was RMB 20.807 billion, with an investment yield of 3.5%[12]. - The comprehensive cost ratio stood at 97.8%, resulting in an underwriting profit of CNY 10.189 billion and total investment income of CNY 20.807 billion, with a net profit of CNY 24.566 billion and a return on equity of 10.8%[21]. - The pre-tax profit for 2023 was RMB 28.04 billion, a decrease of 17.6% from RMB 34.02 billion in 2022[58]. - The company reported total assets of RMB 703.623 billion and net assets of RMB 234.304 billion as of December 31, 2023, with a solvency adequacy ratio of 232.4%, up 3.1 percentage points from the beginning of the year[26]. - The company achieved insurance service revenue of CNY 457.203 billion, a year-on-year increase of 7.7%, with auto insurance revenue of CNY 282.117 billion and non-auto insurance revenue of CNY 175.086 billion[25]. Market Position and Share - The company achieved a market share of 32.5% in the property insurance sector[11]. - In 2023, the company achieved original insurance premium income of CNY 515.807 billion, a year-on-year increase of 6.3%, maintaining a market share of 32.5% in the property insurance sector[25]. - The company processed 130 million claims, a year-on-year increase of over 40%, showcasing its commitment to efficient claims handling[21]. - The company is expanding its market presence, targeting an increase in market share by 5% in the next year[84]. Investment and Assets - Total investment income for the company was RMB 20.807 billion, with a total investment return rate of 3.5%[48]. - The total investment assets increased to RMB 600.711 billion, representing a 4.3% growth from the previous year[48]. - Fixed income investments totaled RMB 349.75 billion, an increase of 2.0% from the beginning of the year, but the proportion decreased by 1.3 percentage points[54]. - Equity investments increased by 12.4% to RMB 158.42 billion, with a rise in proportion by 2.0 percentage points compared to the beginning of the year[54]. Customer and Service Development - The company has a diversified customer base, reducing significant credit concentration risk in insurance receivables[68]. - The company aims to enhance its service offerings by focusing on personal, corporate, and government client needs, particularly in auto insurance and agricultural insurance products[77]. - The company is committed to digital transformation, enhancing its technological infrastructure to support business operations and improve customer engagement[77]. - The company is focusing on optimizing product offerings and enhancing service quality to capture growth opportunities in the post-pandemic environment[36][39]. Risk Management and Compliance - The company emphasizes compliance and risk management, focusing on early identification and resolution of potential risks[77]. - The company has maintained a good overall compliance status in its management activities, with no significant systemic compliance risks reported in 2023[100]. - The company has established a risk management framework, reviewing the solvency risk management system and conducting stress tests[174]. - The company is committed to enhancing its risk management capabilities, focusing on comprehensive risk management system improvements and digital upgrades[97]. Corporate Governance - The company maintained a strong governance structure, with all board members rated as "competent" in their duties for the year 2022[155]. - The board of directors 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[161]. - The company has established 5 specialized committees under the board, including the audit committee and risk management committee, to improve governance[161]. - The company plans to continue its commitment to regulatory compliance and effective governance in 2024, focusing on sustainable development[156]. Future Outlook and Strategy - The company aims to continue high-quality development in 2024, focusing on optimizing its strategic implementation and enhancing service to the real economy[23]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[82]. - New product launches are expected to contribute an additional 5 billion RMB in revenue, with a focus on innovative insurance products[83]. - The company plans to pursue strategic acquisitions to enhance its service offerings, with a budget of RMB 10 billion allocated for potential deals[89]. Social Responsibility and Community Engagement - The company made charitable donations totaling CNY 41 million during the year, with CNY 24 million allocated for public welfare donations[108]. - The company is actively pursuing green finance opportunities and developing green insurance products to support sustainable development[99].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in cash dividends, with a per-share dividend of 0.489 yuan, up 2.3% from 0.478 yuan in 2022, resulting in a dividend payout ratio of 44% [3] - The underwriting profit for 2023 was 10.189 billion yuan, a year-on-year decrease of 29.1%, while net profit was 24.566 billion yuan, down 15.6% year-on-year, aligning with expectations [3] - The report highlights the resilience of underwriting profits despite challenges in the market, with a comprehensive cost ratio (COR) of 97.8% [3] Summary by Relevant Sections Earnings Forecast and Valuation - Insurance service revenue is projected to grow from 424.355 billion yuan in 2023 to 569.764 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.5% [2] - The forecasted net profit for 2024-2026 is 29.6 billion, 32.3 billion, and 34.5 billion yuan respectively, reflecting a recovery trend after a decline in 2023 [2][3] Underwriting Performance - The company reported a COR of 96.9% for auto insurance, with underwriting profit of 8.623 billion yuan, down 41.1% year-on-year [8] - Non-auto insurance achieved underwriting profitability for the first time in three years, with a COR improvement to 99.1% [3][8] Investment Performance - The total investment assets reached 600.711 billion yuan, a 4.3% increase from the beginning of the year, with a non-annualized total investment return of 3.5% [3][9] - The investment contribution to profit was 36.3%, while underwriting contributed 63.7% [3][9]

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证券研究报告 公 2024年02月22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： 10.06港元 公司注重承保质量，保费增速有所放缓 - 公 目标价格： 12.00港元 司 点 事件：公司发布2024年1月保费收入公告，公司实现保费收入628.28亿 基本数据 评 元，同比增长2.7%，其中车险同比增长2.9%、非车险同比增长2.6%。 22,242.77/6,899.2 研 总股本/流通股本(百万股) 9 究 ➢ 车险保费同比仅+2.9%，主要系公司更加注重车险业务质量 流通市值(百万港元) 69,406.90 1月公司实现车险保费收入284.36亿元，同比增长2.9%，预计主要得益于 每股净资产(元) 11.10 新车业务和续保业务的稳定贡献。1 月我国狭义乘用车零售销量同比增长 57.4%，主要系春节假期推动消费者购车需求释放。公司的车险保费增速环 资产负债率(%) 66.72 比略有放缓，预计主要系车均保费有所下降。全年来看，我们预计公司对 一年内最高/最低(港元) 10.70/6.89 车险 COR 的重视程度将高于车险保费增 ...

海 外 研 证券研究报告 究 保险 ＃investSuggestion＃ ＃ ＃ 02328.HK ＃中dy国Com财pa险n y＃ 港股通（沪/深） investSug 买入 （维ges持tion）Ch 业精于勤＃t ，itle 行＃ 成于思 ange＃ ＃createTime1＃ 2024年2月 22日 公 投资要点 司 ＃市场ma数rk据etData＃ ＃summary＃  基本情况：中国财险作为综合实力强劲的大型国有保险公司，保费规模居全 深 数据日期 2024-02-21 球财险市场前列，不仅具备财险公司独特的经营特质，还拥有深厚的经营护 收盘价（港元） 10.06 度 城河。近年来，面对利率持续下行压力，相比其他以寿险业务为主的上市险 总股本（百万股） 22,243 企，中国财险负债久期短+成本低、杠杆及ROE波动较小、偿二代二期规则 研 流通股本（百万股） 6,899 下偿付能力更优、受资本约束更小等优势逐步显现。此外，公司近年来坚持 究 净资产（百万港元） 250,077 改革创新，推动保费规模稳健增长的同时全面降本增效，承保盈利能力持续 报 精进；加之较高的分红水平和较好的股息表现，公司长 ...

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 。 1 (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2023年9月30日止九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2023年9月30日止九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 2023年，本公司積極貫徹中央決策部署，全力服務中國式現代化，緊扣「八項戰略服 務」，踐行「保險+風險減 ...

Financial Performance - The original insurance premium income for the first half of 2023 reached RMB 300.93 billion, representing an 8.8% increase compared to RMB 276.67 billion in the same period of 2022[9]. - Insurance service revenue increased to RMB 224.37 billion, up 9.3% from RMB 205.19 billion year-on-year[9]. - Underwriting profit for the first half of 2023 was RMB 9.47 billion, a 7.0% increase from RMB 8.85 billion in the previous year[9]. - Net profit for the period was RMB 20.26 billion, reflecting a growth of 5.4% compared to RMB 19.22 billion in the first half of 2022[9]. - The total investment income for the first half of 2023 was RMB 15.15 billion, reflecting a 3.7% increase compared to the previous year[18]. - The pre-tax profit for the first half of 2023 was RMB 23.751 billion, representing a year-on-year increase of 5.0%[52]. - The net profit for the first half of 2023 reached RMB 20.256 billion, up 5.4% from RMB 19.220 billion in the same period of 2022[55]. - Total comprehensive income for the six months ended June 30, 2023, was RMB 19,698 million, significantly higher than RMB 13,285 million in the same period of 2022, marking a 48.8% increase[92]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 692.90 billion, a 3.0% increase from RMB 672.46 billion at the end of 2022[10]. - Total liabilities increased to RMB 462.33 billion, up 2.5% from RMB 450.86 billion at the end of 2022[10]. - The company's debt-to-asset ratio as of June 30, 2023, was 65.5%, a decrease of 0.3 percentage points from the beginning of the year[59]. - The equity attributable to shareholders of the parent company rose to RMB 227,665 million, up from RMB 218,713 million, indicating an increase of about 4.4%[94]. - The insurance contract liabilities increased to RMB 366,144 million from RMB 351,254 million, marking a growth of approximately 4.2%[94]. - The total reserves as of June 30, 2023, amounted to RMB 205,423 million, an increase from RMB 196,471 million, representing a growth of about 4.8%[94]. Investment and Cash Flow - The total investment return rate (not annualized) was 2.6%, a decrease of 0.1 percentage points compared to the previous year[42]. - The company reported a net cash outflow from investing activities of RMB 6,667 million for the first half of 2023, compared to a net inflow of RMB 1,205 million in the same period of 2022[109]. - The company’s cash and cash equivalents decreased by RMB 2,035 million during the period, compared to an increase of RMB 6,032 million in the same period of 2022[110]. - The company’s total cash and cash equivalents decreased by RMB 2,031 million, or approximately 18.7%, from December 31, 2022, to June 30, 2023[195]. Insurance Operations - The company achieved a market share of 34.3% in the Chinese property insurance market, remaining stable year-on-year[18]. - The comprehensive loss ratio was 68.9%, up by 0.1 percentage points compared to the previous year[22]. - The company provided risk protection of RMB 20.4 trillion to various industries, covering 121,000 enterprise clients in industrial parks[20]. - The number of insured new energy vehicles increased by 54.4% year-on-year, reflecting a strong market expansion[20]. - The company helped 24,000 small and micro enterprises obtain loans or financing amounting to RMB 9.73 billion[20]. - The company has insured 218 Belt and Road Initiative projects, providing risk protection of RMB 1.1 trillion[20]. Segment Performance - Insurance service revenue for motor vehicle insurance reached RMB 137.91 billion, a year-on-year increase of 5.2%[27]. - Agricultural insurance service revenue increased to RMB 25.04 billion, representing a 22.2% year-on-year growth[29]. - Accident and health insurance service revenue grew to RMB 23.02 billion, a significant increase of 34.1% year-on-year[32]. - Liability insurance service revenue reached RMB 16.92 billion, reflecting a 6.1% year-on-year growth[34]. - The underwriting profit for agricultural insurance was RMB 2.25 billion, a year-on-year increase of 4.5%[29]. - The underwriting profit for motor vehicle insurance decreased to RMB 4.59 billion, down 15.8% year-on-year[28]. Governance and Compliance - The company continues to focus on governance and compliance with financial regulatory standards[78]. - The board of directors elected Wang Tingke as the chairman and Yu Ze as the vice chairman on August 8, 2023[75]. - The company has established guidelines for securities trading applicable to directors, supervisors, and all employees, ensuring compliance with the standards throughout the first half of 2023[80]. - The company did not recommend any interim dividend for the six months ended June 30, 2023[83]. - The company has complied with all provisions of the Corporate Governance Code, except for the failure to timely complete the director election process due to candidate selection progress[84]. Accounting Standards and Financial Reporting - The adoption of Hong Kong Financial Reporting Standard No. 9 resulted in adjustments to the carrying values of financial assets and liabilities as of January 1, 2023, impacting reserves[119]. - The company has implemented the new standards effective from January 1, 2023, aligning with the latest regulatory requirements[116]. - The group adopted a modified retrospective approach for certain insurance contracts due to impracticality of full retrospective application, estimating future cash flows based on initial recognition[153]. - The company recognizes expected credit losses based on the weighted average of credit loss risks, with different measurement stages for financial instruments depending on the increase in credit risk[159]. Future Outlook and Strategic Initiatives - The company continues to enhance its product development and service levels, contributing to steady business growth and improved operational efficiency[19]. - The company aims to enhance its insurance services by promoting comprehensive insurance solutions, including property, liability, and guarantee insurance, to support industrial transformation and upgrade[71]. - The company is expanding its technology insurance product offerings, particularly in key areas such as integrated circuits and high-end medical equipment, to support the "technology-industry-finance" cycle[71]. - The company is committed to improving the multi-level medical security system and actively participating in the development of long-term care insurance and medical assistance insurance[71]. - The company is promoting green development by innovating insurance products related to carbon neutrality and new energy vehicles, aligning with the "dual carbon" strategy[71].