证券代码：601601 证券简称：中国太保 公告编号：2024-052 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 会议召开时间：2024 年 10 月 30 日（星期三）18:00-19:00 会议召开方式：网络直播 网络直播接入方式：投资者可通过链接 （https://webcast.roadshowchina.cn/YU4rS0twQTVNaXhyWnpOan Vvd2kydz09）进入直播页面 投资者可于 2024 年 10 月 26 日（星期六）0:00 前将相关问题通过 电子邮件的形式发送至本公司投资者关系邮箱 ir@cpic.com.cn。本 公司将会在 2024 年第三季度业绩说明会（以下简称"业绩说明 会"）上对投资者普遍关注的问题进行回答。 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于召开2024年第三季度业绩说明会的公告 重要内容提示： 一、业绩说明会类型 为了便于广大投资者更全面深入地了解本公司 2024 年第三季度 业绩和经营情况，本公司将于 2024 年 10 月 30 日 18:00-1 ...

证券代码：601601 证券简称：中国太保 公告编号：2024-051 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 保费收入公告 于 2024 年 1 月 1 日至 2024 年 9 月 30 日期间，本公司子公司中国 太平洋人寿保险股份有限公司累计原保险保费收入为人民币 2,095.93 亿元，同比增长 2.4%，本公司子公司中国太平洋财产保险股份有限公 司累计原保险保费收入为人民币 1,598.19 亿元，同比增长 7.7%。 上述累计原保险保费收入数据未经审计，提请投资者注意。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2024 年 10 月 17 日 注： 1、原保险保费收入数据根据中华人民共和国财政部《企业会计准则第 25 号—原保险合同》（财会〔2006〕 3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号）编制。 2、中国太平洋财产保险股份有限公司累计原保险保费收入为包含其子公司太平洋安信农业保险股份有限公 司的合并数据。 ...

中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）茲 通 告謹定於2024年10月30日（星 期 三）舉 行 董 事 會 會 議，以 審 議 及 批 准 本 公 司截至2024年9月30日 止 九 個 月 之 第 三 季 度 業 績 及 其 發 佈，並 處 理 其 他 有 關 事 項。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2024年10月16日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 趙 永 剛 先 生；非 執 行 董 事 為 黃 迪 南 先 生、王 他 竽 先 生、陳 然 先 生、周 東 輝 先 生、謝 維 青 先 生、路 巧 玲 女 士、蔡 強 先 生 和John Robert DACEY先 生；和 獨 立 非 執 行 董 事 為 劉 曉 丹 女 士、林 婷 懿 女 士、羅 婉 文 女 士、金 弘 毅 先 生 和 姜 旭 平 先 生。 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 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The company expects a significant increase in net profit attributable to shareholders for the first three quarters of 2024, projected to be between 37 billion to 39.4 billion CNY, representing a year-on-year increase of approximately 60% to 70% [2][3] - The substantial growth in net profit is primarily driven by the rise in equity markets, which has led to a significant increase in investment income [3] - The new business value (NBV) is expected to grow by 37.7% year-on-year for the first three quarters of 2024, indicating an improvement in product structure and channel integration [4] - The company's combined ratio (COR) is projected to be 97.0% for the first three quarters of 2024, showing a slight improvement compared to the first half of 2024 [4] Financial Performance Summary - The company anticipates total revenue of 383.9 billion CNY for 2024, an increase from the previous estimate of 378 billion CNY [5] - The expected net profit attributable to shareholders for 2024 is revised to 42.4 billion CNY, up from 37.8 billion CNY [5] - Earnings per share (EPS) for 2024 is projected to be 4.41 CNY, an increase from the previous estimate of 3.93 CNY [5] - The price-to-earnings value (PEV) for 2024 is expected to be 0.65, with projections of 0.61 and 0.58 for 2025 and 2026 respectively [5]

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained at "Buy" [2][6]. Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first three quarters of 2024, estimated between 37 billion to 39.4 billion yuan, representing a growth of approximately 60% to 70% [6]. - The strong performance is attributed to the recovery in equity markets, leading to substantial growth in investment income, which is expected to drive net profit higher than previously anticipated [6]. - The report forecasts a robust growth trajectory for the company's new business value (NBV) and embedded value (EV) over the next three years, with projected increases of 35.2%, 16.9%, and 10.9% for NBV from 2024 to 2026 [6]. Financial Summary - The total market capitalization of China Pacific Insurance is approximately 360.28 billion yuan, with a circulating market value of about 256.35 billion yuan [2]. - The company's return on equity (ROE) is projected to reach 19.0% in Q3 2024, reflecting a year-on-year increase of about 34% [6]. - The current dividend yield (TTM) stands at 2.72%, with the stock price corresponding to a price-to-embedded value (PEV) of 0.4, 0.3, and 0.3 times for the years 2024 to 2026 [6][7]. Performance Metrics - The insurance service revenue is expected to grow from 249.75 billion yuan in 2024 to 339.60 billion yuan by 2026, with a year-on-year growth rate of 11.0% in 2025 and 9.3% in 2026 [7]. - The embedded value is projected to increase from 519.62 billion yuan in 2024 to 774.98 billion yuan by 2026, with a year-on-year growth rate of 17.3% in 2025 and 11.7% in 2026 [7]. - The net profit attributable to shareholders is forecasted to rise from 47.78 billion yuan in 2024 to 71.38 billion yuan in 2026, with a significant year-on-year growth of 75.3% in 2024 and 30.2% in 2025 [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][11] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first three quarters of 2024, estimated between 37 billion to 39.4 billion yuan, representing a growth of approximately 60% to 70% [6] - The strong performance is attributed to the recovery in equity markets, leading to substantial growth in investment income, which aligns with the expectations of the report [6] - The report anticipates a continued high-quality growth in the liability side, supporting the valuation increase of the company [6] Financial Summary - The estimated net profit for Q3 2024 is projected to be between 11.9 billion to 14.3 billion yuan, reflecting a year-on-year increase of 146% to 196% [6] - The company’s return on equity (ROE) is expected to reach 19.0% in Q3 2024, with a year-on-year growth of approximately 34% [6] - The forecast for new business value (NBV) growth is 35.2%, 16.9%, and 10.9% for 2024, 2025, and 2026 respectively [6][7] - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 4.97 yuan, 6.47 yuan, and 7.42 yuan respectively [6][7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 0.4, 0.3, and 0.3 for 2024, 2025, and 2026 respectively [7] - The price-to-book (P/B) ratio is expected to be 1.2, 0.9, 0.8, 0.7, and 0.6 for the years 2022 to 2026 [7] - The current dividend yield (TTM) stands at 2.72% [6]

证 券 研 究 报 告 中国太保（601601）2024 年前三季度业绩预增点评 推荐（维持） 单 Q3 净利润增长约 1.5-2 倍 目标价：42.98 元 事项： ❖ 公司发布 2024 年前三季度业绩预增公告，经过初步测算，预计本公司 2024 年前三季度归属于母公司股东的净利润约 370 亿元到 394 亿元，与 2023 年 同期相比，预计增加 139 亿元到 163 亿元，同比增加约 60%到 70%。 评论： ❖ 权益市场回暖，投资端驱动 Q3 单季度净利润增长约 1.5-2 倍。公司 2024 年前 三季度归母净利润预计为 370-394 亿元，对应同比增速约为 60%-70%。单三季 度来看，公司 2024Q3 实现归母净利润 119-143 亿元，对应同比增速约为 146%- 196%，主要来自"924 行情"驱动资本市场回暖，权益配置显著实现了增厚投 资受益的功能。 ❖ 24H1 增配核心权益，弹性特征在集团主体标的中占优。截至 2024H1，公司固 收类资产占比较 23 年末-1.0pct 至 80.8%，其中债券+3.9pct 至 55.6%；权益类 资产占比+0.3pct 至 15 ...

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [6] Core Views - The third-quarter performance exceeded expectations, with projected net profit for the first three quarters of 2024 estimated at approximately 37-39.4 billion yuan, representing a year-on-year increase of 60%-70% [4][6] - The company is expected to benefit significantly from the rebound in the equity market in Q3 2024, with the CSI 300 index rising by 16.1% [5] - The report anticipates strong performance on the liability side, with new business value (NBV) growth expected to reach 33.5% [5] Summary by Sections Market Data - Closing price: 37.45 yuan; 1-year high/low: 43.01/21.27 yuan; P/B ratio: 1.3; dividend yield: 2.72% [3] - Market capitalization: 256.347 billion yuan [3] Financial Data and Profit Forecast - Projected operating revenue for 2024: 357.378 billion yuan, with a year-on-year growth rate of 10.32% [7] - Projected net profit for 2024: 45.577 billion yuan, with a year-on-year growth rate of 67.21% [7] - Projected earnings per share for 2024: 4.74 yuan [7] Company Performance - The company reported a significant increase in investment income due to favorable market conditions, contributing to a strong profit performance [4][5] - The comprehensive cost ratio is expected to improve, with a projected decrease of 0.91 percentage points to 97.8% for the first three quarters of 2024 [5]

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a current price of CNY 37.45 and HKD 28.20, and a target value of CNY 40.05 and HKD 30.41 [4]. Core Views - The company expects a significant increase in net profit attributable to shareholders for the first three quarters of 2024, projected between CNY 37 billion and CNY 39.4 billion, representing a year-on-year growth of 60% to 70% [2]. - The investment performance has greatly benefited from the rise in capital markets, with a notable increase in the fair value of stocks and funds held by the company, which accounted for 11.7% of its assets as of the first half of 2024 [2]. - The net profit growth for the third quarter is anticipated to be as high as 146.4% to 196.2%, significantly outpacing the previous quarter's growth of 99.4% [2]. - The company is expected to see continued growth in new business value (NBV) due to favorable policies and a decrease in liability costs, which alleviates concerns over interest margin losses [2]. - The report highlights a positive outlook for the insurance sector, driven by steady growth policies and capital market support, which are expected to sustain high profit growth throughout the year [2]. Financial Summary - The company's embedded value is projected to grow from CNY 519.6 billion in 2022 to CNY 669.3 billion by 2026, with a compound annual growth rate (CAGR) of approximately 8.3% [3]. - The net profit attributable to shareholders is expected to increase from CNY 24.6 billion in 2022 to CNY 62.3 billion by 2026, reflecting a CAGR of 16.7% [3]. - Earnings per share (EPS) is forecasted to rise from CNY 2.56 in 2022 to CNY 6.48 by 2026, indicating a strong growth trajectory [3].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [1] Core Views - The company expects a significant increase in net profit for the first three quarters of 2024, projecting a range of approximately 37 billion to 39.4 billion yuan, representing a year-on-year increase of about 60% to 70% [2] - The strong performance is attributed to the recovery of the equity market, which has led to substantial growth in investment income and net profit [2] - The company continues to focus on a dividend value strategy in its equity investments, which has resulted in investment returns significantly exceeding market benchmarks [2] - The report highlights the company's robust balance sheet and its characteristics as a stable high-dividend shadow stock, indicating a solid foundation for investment performance [2] Summary by Sections Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 42.8 billion, 38 billion, and 43.3 billion yuan respectively, up from previous estimates [2] - The expected growth rates for net profit are 57% for 2024, -11% for 2025, and 14% for 2026 [2] - The new business value is projected to grow at rates of 24%, 11%, and 6% for 2024, 2025, and 2026 respectively [2] Market Data - The closing price of the stock is 37.45 yuan, with a market capitalization of approximately 360.28 billion yuan [4] - The price-to-book ratio is 1.35, indicating the valuation relative to the company's net assets [4] Financial Data - The company has a total share capital of approximately 9.62 billion shares, with a net asset value per share of 27.79 yuan [5] - The asset-liability ratio stands at 88.50%, reflecting the company's financial leverage [5] Related Research - Previous reports indicate a continuous improvement in new business value (NBV) over six consecutive quarters, suggesting a positive trend in the company's performance [6]