中国太平洋保险（集团）股份有限公司 2023 年度股东大会 会议材料 中国太平洋保险（集团）股份有限公司 2024 年 6 月 6 日 成都 1 中国太平洋保险（集团）股份有限公司 2023 年度股东大会 一、会议时间：2024 年 6 月 6 日（周四）下午 14：00 二、会议地点：成都市天府三街 199 号太平洋保险金融大厦 三、会议主持人：傅帆董事长 议程内容 一、宣布会议开始及会议议程 二、审议议案： 1.审议《关于<中国太平洋保险（集团）股份有限公司 2023 年 度董事会报告>的议案》 2.审议《关于<中国太平洋保险（集团）股份有限公司 2023 年 度监事会报告>的议案》 3.审议《关于<中国太平洋保险（集团）股份有限公司 2023 年 年度报告>的议案》 7.审议《关于中国太平洋保险（集团）股份有限公司对外捐赠 事项的议案》 8.审议《关于选举中国太平洋保险（集团）股份有限公司第十 2 届董事会非执行董事的议案》 9.审议《关于选举董志强先生为中国太平洋保险（集团）股份 有限公司第十届监事会股东代表监事的议案》 10.听取《中国太平洋保险（集团）股份有限公司 2023 年度董 事履职情况及评 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年4月30日 狀態: 新提交 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 601601 | 說明 | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,845,041,455 RMB | | | 1 RMB | | 6,845,041,455 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 6,845,041,455 RMB | | | 1 RMB | | 6,845,041,455 | 本月底法定/註冊股本總額： RMB 9,620,341,455 FF301 致：香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期 ...

Investment Rating - The report maintains a "Buy" rating for the company, China Pacific Insurance (2601 HK), with a target price of HKD 25.00, indicating a potential upside of 45.9% from the current price of HKD 17.14 [1][2]. Core Insights - The company's earnings performance is robust, with a year-on-year growth of 1.1% in net profit for Q1 2024, outperforming peers who generally saw declines. This stability is attributed to consistent investment returns, improved cost ratios in property and casualty insurance, and tax contributions [1]. - The new business value has shown a significant year-on-year increase of 30.7%, surpassing competitors such as China Life and Ping An. The new business value rate has improved by nearly 4 percentage points, primarily due to adjustments in interest rates, product structure optimization, and reduced commission rates in the bancassurance channel [1]. - The comprehensive cost ratio for property and casualty insurance has improved, with a service revenue growth of 5.9% year-on-year in Q1. The underwriting cost ratio stands at 98.0%, a decrease of 0.4 percentage points compared to the previous year, outperforming peers [1]. - Investment returns remain stable, with a net investment yield of 0.8% in Q1, unchanged year-on-year, while total investment returns decreased by 0.1 percentage points to 1.3%, still above industry averages [1]. Financial Overview - The company's total revenue for 2024 is projected to be RMB 342,398 million, reflecting a year-on-year growth of 5.7% [4]. - Net profit is expected to reach RMB 31,745 million in 2024, marking a 16.5% increase compared to 2023 [4]. - The company’s return on equity (ROE) is anticipated to remain around 12% [1]. - The price-to-book ratio is currently at 0.6, with a dividend yield exceeding 6%, indicating attractive valuation metrics [1]. Business Performance Metrics - The new business value is projected to grow by approximately 17% year-on-year in 2024, with a total new business value of RMB 12,890 million [5]. - The comprehensive cost ratio for property and casualty insurance is expected to stabilize around 97.6% in 2024 [5]. - The company’s total assets are forecasted to increase to RMB 2,551,717 million by the end of 2024, reflecting a growth rate of 8.8% [8].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 29.17 CNY [2][4]. Core Insights - The company reported a Q1 2024 revenue of 954 billion CNY, a year-on-year increase of 1.1%, and a net profit of 118 billion CNY, also up 1.1% year-on-year [1]. - The new business value (NBV) showed significant growth, with a 30.7% year-on-year increase to 52 billion CNY, outperforming peers [1]. - The company is focusing on a transformation strategy, referred to as "Long Voyage," which is expected to enhance performance in the liability sector [2]. Financial Performance Summary - Q1 2024 insurance service revenue for life insurance was 209 billion CNY (YoY -5.1%), while property insurance revenue was 456 billion CNY (YoY +5.9%) [1]. - The new insurance policy scale for life insurance increased by 0.4% year-on-year to 328 billion CNY, with individual insurance channel new policy scale reaching 161 billion CNY (YoY +31.3%) [1]. - The comprehensive cost ratio for property insurance improved to 98.0% (YoY -0.4 percentage points), with non-auto insurance maintaining rapid growth [1]. Investment Assets and Returns - As of the end of Q1 2024, the company's total investment assets amounted to 23,448 billion CNY, a 4.2% increase from the previous year [1]. - The total investment return rate for Q1 was 1.3%, a slight decrease of 0.1 percentage points year-on-year, while the net asset return rate was stable at 0.8% [1].

Investment Rating - The investment rating for the company is "Buy" with a target price of 40.00 CNY, maintaining the current rating [8]. Core Insights - The company reported a New Business Value (NBV) of 5.191 billion CNY for Q1 2024, representing a year-on-year growth of 30.7%. The net profit attributable to shareholders was 11.759 billion CNY, showing a slight increase of 1.1% year-on-year [2][5]. - The strong growth in NBV is attributed to product structure optimization and improved expense ratios, leading to enhanced value rates [3]. - The company's life insurance segment saw a significant increase in new premium income from the agent channel, which reached 16.124 billion CNY, up 31.3% year-on-year [3]. - The property insurance segment achieved premium income of 62.491 billion CNY, reflecting an 8.6% increase year-on-year, with non-auto insurance growing by 13.8% [4]. - The overall combined ratio (COR) for property insurance improved to 98.0%, a 0.4 percentage point enhancement year-on-year, indicating better underwriting profitability [4]. - The company’s annualized net and total investment returns were 3.2% and 5.2%, respectively, remaining stable compared to the previous year [5]. - Future profit forecasts for the company are optimistic, with expected net profits of 31.1 billion CNY, 35.0 billion CNY, and 38.9 billion CNY for 2024, 2025, and 2026, respectively, indicating growth rates of 14%, 13%, and 11% [6]. Financial Data Summary - The company’s total revenue for 2024 is projected to be 347.201 billion CNY, with a year-on-year growth of 7.2% [7]. - The net profit attributable to shareholders is expected to reach 31.127 billion CNY in 2024, reflecting a growth of 14.2% [7]. - The embedded value is forecasted to increase to 581.901 billion CNY by 2024, with a growth rate of 9.9% [7].

非银金融/保险Ⅱ 公 司 研 中国太保（601601.SH） 寿险质效延续改善趋势，财险 COR 和业务结构优化 究 2024年04月28日 ——中国太保 2024Q1 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 日期 2024/4/26 证 书编号：S0790520050001 证书编号：S0790522090002 证书编号：S0790123070030  寿险质效延续改善趋势，财险COR和业务结构改善，维持“买入”评级 当前股价(元) 25.37 公司披露2024Q1季报，2024Q1可比口径NBV51.9亿元，同比+30.7%；新准则 公 一年最高最低(元) 35.38/21.27 归母净利润 117.6 亿元、同比+1.1%，保险服务业绩/投资服务业绩分别同比 司 信 总市值(亿元) 2,440.68 +3.2%/-22.0%，符合我们预期。考虑公司寿险质效改善，财险 COR 和业务结构 息 流通市值(亿元) 1,736.59 持续优化，我们 ...

[Table_Page] 季报点评|保险Ⅱ 证券研究报告 [中Table_国Title] 太保(601601.SH/02601.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 25.37元/17.14港元 利润高基数下正增长，价值率提升超预期 合理价值 32.68元/22.47港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-27  公司披露一季报：归母净利润同比+1.1%，NBV同比+30.7%。 相[Ta对ble市_Pi场cQu表ote现]  一季度归母净利润同比+1.1%，在高基数背景下仍实现增长，超出市场 预期。一方面投资收益超出市场预期，首先投资资产环比年初增长 19% 4.2%，另外权益市场小幅上行，叠加利率下行推动的FVTPL资产中固 10% 收类资产公允价值提升，总投资收益率同比仅-0.1pct 至 1.3%（未年 2% 化），净投资收益率在利率下行同比持平，预计因公司积极配置高股息 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -6% 资产；另一方面，财险综合成本率同比改善 ...

上 市 公 司 非银金融 2024 年04月 27 日 中国太保 (601601) 公 司 研 究 ——核心指标表现亮眼，资、负两端均超预期 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点：中国太保公布 1Q24业绩，核心指标表现均超出预期。NBV增速强劲，COR 同比 （维持） 逆势下降，资本市场波动态势下1Q24公司实现归母净利润 117.59亿元，yoy+1.1%，表现显 著优于预期（我们预计归母净利润yoy-12.2%）。 证 市场数据： 2024年04月26日 NBV同比大增30.7%超预期，“报行合一”压力下新单规模维持正增。1Q24公司实现NBV 51.91 券 收盘价（元） 25.37 研 一年内最高/最低（元） 35.38/21.27 亿元，yoy+30.7%（我们预计NBV yoy+28.2%），表现超出预期；“报行合一”压力下个险表 究 市净率 1.0 现亮眼，推动新单保费yoy+0.4%至328.33亿元。1）个险渠道业绩亮眼，核心指标稳中有升。 报 息率（分红/股价） - 需求旺盛+改革成效持续显现，1Q24个险新单yoy+31.3%至161.24亿元；队伍核心盘表现稳 ...

股 票 研 究 [Table_industryInfo] 保险/金融 [ Table_Main[中ITnaf 国bol]e 太_Ti保tle]( 601601) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩全面超预期，公司治理结构进一步完善 目标价格： 35.60 上次预测： 35.60 公 ——中国太保2024 年一季报业绩点评 当前价格： 25.37 司 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(分析师) 2024.04.27 更 021-38676647 021-38674943 021-38038619 [交Ta易bl数e_M据a rket] 新 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880524030003 52周内股价区间（元） 21.79-34.93 报 总市值（百万元） 244,068 告 本报告导读： 总股本/流通A股（百万股） 9,620/6,845 流通 B股/H股（百万股） 0/2,775 24Q1归 ...

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is "Buy" [1][4]. Core Views - The report highlights the continuous release of transformation dividends, with profits showing resilience. In Q1 2024, the company achieved total operating revenue of 95.43 billion yuan, a year-on-year increase of 1.1%. The net profit attributable to shareholders reached 11.76 billion yuan, also up by 1.1% year-on-year [1]. - The company is focusing on normalizing operations rather than just seasonal performance, with significant improvements in individual insurance channels and a stable recovery in core value indicators [1]. - The report emphasizes the optimization of asset allocation to cope with a low-interest-rate environment, with total investment assets reaching 2,344.79 billion yuan, a 4.2% increase from the end of 2023 [1]. Summary by Sections Financial Performance - In Q1 2024, the insurance service revenue was 66.97 billion yuan, up 2.4% year-on-year. The individual insurance channel saw new premium income of 16.12 billion yuan, a 31.3% increase year-on-year [1]. - The non-auto insurance business achieved a premium income of 36.01 billion yuan, growing 13.8% year-on-year, while the auto insurance segment focused on cost control and business transformation [1][2]. Profit Forecast and Financial Metrics - The forecast for earnings per share (EPS) from 2024 to 2026 is 3.28, 3.52, and 3.65 yuan per share, respectively. The corresponding price-to-embedded value (P/EV) ratios are projected to be 0.43, 0.41, and 0.38 [2][7]. - The report provides a detailed financial outlook, with total operating revenue expected to grow from 344.28 billion yuan in 2024 to 377.72 billion yuan in 2026, reflecting a compound annual growth rate [2][7]. Market Position and Strategy - The company is implementing a second phase of its "Long Voyage" transformation strategy, focusing on enhancing the quality of its insurance products and services [1]. - The report notes that the company is adapting to regulatory changes in the bancassurance channel, which has temporarily affected new premium growth [1]. Valuation - The report maintains previous profit forecasts and highlights the company's proactive approach to optimizing its overall asset allocation in response to current market conditions [1][4].