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]

Financial Performance - The estimated net profit attributable to the parent company's shareholders for the first three quarters of 2024 is expected to be between RMB 37 billion and RMB 39.4 billion, representing an increase of approximately RMB 13.9 billion to RMB 16.3 billion compared to the same period in 2023, which is a year-on-year increase of about 60% to 70%[2] - The estimated net profit attributable to the parent company's shareholders after deducting non-recurring gains and losses is expected to be between RMB 36.8 billion and RMB 39.1 billion, with a similar year-on-year increase of approximately RMB 13.8 billion to RMB 16.1 billion, also reflecting a growth of about 60% to 70%[4] - The total profit for the same period last year was RMB 28.695 billion, with a net profit attributable to the parent company's shareholders of RMB 23.149 billion[5] - The basic and diluted earnings per share for the same period last year were RMB 2.41[5] Strategic Factors - The significant increase in net profit for the first three quarters of 2024 is primarily due to the company's strategic asset allocation, maintaining a certain proportion of equity assets in its investment portfolio, which has benefited from the recent rise in the capital market[6] Forecast and Uncertainties - There are no major uncertainties that could affect the accuracy of this performance forecast, although the annual profit growth may be subject to fluctuations in the capital market[7] - The forecast data is preliminary and the specific financial data will be disclosed in the company's official third-quarter report for 2024[7]

中国太平洋保险（集团）股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 970 | | --- | --- | | 其中：A 股股东人数 | 969 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,982,406,184 | | 其中：A 股股东持有股份总数 | 4,549,185,485 | | 境外上市外资股股东持有股份总数（H 股） | 1,433,220,699 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 62.184967 | 1 (一) 股东大会召开的时间：2024 年 10 月 14 日 (二) 股东大会召开的地点：上海市徐汇区田林路 201 号 中国太平洋保险（集 团）股份有限公司 (三) 出席会议的普通股股东和恢复表决权的优先股股东 ...

致： 中国太平洋保险（集团）股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受中国太平洋保险（集团）股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司股 东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民共和国境内（以下 简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区 和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现行有效的公司章程有 关规定，指派律师出席了公司于 2024 年 10 月 14 日召开的 2024 年第二次临时股东大会（以 下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年度股东大会审议通过的《中国太平洋保险（集团）股份有限公司章 程》（以下简称《公司章程》）； 2. 公司于 2024 年 8 月 30 日刊登于巨潮资讯网及上海证券交易所（以下简称上交所） 网站的《中国太平洋保险（集团） ...

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9月30日 狀態: 新提交 本月底法定/註冊股本總額： RMB 9,620,341,455 FF301 第 1 頁 共 10 頁 v 1.1.0 FF301 II. 已發行股份及/或庫存股份變動 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: 2024年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 ...