证券研究报告 金融公司 | 公司深度 | 中国太保 ( 601601 ) "长航行动"引领公司迈向新征程 诗券必闻读核李末页的支委声明 2024年07月 31 日 研究报告 | 报考委总 随着"长栽行动" 连征不断杂进，公司 NBV 本受长易色线增长。2021 辛利，公司王式发布"长 栽行动"，明境装出了"一化、两色、四新"的未未感感自标。2022 年1月1日，公司总动了 方病 18 个月的"杀栽行动"一病工程，变点固疫外勤进行转型。截至 2023 年 6 月，"杀栽行 动"一期工程顺利秩序。公司的 NBV 台 202203 以条违线四个争度实现正增长且增速领先网 业。在"长栽行动"一病工程教育之际，公司顺劳总动了"长栽行动"二病工程。后续简春公 司给您进程持续深化，给您成效夯坚强步坚现，公司的 NBV 未现有坚长期向好。 | 分析师及联系人 刘奇氏 SAC: $0590522100001 水 哥 岑 诗券必闻读核李永真的支委声明 1 / 30 金融公司 | 公司深度 2024-07 月 31 日 中国太保(601601) "长航行动"引领公司迈向新征程 幸低金路/保险 IItsओ 经济评选：买入（贷款） 3 ...

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (Group) Co Ltd (2601 HK/601601 CH) with target prices of HKD 25 (H-shares) and RMB 35 (A-shares) [6][5] Core Views - The life insurance business is expected to maintain resilient growth in 2024, with NBV (New Business Value) projected to grow 16.8% YoY in 1H24 on a comparable basis [1][5] - Property and casualty insurance is expected to show stable underwriting performance, with a projected COR (Combined Operating Ratio) of 98.1% in 1H24 [2][5] - Capital returns are expected to improve, with ROE (Return on Equity) forecasted at 12% in 2024, higher than the 2022-2023 levels of 10.8%-11.4% [3][5] Life Insurance Business - 1Q24 NBV grew 30.7% YoY on a reported basis, with comparable growth estimated at over 40% [1] - Full-year 2024 NBV growth is expected to remain resilient despite high base effects from 2023 [1] - NBV margin is expected to improve significantly in 1H24 due to the impact of lower pricing rates in 2023 [1] Property and Casualty Insurance - The auto insurance market remains stable, with leading companies showing steady underwriting performance [2] - Non-auto insurance premiums are expected to grow faster than auto insurance premiums, continuing the trend from 2023 (17.2% growth for non-auto vs 5.6% for auto) [2] - 1H24 property and casualty insurance premiums are projected to grow 7.7% YoY, slower than 1H23's 14.3% but higher than 2H23's 6.2% [2] Financial Projections - 2024 EPS is forecasted at RMB 3.25, representing 14.7% YoY growth [5][13] - 2024 ROE is expected to reach 12%, up from 11.4% in 2023 [3][13] - 2024 NBV growth is projected at 14.55%, following 19.09% growth in 2023 [13] Valuation - Current valuation stands at 0.48x (A-shares) and 0.30x (H-shares) 2024 PEV (Price to Embedded Value), considered attractive [3][5] - The target price is based on a combination of embedded value (RMB 42/HKD 29) and book value (RMB 28/HKD 20) methods [9] Market Performance - The stock has shown relative stability in 2Q24, with the insurance sector's profits likely to be supported by high-dividend stocks [5] - 1H24 EPS is expected to grow 13.5% YoY, with operating profit (OPAT) projected to increase 3.3% [5]

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |------------------------------------------|--------------------| | [07Table_StockInfo 月 24 日收盘价（元）] | 28.70 | | 52 周股价波动（元） | 21.27-31.57 | | 股本结构 | | | [总股本（ Table_CapitalInfo 百万股） ] | 9620 | | 流通 A 股（百万股） | 6845 | | B 股/H 股（百万股） | 0/2775 | | 相关研究 | | | [Table_ReportInfo] 《NBV 同比+30.7% | 领先同业，COR 逆势 | | 改善》2024.04.28 | | | 《每股分红保持稳定，NBV | 同比大增超 | | 30%》2024.03.29 | | | 《太保 1 月保费点评：寿险业务短期承 | | | 压，产险稳健增长》 | 2024.02.21 | | 市场表现 | | [Table_QuoteInfo] 中国太保 海通 ...

重要提示 1 单位：人民币百万元 | 太保产险 | 2024 年 | 1-6 | 月 | 同比变动 | | --- | --- | --- | --- | --- | | 原保险保费收入合计 | | 113,028 | | 7.7% | | 机动车辆险 | | 52,167 | | 2.8% | | 非机动车辆险 | | 60,861 | | 12.3% | 证券代码：601601 证券简称：中国太保 公告编号：2024-035 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 6 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（以下简称"太保寿险"）累计原保险保 费收入为人民币 1,531.59 亿元，同比下降 1.2%，本公司子公司中国太 平洋财产保险股份有限公司（以下简称"太保产险"）累计原保险保费 收入为人民币 1,130.28 亿元，同比增长 7.7%，分类明细如下： 单位：人民币百万元 | 太保寿险 | ...

Group 1: Company Overview and Strategic Goals - China Pacific Insurance aims to enhance its core competitiveness by focusing on financial services for the real economy, emphasizing innovation and sustainable development [3][4]. - The company has established a comprehensive product chain for health insurance, covering 100 million people under major illness insurance and 50 million under long-term care insurance [4]. - As of the end of 2023, the pension management scale exceeded 680 billion CNY, with community services launched in 12 cities [4]. Group 2: Financial Performance and Market Position - The company reported steady operational performance in 2023, with a focus on value creation and key area breakthroughs [5][6]. - In 2024, the company's stock price increased by 21% in A-shares and nearly 30% in H-shares by May 31 [7]. - Cash dividends since listing have exceeded 100 billion CNY, with a dividend of 1.02 CNY per share for 2023 [7]. Group 3: Risk Management and Compliance - The company has implemented new accounting standards starting January 1, 2023, which may lead to significant changes in revenue and net profit [6]. - Adjustments to actuarial assumptions include a risk discount rate of 9% and an investment return rate of 4.5%, slightly lower than previous estimates [6]. Group 4: Future Outlook and Development Strategies - The company plans to continue enhancing its governance structure and transparency to improve market value management [7]. - Future strategies include optimizing long-term incentive mechanisms and talent development to strengthen management capabilities [8].

证券代码：601601 证券简称：中国太保 公告编号：2024-034 中国太平洋保险（集团）股份有限公司 2023 年年度分红派息实施公告 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： 每股分配比例 A 股每股现金红利人民币 1.02 元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/11 | － | 2024/7/12 | 2024/7/12 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经本公司 2024 年 6 月 6 日的 2023 年度股东大会审议通过。 二、 分配方案 截至股权登记日 2024 年 7 月 11 日 15:00 上海证券交易所收市后，在中国证券登记结算有 限责任公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体 A 股股东。 本公司 H 股股东的现金红利发放的具体操作不适用本公 ...

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6月30日 狀態: 新提交 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7月2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 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 2. 股份分類 | 普通股 | 股 ...

Financial Data and Key Metrics Changes - The company indicated that the overall profit performance for the first half of the year is still stable despite external market fluctuations, primarily due to stable CSM releases and investment performance [5][6] - The company noted that the growth rate of life insurance business is expected to slow down compared to the first quarter due to last year's high base effect from product rate changes [6] Business Line Data and Key Metrics Changes - The life insurance business has maintained a relatively good growth trend since the first quarter, although the growth rate may slightly slow down [6] - Non-auto insurance is experiencing faster growth compared to auto insurance, which remains at a relatively low growth rate [6] Market Data and Key Metrics Changes - The company observed that the long-term interest rates have been declining, which has increased the attractiveness of insurance products, contributing to a strong demand in the first quarter [13] - The company is preparing for potential further adjustments in the preset interest rates for insurance products, anticipating that rates may drop from 3.0% to 2.5% [15] Company Strategy and Development Direction - The company is focusing on enhancing its product offerings in response to changing interest rates, particularly by increasing the supply of dividend insurance products [15][17] - The company is also strengthening its training for agents to better market new insurance products, especially in the context of changing consumer preferences [17] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to adapt to regulatory changes and market conditions, emphasizing the importance of maintaining a stable profit contribution from traditional insurance products [15][32] - The management highlighted the need for a balanced approach to product offerings, ensuring that both protection and savings products are adequately represented in the market [17][40] Other Important Information - The company has been actively involved in promoting inclusive insurance products, which are seen as a social responsibility and a way to enhance brand recognition [51][54] - The company has developed a comprehensive product chain for health insurance, covering a wide range of needs from basic to supplementary insurance [51] Q&A Session Summary Question: How does the company view the recent changes in preset interest rates? - The company anticipates that the preset interest rates may continue to decline, which could affect the attractiveness of traditional insurance products, leading to a potential shift towards dividend insurance [15][16] Question: What is the company's strategy regarding the new regulatory environment? - The company is focusing on controlling costs and enhancing product offerings to ensure competitiveness in the market, particularly in light of the recent regulatory changes [32][37] Question: How does the company plan to address the demand for inclusive insurance products? - The company has been proactive in developing inclusive insurance products and believes that these efforts will enhance its brand appeal and market presence [51][54]

Summary of Conference Call Company or Industry Involved - The document does not specify a particular company or industry involved in the conference call Core Points and Arguments - The content of the conference call is strictly for internal reference among participants, and any disclosure or external sharing of the information is prohibited [1] - The organization reserves the right to pursue legal action against any individual or entity that leaks or disseminates the conference call minutes [1] Other Important but Possibly Overlooked Content - Emphasis on confidentiality and the legal implications of sharing the conference call content [1]

Summary of Conference Call Company and Industry Involved - The document discusses a company that is currently receiving significant attention in the capital markets, indicating a favorable performance in both asset and liability management [1]. Core Points and Arguments - The company has demonstrated superior performance in its overall financial metrics, which includes both assets and liabilities [1]. - The leadership of the company, referred to as "泰宝," is acknowledged for their engagement and communication with stakeholders [1]. - The format of the meeting was structured as a Q&A session, allowing for direct interaction between analysts and company representatives [1]. - The analysis team is expected to provide further commentary on issues of interest to investors following the initial Q&A [1]. Other Important but Possibly Overlooked Content - The document hints at a proactive approach to investor relations, suggesting that the company is open to addressing concerns and questions from investors [1].