Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, suggesting that the industry index is expected to rise more than 5% over the next 3-6 months compared to the benchmark index [22]. Core Insights - The insurance index fell by 4.77% this week, underperforming the broader market by 1.89 percentage points. Major insurance stocks also experienced declines, with notable drops from companies like AIA (-15.93%) and Taiping (-16.17%) [1]. - The insurance sector is seeing significant growth in the electric vehicle (EV) insurance market, with 31.05 million EVs insured in 2024, generating premium income of 140.9 billion yuan. This represents 15.4% of the total auto insurance premiums [4]. - The report highlights that the profitability of the auto insurance segment is crucial for the overall profitability of property insurance companies, with EV insurance becoming a competitive focus as penetration rates increase [5]. Summary by Sections Market Performance - The insurance index decreased by 4.77% this week, with major companies like Ping An and China Life also showing declines [1]. - The 10-year government bond yield is at 1.66%, down 6 basis points from the previous week [1]. Regulatory Developments - The China Banking and Insurance Regulatory Commission announced adjustments to the regulatory ratios for equity assets, increasing the upper limit for equity asset allocation and relaxing requirements for tax-deferred pension ratios [2]. - By the end of 2024, the first batch of pilot commercial pension accounts reached approximately 1.955 million, a nearly 230% increase from the end of 2023 [2]. Electric Vehicle Insurance Insights - The average premium for EV insurance in 2024 is approximately 4,538 yuan, which is a concern for potential customers due to high costs. Despite this, the segment is experiencing underwriting losses primarily due to high claims and repair costs [4]. - The report suggests that collaboration between insurers and automakers to enhance data models could improve pricing accuracy for EV insurance [4]. Investment Recommendations - The report notes that the recent market downturn due to tariff conflicts has led to a valuation correction in the insurance sector, presenting potential long-term investment opportunities [5]. - Current price-to-earnings (PE) and price-to-book (PB) ratios for major insurers are provided, with Ping An at a PE of 6.53 and a PB of 0.91, indicating a strong buy recommendation [10].

Investment Rating - The report indicates a positive outlook for the insurance sector, highlighting significant profit growth driven by investment returns and robust performance in both life and non-life insurance segments [6]. Core Insights - Profit growth for listed insurance companies is substantial, with net profit growth rates for 2024 projected as follows: Xinhua (+201.1%), China Life (+131.6%), ZhongAn (+105.4%), PICC (+88.2%), Taiping (+64.9%), Ping An (+47.8%), and China Pacific Insurance (+30.9%) [1][13]. - The report emphasizes that the strong performance is primarily due to favorable capital market conditions, which have positively impacted the asset side of the companies [1][13]. - The report also notes a decline in the dividend payout ratio under new standards, although the absolute value of dividends has increased significantly [2][23]. Summary by Sections Financial Performance - Net profit for five listed insurance companies increased by 82% year-on-year, driven by improved investment returns from both equity and bond markets [13]. - The operating profit for major companies like Ping An and China Life showed positive growth, with Ping An's profit increasing by 9.1% and China Life's by 131.6% [14][13]. - The report highlights a mixed performance in contract service margins, with most companies achieving positive growth [20]. Life Insurance - New Business Value (NBV) growth is robust, with notable increases for companies such as PICC (+127.0%) and Xinhua (+106.8%) [3]. - The margin improvements are attributed to better payment structures and a unified approach in bancassurance channels [3][4]. - The report indicates that the economic assumptions adjustments have led to a generally positive outlook for Embedded Value (EV) growth across most companies, with China Life and Sunshine showing impressive growth rates of 11.2% [36]. Non-Life Insurance - The report notes a divergence in growth rates for non-auto insurance, with companies like ZhongAn (+13.4%) and Sunshine (+8.1%) performing well [5]. - The combined ratio (COR) performance varies, with ZhongAn at 96.9% and Ping An at 98.3%, reflecting the impact of natural disasters on claims [5][39]. - The report suggests that the non-auto insurance segment is driven by health and liability insurance products [5]. Investment Recommendations - The report recommends focusing on two main lines for insurance stocks: the non-life insurance sector, which is expected to see high profit growth due to dual improvements in underwriting and investment, and the life insurance sector, particularly Xinhua and China Taiping, which are noted for their high beta and strong new business quality [6].

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Views - The insurance industry is expected to experience significant profit growth driven by improved investment returns, with a projected increase in net profit exceeding 80% for listed insurance companies in 2024 [6][12] - The report highlights a shift in product structure towards traditional insurance, with a notable increase in the proportion of traditional insurance products [39] - The overall investment environment is improving, with a focus on increasing bond investments and enhancing total investment returns [4][6] Summary by Sections 1. Net Profit Growth and Dividend Returns - Listed insurance companies' net profit is projected to grow by over 80% in 2024, with major players like Xinhua and China Life showing increases of 201.1% and 131.6% respectively [12][14] - The average dividend payout ratio for listed insurance companies is expected to be 25.7%, reflecting a slight decrease from the previous year [22][23] - Xinhua Insurance's dividend growth significantly outperformed expectations, with a 198% increase [22][24] 2. Life Insurance: Value Rate Improvement Driving NBV Growth - New business value (NBV) is expected to see high growth driven by improved value rates, despite a slowdown in new policy growth due to high base effects and regulatory changes [30][31] - The proportion of traditional insurance products continues to rise, reaching 59.2% of total premiums in 2024, indicating a shift towards dividend insurance products [39][42] 3. Property Insurance: Steady Premium Growth and Cost Performance - Property insurance premiums are expected to grow steadily, with non-auto insurance segments gaining market share [3][4] - The average combined cost ratio for listed property insurers is projected to be 98.4%, indicating overall profitability despite challenges from natural disasters [4][6] 4. Investment: Increased Bond Allocation and Improved Returns - The investment asset scale for listed insurers is expected to grow by 21% year-on-year, with a focus on increasing bond investments [4][6] - Total and comprehensive investment returns are anticipated to improve significantly, driven by a rebound in the stock market and favorable bond market conditions [4][6] 5. Investment Recommendations - The report suggests focusing on investment opportunities in insurance stocks amid rising interest rates, as the market's demand for savings remains strong [6][4]

| (人民幣千元) | 2024年 | 2023年 | 2022年 | 2021年 | 2020年 | | --- | --- | --- | --- | --- | --- | | | | 基於香港財務報告準則第17號 | | 基於香港財務報告準則第4號 | | | | | 「保険合同」 | | [保險合同] | | | 保險服務收入 | 31,744,343 | 27,535,275 | 22,189,381 | | | | 淨溢利／(虧損) | 603.456 | 3,845.278 | (1.384.417) | 757.099 | 254.380 | | 歸屬於母公司股東淨溢利／(虧損) | 603.456 | 4.077.855 | (1.112.414) | 1.164.590 | 553.786 | | 每股基本收益/(虧損)(人民幣元) | 0.41 | 2.77 | (0.76) | 0.79 | 0.38 | | 資產總額 | 45,284,579 | 42,863,606 | 47.648.878 | 51,772,329 | 45.673.436 | | 負債總額 | 24,358, ...

Macro and Strategy - The Federal Reserve maintained the federal funds rate target range at 4.25-4.5% and announced a slowdown in balance sheet reduction, lowering the monthly limit for Treasury redemptions from $25 billion to $5 billion [7] - The high-tech manufacturing macro report indicates that the diffusion index for high-tech manufacturing remains stable, with a slight decline in certain sectors such as aerospace and new energy [7][8] - The AI-enabled asset allocation strategy highlights the integration of ESG factors into traditional investment theories, suggesting that incorporating ESG constraints can enhance portfolio performance [9][10] Industry and Company Insights - The social services sector is expected to benefit from recent consumption policies aimed at boosting domestic demand, with a focus on service consumption [10][11] - Data tracking shows a positive trend in retail sales and hiring demand, indicating a gradual economic recovery [11][12] - The textile and apparel sector has seen a rebound in retail sales growth, with notable increases in exports from Vietnam [13][14] - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with a focus on innovative business growth and a stable traditional business [16][17] - Xingyu Co. achieved a 34% year-on-year increase in net profit for Q4 2024, driven by strong demand for automotive lighting products [21][22] - Xtep International reported a 20% increase in net profit for 2024, with significant growth in its professional sports brand [24][25] - Anta Sports saw a 16.5% increase in core profit for 2024, supported by a diverse brand portfolio [28][29] - ZhongAn Online's total premium income reached 33.42 billion yuan in 2024, with a 13.3% year-on-year growth, driven by its diversified product ecosystem [30][31] - Ping An Insurance reported a 47.8% year-on-year increase in net profit for 2024, supported by a robust strategic layout in comprehensive finance and healthcare [33][34]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has shown stable profitability in property and casualty insurance, with significant improvements in technology and banking operations [1]. - The net profit attributable to shareholders for 2024 is projected at 600 million yuan, reflecting a 105% year-on-year increase when excluding one-time accounting adjustments from 2023 [1]. - The company is expected to maintain a competitive advantage in the internet property and casualty insurance market, with substantial growth potential in technology output and digital banking operations [1]. Financial Performance Summary - Total revenue for 2023 is reported at 27,535 million yuan, with a projected increase to 31,744 million yuan in 2024, representing a year-on-year growth of 15.29% [1]. - The net profit attributable to shareholders is forecasted to decline significantly in 2024 to 603 million yuan, down 85.2% from the previous year, but is expected to recover in subsequent years [1]. - The company's book value per share (BPS) is projected to increase from 14.24 yuan in 2024 to 17.78 yuan by 2027 [1]. Business Segment Performance - The insurance segment reported a total premium of 33.4 billion yuan in 2024, a 13.3% increase year-on-year, with health and digital life insurance showing strong growth [1][12]. - The technology segment achieved a revenue of 960 million yuan, marking a 15% increase, while the banking segment's net income improved significantly, with a 53% increase in revenue to 550 million HKD [1]. - The overall investment income for the company rose to 1.34 billion yuan in 2024, an 85% increase year-on-year, driven by favorable market conditions [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10]. Core Insights - The company is expected to achieve a net profit of 603 million RMB in 2024, representing a year-on-year increase of 105.4% after excluding the impact of consolidating Zhong An International [3][10]. - The profit improvement is attributed to three main factors: stable underwriting profit, significant investment income boost due to market recovery, and the technology segment turning profitable [10]. Financial Summary - **Revenue**: The company reported revenue of 19,314 million RMB in 2024, a 15% increase from 2023 [8]. - **Net Profit**: The net profit for 2024 is projected at 603 million RMB, a substantial recovery from a loss of 13.56 million RMB in 2022 [8][11]. - **Investment Returns**: Total investment income increased to 13.35 billion RMB in 2024, with a total investment return rate of 3.4%, up by 1.5 percentage points year-on-year [10][11]. - **Premium Income**: The company achieved premium income of 334.17 billion RMB in 2024, reflecting a 13.3% year-on-year growth [11]. Business Segments Performance - **Health Ecosystem**: Premium income reached 103.38 billion RMB, growing by 5.4% year-on-year, with significant contributions from critical illness insurance and outpatient insurance [10][11]. - **Digital Life Ecosystem**: This segment saw a 28.9% increase in premium income to 161.97 billion RMB, driven by e-commerce return insurance and travel business [10][11]. - **Consumer Finance Ecosystem**: Premium income decreased by 12.9% to 48.32 billion RMB as the company reduced business scale to manage credit risk [10][11]. - **Automotive Financial Ecosystem**: Premium income grew by 29.8% to 20.51 billion RMB, with new growth expected from compulsory traffic accident insurance [10][11]. Technology and Banking Improvements - The technology segment generated revenue of 9.56 billion RMB, marking a 15.3% increase, and turned profitable with a net profit of 0.78 billion RMB [10][11]. - Zhong An Bank's net income rose by 52.6% to 5.48 billion HKD, with the net loss rate narrowing significantly [10][11]. - The application of AI technology across business scenarios is expected to enhance operational efficiency and open new growth avenues for technology output [10].

证券研究报告 | 2025年03月20日 众安在线（06060.HK） 优于大市 创新产品生态，巩固科技地位 保费增速稳健，盈利结构优化。2024 年，公司总保费达 334.17 亿元，同比增 长 13.3%，连续四年保持双位数增长。其中，健康生态保费突破百亿，达 103.38 亿元，数字生活生态实现保费收入 161.97 亿元，同比增长 28.9%，汽车生态 实现保费收入 20.51 亿元，同比增长 29.8%，成为增长主力，公司多元化生态 布局成效显著。截至 2024 年末，公司实现归母净利润 6.03 亿元，同比+105.4% （剔除 2023 年一次性投资收益后的可比口径）；实现承保综合成本率 96.9%， 受部分险种赔付率上升影响，同比增长 1.7pct，公司连续四年承保盈利，凸 显风控能力。投资端受益于资本市场回暖，实现总投资收益 13.35 亿元，同比 增粘 85.4%，贡献利润弹性。 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·财报点评 非银金融·保险Ⅱ 科技驱动生态协同，创新产品矩阵扩容。1）健康领域：普惠与高端并行，提 升产品竞争力。公 ...

证券研究报告 | 2025年03月20日 众安在线（06060.HK） 优于大市 创新产品生态，巩固科技地位 科技驱动生态协同，创新产品矩阵扩容。1）健康领域：普惠与高端并行，提 升产品竞争力。公司旗舰产品"尊享 e 生"系列迭代至 2025 版，新增外购药 械责任，覆盖超 1.3 亿用户。非标体人群保障产品"众民保"保费同比+17%， 中高端医疗险上线 10 天保费破 1.4 亿元，差异化分层满足多元医疗需求。2） 数字生活：场景融合加速，新兴赛道增速亮眼。电商退货险依托公司在主流平 台渗透率的持续提升，保费占比提升至 53%。宠物险保费同比增长 129.5%，公 司升级推出宠物大病保险，市占率维持行业首位。3）消费金融：公司采取审 慎风控策略，主动收缩业务规模以应对资产质量的波动。截至 2024 年末，消 费金融保费收入同比下降 13.2%，综合成本率同比改善 6.3pt 至 90.1%，业务 质态显著改善。4）汽车生态：2024 年，公司新能源车险保费同比增长 188.4%， 占车险总保费的 12%。此外，公司已于上海、浙江两地获批交强险独立经营资 质，为汽车生态提供新的增长动能。 科技输出与国际化，技 ...