Investment Rating - The report maintains a "Buy" rating for Sunshine Insurance with a target price of HKD 4.93 per share, corresponding to a 2024 P/EV of 0.50 times [2][5]. Core Insights - The company's net profit attributable to shareholders for the first half of 2024 increased by 8.6% year-on-year, primarily driven by improved investment income [4][5]. - The embedded value (EV) grew rapidly, with a year-to-date increase of 8.2%, supported by strong new business value (NBV) growth and operational improvements [5]. - The NBV for the first half of 2024 exceeded expectations, with a year-on-year growth of 39.9%, driven by significant improvements in channel quality and individual insurance [5]. Financial Performance Summary - The annualized total investment return rate for the first half of 2024 was 3.6%, an increase of 0.1 percentage points year-on-year [5]. - The company reported a net profit of RMB 4.666 billion for 2024E, reflecting a 25.2% increase compared to the previous year [8]. - The company's operating revenue is projected to grow from RMB 59.9 billion in 2023 to RMB 63.883 billion in 2024E, representing a 6.6% increase [8]. Business Growth and Quality - The individual insurance NBV grew by 47.8% year-on-year, with new individual insurance policies increasing by 15.7% [5]. - The company achieved a 12.4% year-on-year growth in property insurance premiums, primarily driven by non-auto insurance segments [5]. - The persistency rates for 13 and 25 months improved by 3.7 percentage points and 4.2 percentage points, reaching 96.4% and 89.8%, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total premium income of 76.46 billion yuan in 1H24, representing a year-on-year growth of 12.8% [2] - The new business value (NBV) for 1H24 reached 3.75 billion yuan, a year-on-year increase of 39.9%, surpassing the total for the entire year of 2023 [2] - The annualized ROE increased by 1.5 percentage points to 10.4% [2] - The company’s investment income improved, contributing to a recovery in performance [2] Financial Performance Summary - The company reported a net profit of 3.14 billion yuan in 1H24, up 8.6% year-on-year [2] - The insurance service income for 2024E is projected to be 111.22 billion yuan, with a net profit forecast of 6.94 billion yuan [6] - The new business value is expected to grow at a rate of 24.5% in 2024E [2] - The company’s P/EV ratio is projected to decrease from 0.33 in 2022A to 0.29 in 2024E [2] Business Segment Analysis - The life insurance segment showed a significant improvement in margin, reaching 30.3% in 1H24, an increase of 11.9 percentage points year-on-year [2] - The non-life insurance segment reported a net profit of 0.505 billion yuan in 1H24, a decline of 38.0% due to a 23.8% decrease in total investment income [2] - The combined ratio for non-life insurance was 99.1%, with a claims ratio increase attributed to extreme weather events [2] Investment Outlook - The report anticipates a continued improvement in NBV growth, expected to outperform the average of A+H listed peers for three consecutive years [2] - The forecast for net profit for 2024-2026 is adjusted to 6.94 billion, 7.34 billion, and 7.91 billion yuan respectively [2]

Financial Performance - Insurance service revenue for the six months ended June 30, 2024, was RMB 31,488 million, an increase of 4.4% from RMB 30,160 million in the same period of 2023[2]. - Total revenue for the same period reached RMB 42,449 million, up 8.3% from RMB 38,981 million year-on-year[2]. - Net profit for the six months ended June 30, 2024, was RMB 3,212 million, representing a 8.3% increase compared to RMB 2,966 million in the prior year[2]. - Basic and diluted earnings per share for the period were RMB 0.27, compared to RMB 0.25 for the same period in 2023[2]. - Investment income increased significantly to RMB 4,463 million, up 56.2% from RMB 2,858 million in the previous year[2]. - Other income for the six months ended June 30, 2024, was RMB 1,517 million, compared to RMB 1,317 million in the same period of 2023, indicating a growth of 15.2%[2]. - The total comprehensive income for the same period was RMB 1,880 million, reflecting a significant decline from the previous year's RMB 2,910 million[9]. - The company reported a total equity attributable to shareholders of RMB 60,233 million as of June 30, 2024, down from RMB 61,789 million at the beginning of the year[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 548,686 million, an increase from RMB 513,686 million as of December 31, 2023[6]. - Total liabilities increased to RMB 487,147 million from RMB 451,897 million at the end of 2023, primarily driven by an increase in insurance contract liabilities[7]. - The company's insurance contract liabilities rose to RMB 424,517 million, up from RMB 385,377 million at the end of 2023, reflecting growth in the insurance business[7]. - The company reported a significant increase in financial investments, with fair value investments rising to RMB 135,660 million from RMB 125,367 million[6]. Cash Flow - Cash and cash equivalents decreased by RMB 12,235 million, ending at RMB 14,460 million as of June 30, 2024[10]. - The net cash inflow from operating activities was RMB 20,342 million, an increase from RMB 15,823 million in the prior year[11]. - The net cash outflow from investing activities was RMB 24,881 million, compared to RMB 32,256 million in the same period last year[11]. Premium Income and Customer Metrics - Total premium income for the first half of 2024 reached RMB 76.46 billion, a year-on-year increase of 12.8%[29]. - Life insurance premium income amounted to RMB 51.76 billion, reflecting a year-on-year growth of 12.9%[30]. - The number of effective customers as of June 30, 2024, was approximately 30.784 million[29]. - New business value for life insurance reached RMB 3.75 billion, a significant increase of 39.9% year-on-year[30]. - Non-auto insurance premium accounted for 46.1% of total premiums, an increase of 4.8 percentage points year-on-year[31]. Investment Performance - Total investment income for the group was RMB 8.33 billion, with an annualized total investment return rate of 3.6%[31]. - The annualized net investment return rate improved to 3.8%, up from 3.4%[36]. - The comprehensive investment return rate increased significantly to 7.2%, compared to 4.9% in the previous year[36]. - The company achieved a net investment income of RMB 8,947 million for the first half of 2024, an increase of 21.9% compared to RMB 7,338 million in 2023[103]. Underwriting and Claims - The underwriting financial loss for the insurance services was 4,258 million for the six months ended June 30, 2024, compared to 5,335 million for the same period in 2023, showing an improvement of 20.1%[16]. - The underwriting combined ratio stood at 99.1%, indicating stable underwriting profitability with a reported underwriting profit of RMB 2.0 million[70]. - The total underwriting profit for the first half of 2024 was RMB 203 million, a decrease of 50.2% compared to RMB 408 million in 2023[73]. - The insurance service expenses grew by 6.1% from RMB 21,336 million in the first half of 2023 to RMB 22,630 million in the first half of 2024, primarily due to increased claims from extreme weather[92]. Strategic Initiatives and Future Outlook - The company is focusing on optimizing its product and service system while enhancing asset-liability linkage to ensure stable growth[42]. - The company anticipates a stable economic environment in China, with a focus on high-quality development and innovation, leading to a positive economic recovery in the second half of the year[122]. - The company will continue to implement the "New Sunshine Strategy" to enhance core competitiveness and promote high-value growth in life insurance through diversified channel development and innovation[123]. - The company aims to strengthen its asset-liability management and maintain a stable operating advantage[123]. Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code except for C.2.1 during the reporting period[146]. - The board consists of five executive directors, five non-executive directors, and five independent non-executive directors, ensuring a high level of independence[147]. - The interim financial information for the six months ended June 30, 2024, has been reviewed by Ernst & Young[149].

年 度 報 告 ...

2024年04月10日 公 司点评 公 买入 / 首次 司 阳光保险(06963) 研 究 目标价: 昨收盘:2.94 非银 保险 阳光保险 2023 年年报点评：业务质地改善，价值创造提升 事件：阳光保险发布2023年年度报告，报告期内总保费收入1189.1 ◼ 走势比较 亿元，同比+9.3%；保险服务收入 599.0 亿元，同比+7.5%；归母净利润 37.4亿元，同比-16.8%；EV（内含价值）1040.6亿元，可比口径下同比 10% +6.4%。2023年度现金分红维持0.18元/股不变，股利支付率达55.4%。 太 0% 寿险NBV高增，人力与业务质地改善。报告期内寿险实现总保费收入 平 (10%)11/4/32 12/6/32 13/8/32 01/11/32 02/1/42 13/3/42 746.0亿元，同比+9.2%；其中新单期缴保费收入181.0亿元，同比+22.7%； NBV 为 36.0 亿元，可比口径下同比+44.2%，测算 NBVM 为 10.8%，同比 洋 (20%) +3.6pct。渠道端：个险新单保费收入48.7亿元，同比+37.2%，其中期缴 证 (30%) 43.0 亿 ...

公司研 究 证 券研究 报 告 保险Ⅱ 2024年04月06日 阳 光保险（06963.HK）2023年报点评 推 荐 （维持） 目标价：4.50港元 NBV 增速亮眼，产险量质齐升 当前价：2.94港元 事项： 华创证券研究所  阳光保险发布 2023 年年报。2023 年，公司实现归母净利润 37.4 亿，同比- 证券分析师：徐康 16.8%；阳光人寿实现新业务价值36.0亿，重述后同比+44.2%。截至2023年 末，内含价值为1040.6亿，重述后同比+6.4%。2023年，实现净/总/综合投资 电话：021-20572556 收益率4.0%/3.3%/4.8%，同比分别+0.1pct/-1.6pct/+2.0pct。 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 评论： 联系人：陈海椰  NBV实现高增或受益于价驱动，银保去趸交拖累新单下行。2023年阳光人寿 实现保费收入 746.0 亿元，同比+9.2%；新单保费同比-4.6%，续期保费同比 邮箱： chenhaiye@hcyjs.com +23.7%；实现新业务价值 36.0 亿元，重述后同比+44.2%， ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 阳光保险（06963.HK）公司年报点评 2024年03月28日 [Table_InvestInfo] 寿险 同比大幅增长，财险承保综合成 NBV 投资评级 优于大市 维持 本率持续优化 股票数据 [0T3a月ble27_S日t收oc盘k价In（fo港]元） 2.69 [Table_Summary] 投资要点： 52周股价波动（港元） 2.76-4.64 股本结构 【事件】阳光保险发布2023年业绩：1）归母净利润37.4亿元，同比-16.8%；  [总Ta股b本le（_C亿a股p）italInfo] 115 其中23H2归母净利润8.4亿元，同比-54.1%。2）归母净资产604亿元，较年 流通H股（亿股） 34.79 初+4.1%。3）年化ROE6.0%，同比-2.3pct。 H股/总股本（亿股） 34.79/115 2023年报将长期投资回报假设和风险贴现率假设分别由5%、11%下调至4.5%、  相关研究 9.5%，对EV、NBV均有影响。1）23年末集团EV为1041亿元，同比+2.7%。 [《TaNbBlVe_强R劲e增po ...

股 票 研 究 [Table_industryInfo] 保险 [ Table_Main[阳I Tnaf 光bol]e 保_Ti险tle]（ 6963） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.76 产寿业务质量均优化，分红超预期 2024.03.26 海 ——阳光保险2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 谢雨晟(分析师) 52周内股价区间（港元） 2.76-4.58 当前股本（百万股） 11,502 公 021-38676647 021-38674943 当前市值（百万港元） 31,744 司 liuxinqi@gtjas.com Xieyusheng@gtjas.com 证书编号 S0880515050001 S0880521120003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司23年归母净利润同比-16.8%，分红率大幅提升至55.4%超预期；代理人质量改 阳光保险 恒生指数 香 善及银保业务结构优化驱动NBV较快增长；财险业务结构优化带来承保盈利改善。 14% 摘要： 港 5% [ ...

[Table_Page] 年报点评|保险Ⅱ 证券研究报告 [【Table_T广itle] 发 非 银 & 海 外 】 阳 光 保 险 [公Tab司le_I评nves级t] 买入 当前价格 2.76港元 （06963.HK） 合理价值 4.46港元 前次评级 买入 价值指标全面增长，净利润下滑符合预期 报告日期 2024-03-26 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  公司发布23年报：2023年归母净利润同比-16.8%，NBV同比+44.2%。 12% 3%  2023 年 NBV+44.2%（按照新精算假设追溯调整后），NBV 的大幅增 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 长主要得益于渠道与缴费结构的优化带来价值率同比+3.7pct 至 -14% 10.8%，其中期交占新单保费比重同比+12.1pct 至 54.4%，且个险贡 -23% -32% 献新单的比重同比+4.5pct，因此个险/银保渠道 NBVM 的变化幅度分 阳光保险 恒生指数 别为-4.1pct/+1.5pct。另外 ...

证券研究报告·公司点评报告·保险(HS) 阳光保险（06963.HK） 2023 年年报点评：价值增速领跑，新阳光战略深化 2024 年 03月 26日 买入（维持） 证券分析师 胡翔 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600516110001 021-60199793 归母净利润（百万元） 4,494 3,738 7,190 7,554 8,141 hux@dwzq.com.cn 同比 -23.6% -16.8% 92.4% 5.1% 7.8% 新业务价值（百万元） 2,493 3,596 4,071 4,383 4,721 证券分析师 葛玉翔 同比 0.1% 44.2% 13.2% 7.7% 7.7% 执业证书：S0600522040002 每股内含价值（元/股） 8.80 9.05 9.92 10.81 11.66 021-60199761 P/EV 0.28 0.28 0.25 0.23 0.21 geyx@dwzq.com.cn [关Ta键bl词e_：Ta#g业] 绩符合预期 研究助理 罗宇康 [投Ta资bl要 ...