Summary of the Conference Call on China Ping An Company Overview - **Company**: China Ping An - **Founded**: 1988 in Shekou, China - **Years in Operation**: 36 years - **Global Ranking**: Ranked 33rd in the Fortune Global 500 in 2023 [7] Key Financial Metrics - **Total Assets**: Approximately 12 trillion CNY, the largest among global insurance groups [6] - **Annual Compound Growth Rate of Total Assets**: 23.8% since 2004 [7] - **Annual Compound Growth Rate of Dividends**: 11.3% [7] - **Tax Contribution**: Over 100 billion CNY in 2023, with a compound growth rate of 21.9% [7] - **Operating Profit Growth Rate**: 7.1% [7] Business Segments - **Insurance**: - Second largest life insurance company in China, following China Life [10] - Second largest property insurance company, following PICC [10] - First specialized pension institution in China [10] - First batch of specialized health insurance companies in the industry [10] - **Banking**: - Ping An Bank ranks among the top three in retail banking metrics such as credit card issuance and consumption balance [11] - **Asset Management**: Includes asset management, trust, securities, and funds [10] Industry Context - **Aging Population**: China is expected to enter a deep aging society by 2035, with over 30% of the population being elderly [12] - **Pension System**: The personal pension system is currently underdeveloped, with only 2% market penetration, indicating significant growth potential [17] Strategic Focus - **Healthcare and Pension Services**: The company is actively expanding its services in healthcare and pension management, which are seen as key growth areas [12][25] - **Digital Transformation**: Emphasis on improving operational efficiency and customer service through digital technologies [26][28] New Business Value Contribution - **Healthcare and Pension Contribution**: In 2023, 37% of new business value came from healthcare services and 36% from pension services, a significant increase from single-digit contributions three years ago [24] Investment Opportunities - **Personal Pension Growth**: The potential for growth in the personal pension market is substantial, with projections of an increase from 106 billion CNY to approximately 2.9 trillion CNY by 2032 [19] Challenges - **Investment Yield Decline**: The investment yield for insurance companies has decreased from 7% to 2.52% in recent years, indicating pressure on the asset side [22] Conclusion - **Vision**: China Ping An aims to become a leading international provider of integrated financial and healthcare services, creating sustainable value for customers, employees, and shareholders [14]

Financial Data and Key Metrics Changes - The total assets of the company reached approximately 12 trillion, ranking first among global insurance groups [5] - The annual compound growth rate of total assets since 2004 is 23.8%, while the annual compound growth rate of dividends is 11.3% [6] - The company ranked 33rd in the Fortune Global 500, with a scale operating profit showing an annual compound growth rate of 7.1% [6] Business Line Data and Key Metrics Changes - The company is the second-largest life insurance company in China, following China Life, and the second-largest property insurance company, following PICC [10] - The company is the first professional pension institution in China, with its pension asset scale and customer base ranking second in the industry [10] - In the health insurance sector, the company is one of the first established professional health insurance companies, also ranking second in the industry [10] Market Data and Key Metrics Changes - The company is actively expanding in the healthcare and pension sectors, anticipating that by 2035, over 30% of the population will be elderly, creating significant market opportunities [12] - The company has seen a substantial contribution to new business value from healthcare and pension services, with 73% of new business value in 2023 coming from these areas [23] Company Strategy and Development Direction - The company aims to provide a one-stop service for comprehensive financial and healthcare solutions, focusing on financial advisory, family doctor services, and elderly care [13] - The strategic focus is on integrating finance with technology and healthcare, enhancing service capabilities through technological advancements [7][12] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the recovery of the insurance industry, expecting significant improvements in performance this year [15] - The management highlighted the importance of digital transformation in improving operational efficiency and customer service [26][28] Other Important Information - The company has a comprehensive financial service structure, including life insurance, property insurance, pension insurance, health insurance, banking, and asset management [8] - The company has been recognized for its brand value by international rating agencies, indicating strong market positioning [5] Q&A Session Summary Question: What specific cases or products does the company have to meet customer needs in the financial and healthcare sectors? - The company reported that 37% of new business value in the past year came from healthcare services, and 36% from pension services, indicating a significant shift towards these areas [23] Question: What achievements has the company made in digital transformation? - The company highlighted that 90% of life insurance claims are processed within one day, showcasing high efficiency in claims processing [28]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 69.00 for 2318 HK and RMB 70.00 for 601318 CH [2][5]. Core Views - The company plans to issue USD 3.5 billion in H-share convertible bonds, which is approximately 2.0% of its net assets as of Q1 2024. This financing is aimed at business development, capital replenishment, and supporting healthcare and elderly care services [5][6]. - The issuance of convertible bonds is seen as a low-cost financing strategy during a period of stock price weakness, which will enhance capital reserves [5][6]. - The report anticipates a 4.2% year-on-year growth in net profit for 1H24, with operating profit expected to grow by 1.5% [6]. - The estimated new business value (NBV) for the life insurance segment is projected to grow by 7% year-on-year for 1H24, while the property insurance segment is expected to have a combined cost ratio of 99.3% [6][8]. Summary by Sections Financial Data - The closing price as of July 16 was HKD 34.10 for 2318 HK and RMB 41.19 for 601318 CH. The market capitalization is approximately HKD 620.97 billion and RMB 750.08 billion respectively [5]. - The average daily trading volume over the past six months is HKD 1.68 billion for 2318 HK and RMB 2.32 billion for 601318 CH [5]. Earnings Forecast - The projected gross premium income for 2024 is RMB 574.11 billion, with a year-on-year growth of 7.02% [5]. - Total investment income is expected to reach RMB 115.16 billion in 2024, reflecting a significant increase of 245.59% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is estimated at RMB 7.03, with a dividend per share (DPS) of RMB 2.44 [5]. Valuation - The report utilizes a three-stage DCF valuation method, with a target price based on the average of intrinsic value and book value methods, maintaining the target price at RMB 70 and HKD 69 [8]. - The estimated return on equity (ROE) for 2024 is projected at 13%, an improvement from 9.7% in 2023 [6][8].

[Table_Page] 公告点评|保险Ⅱ 证券研究报告 [Table_Title] 中国平安(601318.SH/02318.HK) 融资提升偿付能力,深化竞争优势 [Table_Summary] 核心观点: 公司发布公告:拟根据一般性授权发行可转换为本公司 H 股股份的债 券,不涉及公司 A 股发行。 本次可转债的发行对公司股权结构影响较小,不影响战略的发展与制 定。公司拟发行 2029 年到期的本金总额为 35 亿美元的可转换债券, 债券的利率为 0.875%,且仅能够转为 H 股,假设初始转换价为 43.71 港元(可予调整),约占债券全部转换股份后已发行 H 股数目的 7.74% 及已发行股本总数的 3.32%。 偿二代二期规则下,可转债的发行有助于提升综合偿付能力充足率, 而未来转股后可提升核心偿付能力充足率。公司本次发行债券的目的 在于补充资本,支撑未来战略的发展,包括集团未来以金融为核心的 业务发展需求、集团医疗与养老新战略发展的业务需求、一般公司用 685689 途。偿二代二期工程下,受未来盈余上限的控制,寿险核心偿付能力 下行,目前平安人寿为 118.81%(截至 24Q1),因此预计本次 ...

证券研究报告·公司点评报告·保险Ⅱ 中国平安(601318) H 股可转债发行点评:摊薄影响有限,提升 分红可消化负面影响 2024 年 07 月 16 日 买入(维持) | --- | --- | --- | --- | --- | --- | |-------------------------------|---------|--------|---------|---------|---------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 归母净利润(百万元) | 111,008 | 85,665 | 120,383 | 154,124 | 162,214 | | 同比 | -25.0% | -22.8% | 40.5% | 28.0% | 5.2% | | 新业务价值(百万元) | 28,820 | 31,080 | 36,265 | 38,871 | 43,956 | | 同比 | -24.0% | 7.8% | 16.7% | 7.2% | 13.1% | | 每股内含价值(元/股) | 77.89 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4]. Core Insights - The company plans to issue offshore convertible bonds to enhance its solvency levels, with the amount and terms yet to be determined. The funds raised will primarily support the company's future financial business development needs and new strategic initiatives in healthcare and elderly care [3][4]. - The issuance of offshore convertible bonds is seen as a more cost-effective and flexible option compared to domestic perpetual bonds, which have been issued by several insurance companies recently at varying interest rates [3][4]. - The company's solvency ratios are strong, with a comprehensive solvency adequacy ratio of 186% and a core solvency adequacy ratio of 114% as of Q1 2024, showing slight improvements from the beginning of the year [4][7]. - The valuation remains low, with a target price range of 53.03 to 57.11 CNY based on a projected PEV of 0.65-0.7 times for 2024, indicating potential upside [4][10]. Financial Summary - The company's revenue is projected to grow from 913,789 million CNY in 2023 to 1,073,969 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 7.04% [5][10]. - Net profit is expected to recover from a decline of 22.83% in 2023 to a growth of 17.63% by 2026, indicating a positive trend in profitability [5][10]. - Earnings per share (EPS) is forecasted to increase from 4.70 CNY in 2023 to 6.68 CNY in 2026, demonstrating improving earnings potential [5][10]. - The company's embedded value (EV) is anticipated to rise from 76.34 CNY in 2023 to 93.73 CNY in 2026, reflecting growth in the company's intrinsic value [5][10]. Valuation Metrics - As of July 15, 2024, the company's stock price corresponds to a projected PEV of 0.52 times for 2024, suggesting that the stock is undervalued compared to its peers [4][9]. - The company is expected to maintain a stable dividend return, enhancing its investment appeal [4][10].

证券代码：601318 证券简称：中国平安 编号：临 2024-039 中国平安保险（集团）股份有限公司 2024 年 7 月 16 日 根据本公司于 2021 年 8 月 26 日召开的第十二届董事会第四次会议审议通过 的《关于审议回购公司股份的议案》（以下简称"本次回购"），本公司已于 2021 年 8 月 27 日至 2022 年 8 月 26 日通过上海证券交易所交易系统以集中竞价交易 方式累计回购本公司 A 股股份 102,592,612 股，占本公司总股本的比例为 0.56338%。本次回购股份原计划全部用于本公司员工持股计划，包括但不限于本 公司股东大会已审议通过的长期服务计划。 基于对本公司未来发展的信心，为维护广大投资者利益，本公司拟根据《中 华人民共和国公司法》《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》及《中国平安保险（集团）股份有限公司章程》 的有关规定，变更本次回购股份的用途，拟注销存放于公司回购专用证券账户的 102,592,612 股 A 股股份（以下简称"本次注销"）。本次注销如获完成，公司注 册资本及股本总数将相应核减。本次注销尚需经 ...

| --- | --- | --- | --- | --- | --- | --- | |----------------|---------------------------------|-----------------------------------|-------------------------------------|----------------------------|-----------|------------| | | [Table_Industry] | | | | | 保险/金融 | | 中国平安 | (601318) | | | [Table_Invest] 评级: | | 增持 | | | | | | [Table_Target] 目标价格: | 上次评级: | 增持58.98 | | | | | | [当前价格: Table_CurPrice] | 上次预测: | 58.9842.53 | | [table_Authors | 刘欣琦](分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | | | | 021-38676647 liuxinqi@gtja ...

中国平安保险（集团）股份有限公司（以下简称"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： 证券代码：601318 证券简称：中国平安 公告编号：临 2024-038 中国平安保险（集团）股份有限公司 拟根据一般性授权发行 H 股可转换债券的公告 经办人已开展入标定价，关于债券的条款（包括但不限于本金金额和初始转 换价）已在入标定价后确定。 发行人拟发行的债券本金总额为 35 亿美元，可于条款及条件所载情形下转 换为 H 股。初始转换价为每股 H 股 43.71 港元（可予调整）。 假设债券按每股 H 股 43.71 港元的初始转换价全部转换且不再发行其他股 份，则债券将可转换为约 625,203,614 股转换股份，约占本公司于本公告日现有 已发行 H 股数目的 8.39%及现有已发行股本总数的 3.43%，以及约占本公司于债 券获全部转换后经发行转换股份后已发行 H 股数目的 7.74%及已发行股本总数 的 3.32%。转换股份将全部缴足，并在各方面与本公司在相关登记日已发行 H 股 享有同等地位。 ...

可转换债券的定价（包括发行价及初始转换价）将由联席全球协调人、联席 账簿管理人及联席牵头经办人以入标定价方式确定。可转换债券的条款确定后， 本公司与联席牵头经办人将就可转换债券订立认购协议。截至本公告发布时，可 转换债券发行的金额、条款和条件尚未确定。 二、募集资金的用途 本公司拟将可转换债券发行所得款项净额用于满足本集团未来以金融为核 心的业务发展需求，用于补充本集团的资本需求；支持本集团医疗、养老新战略 发展的业务需求；同时用作一般公司用途。 证券代码：601318 证券简称：中国平安 公告编号：临 2024-037 中国平安保险（集团）股份有限公司 关于建议发行美元计值 H 股可转换债券的公告 中国平安保险（集团）股份有限公司（以下简称"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。 一、建议发行可转换债券 本公司建议向专业投资者发售可转换债券，并根据美国证券法 S 规例仅在 美国境外发售。可转换债券将仅向香港联交所上市规则第 37 章及香港《证券及 期货条例》中定义的"专业投资者"发行，不会向香港公众人士发售，亦 ...