[Table_Title] 证券研究报告 核心业务恢复增长，渠道质态改善推动 NBV 公司研究 复苏 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2024年4月24日 ]中 国平安(601318) [T事ab件le：_S中um国ma平ry安] 发布 2024 年一季报，2024 年一季度集团实现归母营运利 投资评级 润 387.09 亿元，同比-3.0%，实现归母净利润 367.09 亿元，同比-4.3%， 基本每股收益 2.07 元，同比-4.6%，实现新业务价值 128.9 亿元，同比 上次评级 +20.7%。 [王Ta舫b朝le _ A u t非ho银r]金 融行业首席分析师 点评： 执业编号：S1500519120002 联系电话：010-83326877 ➢ 核心业务恢复增长，负债端寿险质态改善明显。1）公司1Q24归母营 邮 箱：wangfangzhao@cindasc.com 运利润同比-3.0%至 387.09 亿元，归母净利润同比-4.3%至 367.09 亿 元，三大核心业务寿险及健康险、财险和银行恢复增长，合计归母营 张凯烽 非银金融行业研究 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance and value growth in Q1 2024 exceeded expectations, primarily due to effective cost control in comprehensive liabilities [2] - The new business value (NBV) continued to recover with a year-on-year growth of 20.7%, despite a decline in first-year premiums [2] - The company is focusing on wealth, retirement, and protection markets to meet diverse customer insurance needs [2] Financial Performance Summary - In Q1 2024, the company achieved a net profit attributable to shareholders of 36.709 billion yuan, a year-on-year decrease of 4.3% [2] - The operating profit after tax (OPAT) reached 38.709 billion yuan, with a slight year-on-year decline of 3.0% [2] - The insurance service revenue for property insurance was 80.627 billion yuan, reflecting a year-on-year increase of 5.7% [6] - The overall combined ratio (COR) was 99.6%, an increase of 0.9 percentage points year-on-year [6] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 120.383 billion, 154.124 billion, and 162.214 billion yuan, with year-on-year growth rates of 40.5%, 28.0%, and 5.2% respectively [2][9] - The report emphasizes that the value growth is above expectations, supported by cost control aiding core business growth [2]

前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分不受本公 司控制，影响着公司的表现、运作及实际业绩。受上述因素的影响，本公司未来的实际结果可能会与这些前瞻性陈述 出现重大差异。这些因素包括但不限于：汇率变动、市场份额、同业竞争、环境风险、法律、财政和监管变化、国际 经济和金融市场条件及其他非本公司可控制的风险和因素。本报告中的前瞻性描述不构成本公司对投资者的实质性承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测等前瞻性描述与承诺之间的差异。 任何人需审慎考虑上述及其他因素，并不可完全依赖本公司的"前瞻性陈述"，且应注意投资风险。此外，本公司声 明，本公司没有义务因新讯息、未来事件或其他原因而对本演示材料中的任何前瞻性陈述公开地进行更新或修改。本 公司及其任何员工或联系人，并未就本公司的未来表现作出任何保证声明，及不为任何该等声明负上责任。 2 2024年一季度业绩报告 2024年4月 有关前瞻性陈述之提示声明 除历史事实陈述外，本演示材料中包括了某些"前瞻性陈述"。所有本公司预计或期待未来可能发生的(包括但不 限于)预测、目标、估计及经营计 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-020 本公司董事会审计与风险管理委员会已审议通过本项议案。 具体请见本公司于同日在上海证券交易所网站（www.sse.com.cn）披露的《中 国平安保险（集团）股份有限公司 2024 年第一季度报告》。 表决结果：赞成 15 票、反对 0 票、弃权 0 票 本公司第十二届董事会第二十三次会议（以下简称"会议"）通知于 2024 年 4 月 9 日发出，会议于 2024 年 4 月 23 日在深圳市召开。会议应出席董事 15 人，实到董事 15 人，会议有效行使表决权票数 15 票。本公司监事和高级管理人 员列席了会议。会议的召集、召开程序符合《中华人民共和国公司法》和《中国 平安保险（集团）股份有限公司章程》的相关规定，会议合法、有效。 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一、审议通过了公司 2024 年第一季度报告及截至 2024 年 3 月 31 日止 3 个月的 未经审核业绩公布 中国平安保险（集团）股份有限公司 第十二届董事会第二十三次会议决议公告 中国平安保险（集团）股份有限公司（以下简称" ...

Financial Performance - Revenue for Q1 2024 was RMB 245.569 billion, a decrease of 3.2% compared to RMB 253.778 billion in Q1 2023[5] - Net profit attributable to parent company shareholders was RMB 36.709 billion, down 4.3% from RMB 38.352 billion in Q1 2023[5] - Basic earnings per share (EPS) for Q1 2024 was RMB 2.07, down 4.6% from RMB 2.17 in Q1 2023[5] - Weighted average return on equity (non-annualized) was 4.1%, a decrease of 0.2 percentage points from 4.3% in Q1 2023[5] - The company achieved an operating profit attributable to parent company shareholders of RMB 38.709 billion in Q1 2024, a decrease of 3.0% year-over-year[14] - Net profit attributable to parent company shareholders decreased to 36,709 million RMB in Q1 2024 from 38,352 million RMB in Q1 2023[57] - Total operating income declined to 245,569 million RMB in Q1 2024 from 253,778 million RMB in Q1 2023[56] - Total comprehensive income fell sharply to 14,198 million RMB in Q1 2024 from 47,996 million RMB in Q1 2023[57] - Total operating revenue for Q1 2024 was RMB 1,288 million, a significant decrease from RMB 3,628 million in Q1 2023[61] - Net profit for Q1 2024 was RMB 901 million, down from RMB 3,222 million in Q1 2023[61] - Total comprehensive income for Q1 2024 was RMB 930 million, compared to RMB 3,225 million in Q1 2023[61] Cash Flow and Liquidity - Net cash flow from operating activities was RMB 74.958 billion, a significant decrease of 64.3% from RMB 209.986 billion in Q1 2023[5] - Operating cash flow from insurance premiums received increased to RMB 307,044 million, up 5.2% YoY from RMB 291,893 million[58] - Net cash flow from operating activities decreased to RMB 74,958 million, down 64.3% YoY from RMB 209,986 million[58] - Cash received from investment activities decreased to RMB 529,469 million, down 3.7% YoY from RMB 549,883 million[59] - Net cash used in investment activities improved to RMB 177 million, compared to RMB 27,575 million used in the same period last year[59] - Cash received from financing activities increased to RMB 357,166 million, up 56.0% YoY from RMB 228,924 million[59] - Net cash used in financing activities decreased to RMB 12,022 million, down 87.9% YoY from RMB 99,090 million[59] - Cash and cash equivalents at the end of the period increased to RMB 544,102 million, up 3.3% YoY from RMB 526,583 million[59] - Net cash flow from operating activities was negative RMB 171 million in Q1 2024, compared to negative RMB 160 million in Q1 2023[62] - Net cash flow from investing activities was RMB 297 million in Q1 2024, a sharp decline from RMB 11,225 million in Q1 2023[62] - Net cash flow from financing activities was positive RMB 2,678 million in Q1 2024, compared to negative RMB 3,717 million in Q1 2023[62] - Total cash and cash equivalents at the end of Q1 2024 were RMB 13,340 million, down from RMB 22,886 million at the end of Q1 2023[62] Assets and Liabilities - Total assets as of March 31, 2024, were RMB 11,982.296 billion, an increase of 3.4% from RMB 11,583.417 billion at the end of 2023[5] - Total assets grew to 11,982,296 million RMB in Q1 2024 from 11,583,417 million RMB in the previous period[55] - Total liabilities increased to 10,740,156 million RMB in Q1 2024, up from 10,354,453 million RMB in the previous period[55] - Total equity increased slightly to 1,242,140 million RMB in Q1 2024 from 1,228,964 million RMB in the previous period[55] - The company's monetary funds increased to RMB 640,221 million as of March 31, 2024, compared to RMB 577,212 million at the end of 2023[54] - Ping An's financial investments, including fair value through profit or loss assets, reached RMB 1,962,415 million as of March 31, 2024[54] - Total assets of the parent company increased to RMB 317,829 million, up 1.6% from RMB 312,760 million at the end of 2023[60] - Long-term equity investments of the parent company remained stable at RMB 239,584 million, slightly up from RMB 239,302 million at the end of 2023[60] - Shareholders' equity of the parent company increased to RMB 292,266 million, up 0.4% from RMB 291,085 million at the end of 2023[60] Insurance Business Performance - The new business value of life and health insurance reached RMB 12.89 billion in Q1 2024, a year-over-year increase of 20.7%[12] - The comprehensive cost ratio of Ping An Property & Casualty Insurance was 99.6% in Q1 2024, an increase of 0.9 percentage points year-over-year[12] - The group's consolidated operating profit for the first quarter of 2024 reached RMB 47.739 billion, with the life and health insurance business contributing RMB 27.207 billion[17] - The life and health insurance business achieved a new business value of RMB 12.89 billion in Q1 2024, a year-on-year increase of 20.7%[19] - The new business value margin for the life and health insurance business increased by 6.5 percentage points to 22.8% in Q1 2024[19] - The number of individual life insurance sales agents decreased by 4.0% to 333,000 by the end of March 2024[19] - The property insurance business reported insurance service income of RMB 80.627 billion in Q1 2024, a year-on-year increase of 5.7%[22] - The comprehensive cost ratio for the property insurance business rose by 0.9 percentage points to 99.6% in Q1 2024[23] - In Q1 2024, Ping An's life and health insurance business achieved a scale premium of RMB 238,146 million, a 1.6% increase year-over-year[47] - In Q1 2024, Ping An's property insurance business recorded an original insurance premium income of RMB 79,076 million, a 2.8% increase year-over-year[48] - Ping An's core solvency adequacy ratio for life insurance stood at 118.8%, while the comprehensive solvency adequacy ratio was 206.0% as of March 31, 2024[50] Investment Performance - The insurance fund investment portfolio achieved an annualized comprehensive investment yield of 3.1% and a net investment yield of 3.0% in Q1 2024[24] - The size of the insurance fund investment portfolio exceeded RMB 4.93 trillion by the end of March 2024, an increase of 4.4% from the beginning of the year[24] - The investment in real estate within the insurance fund portfolio amounted to RMB 206.435 billion, accounting for 4.2% of the total investment assets by the end of March 2024[24] - Real estate investments accounted for 79.8% of total investments, primarily in commercial offices, logistics properties, industrial parks, and long-term rental apartments[25] - Fair value change gains increased significantly to 34,487 million RMB in Q1 2024 from 22,069 million RMB in Q1 2023[56] - Investment losses were recorded at 6,971 million RMB in Q1 2024, compared to gains of 6,823 million RMB in Q1 2023[56] - Investment income dropped to RMB 696 million in Q1 2024 from RMB 3,071 million in Q1 2023[61] Customer and Market Metrics - The number of individual customers reached 233.78 million as of March 31, 2024, an increase of 1.0% from the beginning of the year[12] - The average number of contracts per individual customer was 2.94 as of March 31, 2024, a slight decrease of 0.3% from the beginning of the year[12] - Ping An's personal customer base reached 233.78 million by the end of March 2024, a 1.0% increase from the beginning of the year[33] - Over 63% of Ping An's personal customers used medical and elderly care services, with an average of 3.37 contracts per customer[34] - Ping An's health insurance premium income in Q1 2024 was nearly RMB 40 billion, with 70% of new life insurance business value coming from customers using medical and elderly care services[34] - Over 10 million life insurance customers used the medical and elderly care ecosystem services in Q1 2024, with new contract customers accounting for over 60%[36] - 63% of the company's 234 million individual customers used the medical and elderly care ecosystem services, with an average of 3.37 contracts per customer and an average AUM of RMB 57,600, 1.6x and 3.6x higher than non-users respectively[37] Shareholder and Employee Ownership - The company's total share capital as of March 31, 2024, was 18,210,234,607 shares, with A-shares accounting for 10,762,657,695 shares and H-shares for 7,447,576,912 shares[7] - Hong Kong Securities Clearing (Nominees) Limited held 38.26% of the company's shares, making it the largest shareholder[8] - Shenzhen Investment Holdings Co., Ltd., a state-owned legal entity, held 5.29% of the company's shares[8] - The company's long-term service plan, involving over 140,000 employees, held 1.93% of the company's shares[9] - The core personnel shareholding plan held 25,391,496 A shares, accounting for 0.139% of the company's total shares[43] - The long-term service plan held 161,422,006 A shares, accounting for 0.883% of the company's total shares[44] - 2022 Long-term Service Plan involved 90,960 participants, purchasing 93,314,482 shares of Ping An A-shares for a total of RMB 4,438,825,366.37, accounting for 0.510% of the total shares[45] - 2023 Long-term Service Plan involved 83,651 participants, purchasing 96,608,364 shares of Ping An A-shares for a total of RMB 4,450,946,615.20, accounting for 0.528% of the total shares[45] - As of the reporting period, the Long-term Service Plan held 350,906,763 A-shares, representing 1.927% of the company's total shares[45] Banking and Financial Services - Ping An Bank's net profit was RMB 14.932 billion in Q1 2024, a year-over-year increase of 2.3%[14] - The core tier 1 capital adequacy ratio of Ping An Bank rose to 9.59% as of March 31, 2024[14] - The coverage ratio of Ping An Bank was 261.66% as of March 31, 2024[14] - Retail customer assets (AUM) at Ping An Bank grew to RMB 4,082.712 billion by the end of March 2024, up 1.3% from the beginning of the year[26] - Corporate loan balance at Ping An Bank increased by 12.2% to RMB 1,603.958 billion by the end of March 2024[26] - Ping An Bank's bond trading market share rose to 3.1% in Q1 2024, up 0.2 percentage points year-on-year[26] - Ping An's total assets under management (AUM) exceeded RMB 7 trillion by the end of March 2024[30] Technology and Innovation - Ping An's AI customer service handled approximately 420 million interactions in Q1 2024, covering 80% of total customer service interactions[31] - The online healthcare platform has a 98% monthly five-star rating and handles 60-second response times for remote consultations[36] Social Responsibility and Sustainability - The company's green insurance premium income reached RMB 10.682 billion in Q1 2024[11] - The "Three Villages Project" provided RMB 2.677 billion in rural industrial assistance funds in Q1 2024[11] Healthcare and Elderly Care Services - The company's domestic cooperation network includes over 50,000 internal and external doctors, more than 36,000 hospitals, 100% coverage of top 100 and top-tier hospitals, over 100,000 health management institutions, and 231,000 pharmacies, with a national pharmacy coverage rate exceeding 37%[35] - The home-based elderly care service covers 54 cities, offering nearly 600 services, with over 120 suppliers and a customer NPS of 83%[35] - The overseas cooperation network spans 35 countries, including over 1,300 overseas medical institutions, covering 8 of the top 10 and 54 of the top 100 globally[35]

截至本公告日，本公司尚未实施 2024 年度核心人员持股计划及 2024 年度 长期服务计划购股。本公司后续将根据实施方案完成股票购买，并及时履行信 息披露义务。 特此公告。 中国平安保险（集团）股份有限公司董事会 2024 年 4 月 19 日 中国平安保险（集团）股份有限公司 关于 2024 年度核心人员持股计划及 2024 年度长期服务计划购股进展的公告 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。 本公司于 2024 年 3 月 21 日召开第十二届董事会第二十二次会议审议通过 了《关于审议 2024 年度核心人员持股计划参与情况的议案》（以下简称"2024 年度核心人员持股计划"）及《关于审议 2024 年度长期服务计划参与情况的议 案》（以下简称"2024 年度长期服务计划"），具体内容请见本公司于 2024 年 3 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《中国平安保险（集 团）股份有限公司关于 2024 年度核心人员持股计划实施方 ...

近期，新“国九条”和证监会退市意见的出台，资本市场整体表现热络，市场亦不乏对未来出现牛市的积 极预期。 此前中信建投观点就指出，前两次“国九条”发布后A股市场均迎来大幅上涨，此次“国九条”可能助推市 场走出慢牛。 中信证券对此则表示，新“国九条”落地，新一轮资本市场“1+N”政策体系框架逐渐清晰，改革重心转向 投资端，着力提高上市公司质量和投资者回报，夯实中国资本市场中长期健康发展的重要基础，政策短 期更有利于大盘风格和红利策略。 遵循中信证券的观点来看，资本市场也正持续验证上述逻辑。近日，以业绩为主线的蓝筹频频发力带领 指数上攻。其中，龙头险企中国平安表现抢眼。4月18日，中国平安(02318.HK)港股一度大涨5%，A股 也一度涨超3%。 行业板块层面来看，保险股也在近日开启了普涨行情。机构观点多数认为，新“国九条”对保险板块将构 成直接利好。 ...

4月18日早盘，恒生指数小幅高开后窄幅震荡。个股方面，保险股集体走强。截至发稿，恒生中国企业 指数涨近1.5%，恒生国企ETF（159850）涨超1%，持仓股中国平安涨近5%，中国人寿涨近3.5%。 截至4月17日，A股五大上市险企季度保费悉数出炉。据统计，中国平安、中国人寿、中国人保、中国 太保、新华保险这5家险企共揽保费10664.23亿元，同比增长0.96%。 相关标的：恒生国企ETF（159850）跟踪香港恒生中国企业指数，旨在反映在港股上市的内地企业的整 体表现，聚焦龙头又兼具成长特性的标的；港股国企ETF（513810）紧密跟踪港股“中特估”投资主线， 聚焦五大国有行、三大通信服务商、“三桶油”等大市值行业龙头股。 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-016 中国平安保险（集团）股份有限公司 保费收入公告 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。 根据中华人民共和国财政部《企业会计准则解释第 2 号》以及《保险合同相 关会计处理规定》，本公司如下子公司于 2024 年 1 月 1 日至 2024 年 3 月 31 日 期间的原保险合同保费收入为： | | | 2024 年 | 1-3 月 | | --- | --- | --- | --- | | 子公司名称 | 原保险合同保费收入 | | 同比 | | | （人民币万元） | | （%） | | 中国平安财产保险股份有限公司 | 7,907,567 | | 2.8 | | 中国平安人寿保险股份有限公司 | 17,330,210 | | 0.9 | | 平安养老保险股份有限公司 | 677,074 | | 1.5 | | 平安健康保险股份有限公司 | 527,300 | | 10.7 | 于上述期间，本 ...

证券研究报告 公 2024年03月22日 司 报 告 中国平安(601318) │ 行 业： 非银金融/保险Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 42.03元 - 分红稳健增长略超预期 公 目标价格： 60.70元 司 事件： 年 基本数据 报 公司发布2023年年报，公司全年实现NBV 310.8亿，同比+7.8%。新准则 点 下公司实现归母净利润856.65亿，同比-22.8%。 总股本/流通股本(百万股) 18,210.23/18,210. 23 评 ➢ 23年利润低于预期，分红略超预期 流通A股市值(百万元) 452,354.50 1）新准则下公司实现归母净利润 856.65 亿，同比-22.8%，增速环比继续 每股净资产(元) 49.37 回落（前三季度累计增速为-5.6%）。其中 Q1/Q2/Q3/Q4 单季同比分别 +48.9%/-30.0%/-19.6%/盈转亏。分业务来看，寿险及健康险、财险、银行、 资产负债率(%) 89.39 资管、科技业务分别实现归母净利润726、89、269、-207、21亿。资管业 一年内最高/最低(元) 56.00/37.62 务利润承压是公司净利润略 ...