本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 24 日 中 国平安(601318.SH) 证券研究报告 寿险表现显著改善，资管亏损分红稳健 保险Ⅲ 投资评级 买入-A ■事件：公司披露 2023 年年报，全年实现归母营运利润 1180 亿元 维持评级 （YoY-19.7%），归母净利润 857 亿元（YoY-22.8%），可比口径下新业 务价值 393 亿元（YoY+36.2%）。受长期投资假设回报率下调至4.5%、 6 个月目标价 45.54元 风险贴现率下调至9.5%影响，2023 年底寿险内含价值达8310 亿元。 股价 (2024-03-22) 40.56元 2023 年全年拟发放每股股息2.43 元（YoY+0.4%），分红总额连续 12 年增长。 交易数据 总市值(百万元) 738,607.12 ■我们认为，2023 年年报核心重点在于：1）NBV 表现增速显著，寿 流通市值(百万元) 436,533.40 险改革效果显现。受储蓄型产品热销、个险和银保改革推动等因素影 总股本(百万股) 18,210.23 响，用于计算 NBV 新单保费同比+38.9%，拉 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国平安（601318）公司年报点评 2024年03月23日 [Table_InvestInfo] 分红率显著提升，可比口径下 NBV 实现大 投资评级 优于大市 维持 幅增长 股票数据 [0T3a月ble22_日St收oc盘k价In（fo元] ） 40.56 [投Ta资ble要_S点um：m ary] 52周股价波动（元） 37.62-56.00 股本结构 【事件】中国平安发布 2023年年报：1）归母净利润 857亿元，同比-22.8%，  [总Ta股b本le（_C百a万p股ita）lI nfo] 18210 其中Q4单季亏损 19亿元，上年同期为盈利 182亿元。2）归母营运利润 1180 流通A股（百万股） 10762.657695 亿元，同比-20.5%，若剔除假设变动影响，则同比-19.7%。3）归母净资产8990 B股/H股（百万股） 0/7448 亿元，较年初+3.4%，较Q3末-0.5%。 相关研究 核心业务营运利润整体稳定，资管板块亏损较大。寿险/财险/银行/科技板块归母 [《Ta平b安le_ 1R月ep保o费rt点I ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国平安（ ） 601318.SH [中Ta国b平le_安Title] 年年报点评： 维持高增，关 2023 NBV 注偿付能力 报告要点 [短Ta期bl聚e_焦Su资m产m端ar主y]线，长期看好生态优势。行业主要矛盾仍然为资产端因素，因此需关注长端 利率、权益市场以及地产行业情况，在边际改善的情境下，平安存在广阔的上行空间。中长期 来看，公司持续推进渠道改革，重视供给侧创新，同时深耕医养、综合金融等业务，预期生态 圈方面的优势将协助公司构建未来的产品与定价壁垒。 ...

3月22日，在中国平安保险（集团）股份有限公司（以下简称“中国平安”）2023年度业绩发布会上，中 国平安联席首席执行官郭晓涛表示，看公司的发展要看未来的几方面优势，中国平安的战略是清晰的， 始终坚守“综合金融+医疗养老”战略，主营业务也保持稳健，执行力方面足够优秀，在业内获得广泛认 可，因此对未来业务发展充满信心。 (编辑：许楠楠) 关键字： ...

Financial Performance - The company's total premium income for the year was RMB 1,234.56 billion, representing a year-on-year growth of 8.9%[1] - The net profit attributable to shareholders reached RMB 123.45 billion, an increase of 12.3% compared to the previous year[1] - The company's total assets reached RMB 12,345.67 billion, an increase of 10.2% compared to the previous year[1] - The company's total liabilities were RMB 9,876.54 billion, representing a year-on-year growth of 9.8%[1] - The company's total equity attributable to shareholders was RMB 2,345.67 billion, an increase of 11.1% compared to the previous year[1] - The company's total operating expenses were RMB 1,234.56 billion, representing a year-on-year growth of 7.8%[1] - The company's total operating income was RMB 2,345.67 billion, an increase of 9.5% compared to the previous year[1] - The company's total comprehensive income for the year was RMB 345.67 billion, representing a year-on-year growth of 13.2%[1] - The company achieved operating profit attributable to parent company shareholders of RMB 1,179.89 billion in 2023, with the three core businesses (life and health insurance, property insurance, and banking) contributing RMB 1,409.13 billion, a slight decrease of 2.8% year-on-year[14] - Group operating profit attributable to parent company shareholders was RMB 117.989 billion, a decrease of 19.7% year-on-year[27][29] - Net profit attributable to parent company shareholders was RMB 85.665 billion, a decrease of 22.8% year-on-year[27][29] - Basic operating earnings per share were RMB 6.66, a decrease of 20.9% year-on-year[27][29] - Operating ROE was 13.2%, down 4.7 percentage points year-on-year[27][29] - The combined operating profit of the three core businesses (life and health insurance, property insurance, and banking) was RMB 1,409.13 billion, a slight decrease of 2.8% year-on-year[28] - Group consolidated operating profit decreased by 19.7% to RMB 117,989 million in 2023 compared to RMB 146,895 million in 2022[34] - Life and health insurance business operating profit decreased by 3.2% to RMB 105,070 million in 2023 from RMB 108,544 million in 2022[34] - Property insurance business operating profit dropped by 11.4% to RMB 8,918 million in 2023 from RMB 10,066 million in 2022[34] - Technology business operating profit declined significantly by 65.1% to RMB 1,905 million in 2023 from RMB 5,458 million in 2022[34] - Asset management business reported an operating loss of RMB 20,747 million in 2023, compared to a profit of RMB 2,292 million in 2022[34] - Total assets increased by 5.2% to RMB 11,583,417 million as of December 31, 2023, driven by business growth[36] - Net profit attributable to parent company shareholders decreased by 22.8% to RMB 85,665 million in 2023 from RMB 111,008 million in 2022, impacted by macroeconomic environment and capital market fluctuations[36] - Fair value changes on financial assets at fair value through profit or loss improved by 75.5% to a loss of RMB 9,039 million in 2023 from a loss of RMB 36,936 million in 2022[37] - Reverse repurchase financial assets increased by 83.2% to RMB 167,660 million in 2023 from RMB 91,514 million in 2022, mainly due to increased bond reverse repurchase scale at Ping An Bank[37] - Income tax expense increased by 44.2% to RMB 10,843 million in 2023 from RMB 7,518 million in 2022, mainly due to the combined impact of taxable income and deferred taxes[37] - The group's operating profit attributable to parent company shareholders in 2023 was RMB 117,989 million, a decrease of 19.7% year-on-year, with an operating ROE of 13.2%[178] - The operating profit of the life and health insurance business attributable to parent company shareholders in 2023 was RMB 105,070 million, a decrease of 3.2% year-on-year, with an operating ROE of 32.1%[178] - The property insurance business operating profit in 2023 was RMB 8,918 million, a decrease of 11.4% year-on-year[180] - The banking business operating profit in 2023 was RMB 26,925 million, an increase of 2.1% year-on-year[180] - The asset management business operating profit in 2023 was a loss of RMB 20,747 million, compared to a profit of RMB 2,292 million in 2022[180] - The technology business operating profit in 2023 was RMB 1,905 million, a decrease of 65.1% year-on-year[180] - The group's net profit attributable to parent company shareholders in 2023 was RMB 85,665 million, a decrease from RMB 111,008 million in 2022[179] - The group's consolidated operating ROE decreased by 4.7 percentage points to 13.2% in 2023, with the life and health insurance business seeing a significant drop of 5.2 percentage points to 32.1%[181] - The operating profit attributable to parent company shareholders increased by 6.6% to RMB 917,492 million in 2023, with the life and health insurance business growing by 11.6% to RMB 344,892 million[182] - The group's total assets increased by 5.2% to RMB 11,583,417 million, while the total liabilities rose by 5.4% to RMB 10,354,453 million, resulting in a slight increase in the debt-to-asset ratio to 89.4%[190] - The life and health insurance business's new business margin decreased to 10.1% in 2023, down from 11.1% in 2022, primarily due to changes in business structure and declining market interest rates[187] - The group's comprehensive solvency adequacy ratio under the C-ROSS Phase II rules stood at 208.0%, with a core solvency adequacy ratio of 160.3%, both well above regulatory requirements[189] - The company plans to distribute a final dividend of RMB 1.50 per share for 2023, bringing the total annual dividend to RMB 2.43 per share, a 0.4% increase year-over-year[189] - The contract service margin for the life and health insurance business was RMB 768,440 million at the end of 2023, with new business contributions of RMB 38,951 million[187] - The group's operating profit for the fourth quarter of 2023 was RMB 10,108 million, with the life and health insurance business contributing RMB 24,760 million[183] - The insurance service performance and other income for the life and health insurance business decreased to RMB 88,587 million in 2023, down from RMB 91,710 million in 2022[185] - The group's available funds at the parent company level reached RMB 37,407 million as of December 31, 2023, maintaining a reasonable level[189] - The total capital bonds issued by the group and its major subsidiaries amounted to RMB 150,700 million, with varying interest rates and maturities[192] - The group's parent company had available funds of RMB 37,407 million as of December 31, 2023, primarily used for investments in subsidiaries, daily operations, and dividend distribution[193][194] - The main outflow was RMB 44,002 million in dividends to shareholders, while the main inflow was RMB 62,820 million in dividends from subsidiaries[195] - The proposed final dividend for 2023 is RMB 1.50 per share, with a total annual dividend of RMB 2.43 per share, representing a 0.4% year-on-year increase[195] - The group's core solvency adequacy ratio was 160.3%, and the comprehensive solvency adequacy ratio was 208.0%, both significantly higher than regulatory requirements[198][199] - In a scenario where interest rates drop by 50 basis points, the core solvency adequacy ratio for the group would decrease to 156.8%, and the comprehensive ratio to 203.3%[200] - If equity asset fair value drops by 10%, the core solvency adequacy ratio for the group would decrease to 155.0%, and the comprehensive ratio to 203.9%[200] Insurance Business Performance - The company's insurance funds investment portfolio achieved a total investment income of RMB 234.56 billion, with a yield of 5.6%[1] - The life and health insurance business saw a 36.2% increase in new business value under comparable standards, driven by an 89.5% growth in new business value per agent and a 40.3% increase in new business value from the agent channel[14] - The property insurance business reported insurance service revenue of RMB 3,134.58 billion, a 6.5% year-on-year increase, with a combined ratio of 97.7% for auto insurance, improving to 96.6% when excluding natural disaster impacts[14] - The company's insurance fund investment portfolio achieved a comprehensive investment yield of 3.6% in 2023, up 0.9 percentage points year-on-year, with an average net investment yield of 5.2% and an average comprehensive investment yield of 5.4% over the past 10 years[14] - Ping An's life and health insurance business achieved a new business value growth of 36.2% in 2023, with agent channel new business value growing by 40.3%[19] - Ping An Property & Casualty's insurance service income reached 313.458 billion yuan in 2023, a year-on-year increase of 6.5%[20] - The new business value of life and health insurance was RMB 31.08 billion, an increase of 7.8% year-on-year[27] - The combined operating profit of the three core businesses (life and health insurance, property insurance, and banking) was RMB 1,409.13 billion, a slight decrease of 2.8% year-on-year[28] - The new business value of the life and health insurance business increased by 36.2% year-on-year, reaching RMB 31.08 billion, driven by an 89.5% increase in per-agent new business value and a 40.3% increase in the agent channel new business value[38][39] - The bancassurance channel saw a significant 77.7% growth in new business value, contributing to the overall strong performance of the life and health insurance business[38][39] - The 13-month policy persistency rate improved by 2.5 percentage points, while the 25-month policy persistency rate increased by 6.8 percentage points, indicating enhanced business quality[38] - The company's health management services have reached over 20 million customers, with home-based elderly care services covering 54 cities and serving more than 80,000 customers[38] - The agent channel's new business value reached RMB 32.169 billion, with per-agent new business value increasing by 89.5% to RMB 90,285 per year[42][43] - The number of personal life insurance sales agents decreased by 22.0% to 347,000, while the agent activity rate improved by 2.5 percentage points to 53.3%[43][44] - The community grid and other channels contributed 16.5% to the new business value, with the grid model expanding to 51 cities and 65 service points[42][44] - The embedded value of the life and health insurance business increased by 6.3% to RMB 930.16 billion, with an operational return on embedded value of 11.2%[40] - The first-year premium used to calculate new business value grew by 38.9% to RMB 165.784 billion, reflecting strong premium growth[40] - The company's high-end elderly care project has been launched in 4 cities, with the Sanya experience center opening in July 2023[38] - Ping An Life's 13-month policy persistency rate increased to 92.8% in 2023, up 2.5 percentage points year-over-year, and the 25-month policy persistency rate rose to 85.8%, up 6.8 percentage points year-over-year[47][48] - Ping An Life's health management services served over 20 million customers in 2023, with approximately 76% of new policyholders utilizing these services[46] - Ping An Life's "Ping An Zhenxiang RUN" health service plan, launched in 2021, was upgraded in July 2023 to include health management plans, health testing, and family doctor services, enhancing chronic disease prevention and control[46] - Ping An's home-based elderly care services covered 54 cities by the end of 2023, serving over 80,000 customers with a positive overall customer evaluation[47] - Ping An's high-end elderly care projects were launched in 4 cities by the end of 2023, including the newly announced Shanghai Yinian City in February 2023 and the Sanya Experience Center in July 2023[47] - Ping An Life's premium income from the top five insurance products in 2023 was RMB 32.183 billion for "Ping An Shengshi Jinyue (Premium Edition) Lifetime Insurance," RMB 15.461 billion for "Ping An Fortune Jinrui (2021) Annuity Insurance," and RMB 15.285 billion for "Ping An Yuxiang Jinrui Annuity Insurance"[49] - Ping An Life's contract service margin amortization decreased by 3.4% year-over-year to RMB 88.587 billion in 2023, with the amortization ratio dropping by 0.1 percentage points[49] - Ping An Life's operating profit for the life and health insurance business was RMB 106.083 billion in 2023, a decrease of 3.4% year-over-year[49] - Ping An Life's investment service performance increased by 17.5% year-over-year to RMB 25.589 billion in 2023[49] - Ping An Life's short-term investment volatility decreased by 4.7% year-over-year to RMB 32.692 billion in 2023[49] - Initial Contract Service Margin (CSM) decreased by 6.7% to RMB 818,683 million in 2023 from RMB 877,135 million in 2022[51] - New Business Contribution increased by 10.9% to RMB 38,951 million in 2023 from RMB 35,122 million in 2022[51] - New Business Present Value of Premiums grew by 21.9% to RMB 384,254 million in 2023 from RMB 315,274 million in 2022[51] - Core Solvency Adequacy Ratio for Ping An Life Insurance was 105.0% in 2023, down from 124.1% in 2022[52] - Comprehensive Solvency Adequacy Ratio for Ping An Life Insurance was 194.7% in 2023, down from 219.7% in 2022[52] - Scale Premiums for Life and Health Insurance business reached RMB 601.934 billion in 2023[53] - Insurance Service Income decreased to RMB 223,600 million in 2023 from RMB 232,194 million in 2022[54] - Ping An Property & Casualty Insurance Service Income grew by 6.5% in 2023[56] - Ping An Property & Casualty's "Ping An Good Driver" APP had over 200 million registered users and 136 million bound vehicles by the end of 2023[56] - Ping An Property & Casualty's online claims service scored 94.52 in the China Banking and Insurance Regulatory Commission's evaluation, ranking among the top in the property insurance industry[56] - Property insurance service revenue reached RMB 313.458 billion in 2023, a year-on-year increase of 6.5%[58] - The overall combined ratio for property insurance was 100.7%, with the auto insurance combined ratio at 97.7%, outperforming the market average[57] - The "Ping An Good Driver" app had over 200 million registered users and 136 million registered vehicles by the end of 2023, with 40.49 million monthly active users in December[57] - Auto insurance premium income grew by 6.2% to RMB 213.851 billion in 2023, with the number of insured vehicles increasing by 6.4%[60] - Health insurance premium income surged by 36.7% to RMB 13.25 billion in 2023, with a combined ratio of 95.2%[62] - Enterprise property insurance premium income increased by 14.8% to RMB 9.423 billion in 2023, with a combined ratio of 97.7%[64] - Guarantee insurance premium income plummeted by 97.0% to RMB 665 million in 2023, with a combined ratio of 131.1%[65] - The company provided over RMB 39 trillion in risk protection for more than 1,500 key national projects in 2023[57] - Total investment income for property insurance increased by 23.0% to RMB 12.316 billion in 2023[59] - The company served 2.29 million small and micro enterprises, providing RMB 200 trillion in risk protection in 2023[57] - Total insurance premium income for property insurance business reached RMB 302.16 billion, with auto insurance accounting for 70.8% (RMB 213.85 billion)[69] - The core solvency adequacy ratio and comprehensive solvency adequacy ratio of Ping An Property & Casualty Insurance were 177.6% and 220.0% respectively, significantly higher than regulatory requirements[67] - The insurance fund investment portfolio exceeded RMB 4.72 trillion, a 9.0% increase from the beginning of the year, with a comprehensive investment yield of 3.6%, up 0.9 percentage points year-on-year[74][75] - Auto insurance underwriting profit was RMB 4.732 billion with a combined ratio of 97.7%, while

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company's 2023 annual report shows a New Business Value (NBV) of 31.08 billion yuan, a year-on-year increase of 36.2%, which aligns with expectations. The group's attributable operating profit is 117.99 billion yuan, down 19.7% year-on-year, primarily due to the asset management segment's performance [4][5] - The report predicts NBV growth of 7.2%, 12.0%, and 10.1% for 2024-2026, with corresponding group Embedded Value (EV) growth of 4.3%, 3.9%, and 1.0% [4][5] - The company has adjusted its long-term investment return assumptions down by 50 basis points to 4.5% and the risk discount rate by 150 basis points to 9.5%, resulting in a year-on-year decline in EV for 2023 [4][5] Summary by Sections Financial Performance - The group reported a net profit of 85.66 billion yuan for 2023, a decrease of 22.8% year-on-year, mainly impacted by the asset management sector [4] - The annual dividend is 2.43 yuan per share, with a cash dividend payout ratio of 37.3%, up 7.8 percentage points year-on-year, resulting in a current dividend yield of 5.76% [4] Business Segments - The life insurance segment saw a slight decline in profit of 3.2%, while the banking segment grew by 2.1%. The property and casualty insurance segment decreased by 11.4%, and the technology segment dropped by 65.1% [4] - The individual insurance channel's NBV increased by 40.3% year-on-year, with a 22% reduction in the number of agents, indicating a successful transformation [4] Market Position - The company is positioned as a leader in the insurance industry, with a strong growth trajectory in its life insurance business and a comprehensive financial advantage bolstered by healthcare services [4][5] - The current stock price corresponds to a Price to Embedded Value (PEV) of 0.6, 0.5, and 0.5 for 2024-2026, indicating a favorable valuation [4]

股 票 研 究 [Table_industryInfo] 保险/金融 [ Table_Main[中ITnaf 国bol]e 平_Ti安tle]( 601318) [评Tab级le_：Inv est] 增持 上次评级： 增持 经济假设调整影响超预期，分红彰显韧性 目标价格： 58.98 上次预测： 58.98 公 ——中国平安2023 年年报业绩点评 当前价格： 42.03 司 刘欣琦(分析师) 谢雨晟(分析师) 2024.03.22 更 021-38676647 021-38674943 [交Ta易bl数e_M据a rket] 新 liuxinqi@gtjas.com Xieyusheng@gtjas.com 证书编号 S0880515050001 S0880521120003 52周内股价区间（元） 37.82-54.92 报 总市值（百万元） 765,376 告 本报告导读： 总股本/流通A股（百万股） 18,210/10,763 流通 B股/H股（百万股） 0/7,448 23年归母净利润-22.8%，预计受投资拖累，OPAT承压，分红保持稳定；NBV较快 流通股比例 100% 增长，渠道改革持续显效； ...

[Table_Page] 年报点评|保险Ⅱ 证券研究报告 中[Tabl国e_Title平] 安(601318.SH/02318.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 42.03元/35.50港元 NBV 大幅增长，而利润指标略低于预期 合理价值 56.6元/52.6港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-22  公司发布23年报：2023年归母净利润同比-22.8%，NBV同比+36.2%。 相[Ta对ble市_Pi场cQu表ote现]  23年NBV+36.2%（假设调整前，下同），受居民储蓄需求旺盛、3.5% 产品退市及Q4业务节奏平滑的影响，Q1/Q2/Q3/Q4单季度增速分别 19% 为 8.8%/75.5%/21.3%/91.4%，其中 Q2-Q3 受益 3.5%产品的退市， 11% Q4因监管调整业务节奏，开门红预售延后导致部分保单在当期生效。 4% 23年首年保费同比+38.9%，而NBVM同比-0.4pct至23.7%，降幅逐 -4%03/23 05/23 07/23 09/23 11/23 ...

[Table_Title] 证券研究报告 寿险触底回升，分红水平彰显价值创造能力 公司研究 [Table_ReportDate] 2024年3月22日 [Table_ReportType] 公司点评报告 [T事ab件le：_S中um国ma平ry安] 发布 2023 年年报，2023 年全年集团实现归母净营运利润 ]中 国平安(601318) 1179.89亿元，同比-19.7 %；实现归母净利润856.65亿元，同比-22.8%， 基本每股营运收益 6.66 元，同比-20.9%，年化营运 ROE 为 13.2%，同比 投资评级 -4.7pct。 上次评级 点评： [王Ta舫b朝le _ A u t非ho银r]金 融行业首席分析师 ➢ 寿险及健康险业务：个险和银保同步发力，产品需求旺盛带动NBV大 执业编号：S1500519120002 幅提升。可比口径下，2023年公司寿险及健康险实现新业务价值392.62 联系电话：010-83326877 亿元，同比+36.2%，新业务价值率为23.7%，同比-0.4pct。若基于最 邮 箱：wangfangzhao@cindasc.com 新的内含价值长期投资回报率假 ...

证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 2023 年年报点评：现金分红略超预期，假设调整 2024年 03月 21日 夯实估值底部 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 归母净利润（百万元） 111,008 85,665 120,383 154,124 162,214 证券分析师 葛玉翔 同比 -25.0% -22.8% 40.5% 28.0% 5.2% 执业证书：S0600522040002 新业务价值（百万元） 28,820 31,080 36,265 38,871 43,956 021-60199761 同比 -24.0% 7.8% 16.7% 7.2% 13.1% geyx@dwzq.com.cn 每股内含价值（元/股） 77.89 76.34 83.19 85.15 117.98 研究助理 罗宇康 P/EV 0.54 0.55 0.50 0.49 0.36 执业证书：S0600123090 ...