%% %% 丨证券研究报告丨 公司研究丨点评报告丨新华保险（601336.SH） [Table_Title] 新华保险 2024 年三季报点评：银保期缴回正， 投资收益高增 | --- | --- | --- | |------------------------------------------------------------------------------------------------------|-------|-------| | | | | | 报告要点 | | | | [Table_Summary] 负债端定价利率下调不改保险本质，预期后续维持类似景气水平。行业主要矛盾聚焦资产端， | | | 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 新华保险（601336.SH） cjzqdt11111 2024-11-02 公司研究丨点评报告 相关研究 [Table_Title 新华保险 2024 2] 年三季报点评：银保期缴回正， 投资收益高增 ...

证券研究报告·公司点评报告·保险Ⅱ 新华保险（601336） 2024 年三季报点评：价值高增，利润新高 2024 年 11 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|-----------------------------------|--------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 归母净利润（百万元） | | | 21,500 8,712 20,600 13,543 14,407 | | | | 同比增长率（ % ） | 43.8% | -59.5% | 136.5% | -34.3% | 6.4% | | 新业务价值（百万元） | | | 2,423 3,024 4,403 5,065 5,763 | | | | 新业务价值增长率（ % ） | -59.5% | 24.8% | 45.6% | 15.0% | 13.8% | ...

证券研究报告 金融公司|公司点评|新华保险（601336） NBV 及净利润增速均处于同业领先水平 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 新华保险发布 2024 年三季报，前三季度公司实现归母净利润 206.8 亿元,同比增长 116.7%； NBV 同比增长 79.2%。公司的归母净利润及 NBV 增速均环比提升且处于同业领先水平。鉴于公 司资产端弹性更大，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 SAC：S0590524080001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月31日 新华保险(601336) NBV 及净利润增速均处于同业领先水平 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 48.01 元 | | 基本数据 | ...

公司报告 | 季报点评 新华保险（601336） 证券研究报告 新华保险 24Q3 业绩点评：股债双牛带动投资端利润 弹性释放，不应忽视负债端亮眼表现 事件：公司 24Q3 单季度实现归母净利润 96.0 亿元，同比扭亏（23 年同 期-4.4 亿元）；24 年前三季度实现归母净利润 206.8 亿元，同比+117%。 投资端：股债双牛推动公司投资收益率边际大幅改善，贡献最大业绩增量。 截至 24Q3，公司年化总投资收益率 6.8%（较 23 年同期+4.5Pct），年化 综合投资收益率 8.1%（较 23 年同期+5.1Pct）。公司投资收益+利息收入 +公允价值变动损益合计 706.3 亿元，较 23 年同期大幅提升 233.5%。预 计24年年内债券价格持续上涨和9月末权益市场的大幅上涨是投资端大幅 改善的主因。 保费收入及新业务价值：负债端持续高质量发展，新业务价值增速表现亮 眼。 24 年前三季度，长期险首年期交保费收入 247.5 亿元，同比+12.3%（24H 同比-11.4%，增速提升 23.7Pct），Q3 单季改善显著；其中十年期及以 上期交保费收入 30.8 亿元，同比+21.3%（24 ...

股 票 研 究 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.10.31 ——新华保险 2024 年三季报业绩点评 资负共振，盈利大幅改善 新华保险(601336) [Table_Industry] 保险/金融 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------------------------------------|-------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 李嘉木 ( 分析师 ) | | | | | | | | 021-38676647 | 021-38038619 | | | | | | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | | | ...

证 券 研 究 报 告 新华保险（601336）2024 年三季报点评 推荐（维持） 弹性显著，净利润翻倍增长 目标价：59.66 元 | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------- ...

上 市 公 司 证 券 研 究 报 告 非银金融 2024 年 10 月 31 日 新华保险 (601336) ——投资驱动利润高增，NBV 同比大增 79.2% 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 47.77 | | 一年内最高/最低（元） | 53.90/27.35 | | 市净率 | 1.7 | | 息率（分红 / 股价） | 1.78 | | 流通 A 股市值（百万元） | 99,621 | | 上证指数/深证成指 | 3,266.24/10,530.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | ...

2024 年 10 月 31 日 市场数据（A 股） 收益表现（A 股） % 1M 3M 1Y 相对 6.1 40.8 38.3 绝对 2.9 53.8 47.2 资料来源：Wind 公司研究 NBV 延续高增，盈利同比翻倍 ——新华保险（601336.SH、1336.HK）2024 年三季报点评 A 股：买入（维持） 当前价：47.77 元人民币 H 股：买入（维持） 当前价：25.80 港币 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 总股本(亿股) 31.20 总市值(亿元)： 1490.21 一年最低/最高(元)： 27.35/53.9 近 3 月换手率： 103.4% 股价相对走势（A 股） 相关研报 单季盈利翻倍增长，新业务价值增长提速 ——新华保险（601336.SH、1336.HK） 2024 年半年报点评（2024-08-31） 银保拖累新单，价值率改善推动 NBV 同 比高增 —— ...

证券研究报告 | 2024年10月31日 新华保险（601336.SH） 优于大市 资产收益高弹性，利润贡献提升 资本市场大幅反弹，公司归母净利润同比提升 116.7%。受三季度资本市场回 暖影响，公司前三季度营收及利润表现亮眼。截至三季度末，公司实现营业 收入 513.7 亿元，同比增长 72.9%；实现归母净利润 96.0 亿元，同比增长 116.7%。公司持续优化各渠道转型措施，前三季度实现保险服务收入 1069.6 亿元，同比提升 72.9%。公司改革成果持续释放，核心价值指标增幅位列上 市险企首位。截至三季度末，公司退保率为 1.3%，同比优化 0.2pt，业务质 态改善带动公司新业务价值增速达 79.2%。 个险一系列转型措施带动渠道价值优化。2024 年前三季度，公司陆续出台新 《基本法》及"XIN 一代"销售团队改革举措，进一步推动代理人团队的转 型升级，加快绩优人力建设，提高人均产能。截至三季度末，公司个险渠道 实现保费收入977.9 亿元，同比增长1.3%，其中长期险首年期交保费达119.8 亿元，同比增长 18.8%，业务期交化转型成果凸显。 银保探索多元产品结构，保费收入企稳回升。20 ...

Revenue and Profit Performance - Revenue for the reporting period reached RMB 51,365 million, a 297.8% increase compared to the same period last year[3] - Net profit attributable to shareholders of the parent company for the reporting period was RMB 9,597 million, with a year-to-date increase of 116.7% to RMB 20,680 million[3] - Net profit attributable to parent company shareholders reached RMB 20,680 million for the first nine months of 2024, compared to RMB 9,542 million in the same period of 2023[28] - Total revenue for the first nine months of 2024 was RMB 106,956 million, a significant increase from RMB 61,855 million in the same period of 2023[28] - Basic and diluted earnings per share attributable to shareholders of the parent company for the reporting period were both RMB 3.08, with a year-to-date increase of 116.7% to RMB 6.63[4] - Basic earnings per share for the 9 months ended September 30, 2024, were RMB 6.63, compared to RMB 3.06 for the same period in 2023[29] - Diluted earnings per share for the 9 months ended September 30, 2024, were RMB 6.63, compared to RMB 3.06 for the same period in 2023[29] Investment Performance - The company's investment performance improved significantly due to the rise in the capital market, contributing to the increase in net profit[10] - Total investment assets reached RMB 1,606.706 billion as of September 30, 2024, with an annualized total investment yield of 6.8% and a comprehensive investment yield of 8.1%[23] - Fair value change gains amounted to RMB 41,985 million for the first nine months of 2024, compared to a loss of RMB 2,862 million in the same period of 2023[28] - Investment income increased to RMB 5,134 million for the first nine months of 2024, up from RMB 211 million in the same period of 2023[28] - Expected credit impairment losses on debt investments and other debt investments reduced net profit attributable to parent company shareholders by RMB 1,076 million for the first nine months of 2024[28] - Impairment losses on long-term equity investments reduced net profit attributable to parent company shareholders by RMB 853 million for the first nine months of 2024[28] Insurance Premiums - Original insurance premium income for the first nine months of 2024 was RMB 145.644 billion, a 1.9% increase year-over-year[19] - Long-term insurance first-year premium income for the first nine months of 2024 was RMB 34.147 billion, a 12.7% decrease year-over-year[19] - Renewal premium income for the first nine months of 2024 was RMB 108.226 billion, a 7.8% increase year-over-year[19] - Individual insurance channel premium income for the first nine months of 2024 was RMB 97.791 billion, a 1.3% increase year-over-year[22] - Bancassurance channel premium income for the first nine months of 2024 was RMB 45.309 billion, a 2.9% increase year-over-year[22] - Group insurance channel premium income for the first nine months of 2024 was RMB 2.544 billion, an 8.7% increase year-over-year[22] - Long-term insurance first-year premium income from the individual insurance channel for the first nine months of 2024 was RMB 12.415 billion, a 16.6% increase year-over-year[22] - Long-term insurance first-year premium income from the bancassurance channel for the first nine months of 2024 was RMB 21.553 billion, a 24.1% decrease year-over-year[22] - Long-term insurance first-year premium income from the group insurance channel for the first nine months of 2024 was RMB 179 million, an 84.5% increase year-over-year[22] Financial Position and Solvency - Core capital stood at RMB 144,045 million, with a core solvency adequacy ratio of 122.57% and a comprehensive solvency adequacy ratio of 225.20%[9] - Total assets increased by 18.8% to RMB 1,667,028 million compared to the end of the previous year[4] - Total assets increased to RMB 1,667,028 million as of September 30, 2024, compared to RMB 1,403,257 million at the end of 2023[25] - Insurance contract liabilities rose to RMB 1,330,767 million as of September 30, 2024, up from RMB 1,146,497 million at the end of 2023[26] - Total liabilities rose to RMB 1,575,961 million as of September 30, 2024, compared to RMB 1,298,165 million at the end of 2023[26] - Shareholders' equity decreased to RMB 91,067 million as of September 30, 2024, down from RMB 105,092 million at the end of 2023[27] Cash Flow and Liquidity - Operating cash flow for the year-to-date period was RMB 88,788 million, an 11.5% increase compared to the same period last year[3] - Net cash flow from operating activities for the 9 months ended September 30, 2024, was RMB 88,788 million, up from RMB 79,611 million in the same period in 2023[30] - Net cash flow from investing activities for the 9 months ended September 30, 2024, was negative RMB 167,357 million, compared to negative RMB 123,824 million in the same period in 2023[30] - Net cash flow from financing activities for the 9 months ended September 30, 2024, was RMB 80,177 million, up from RMB 43,553 million in the same period in 2023[31] - Cash and cash equivalents at the end of September 2024 were RMB 23,447 million, up from RMB 16,983 million at the end of September 2023[32] - Net increase in cash and cash equivalents for the 9 months ended September 30, 2024, was RMB 1,659 million, compared to a net decrease of RMB 603 million in the same period in 2023[32] Shareholder and Equity Information - The top shareholder, Central Huijin Investment Ltd., holds 31.34% of the company's shares[13] - Weighted average return on equity attributable to shareholders of the parent company was 10.6% for the reporting period and 21.0% for the year-to-date period[4] - Total comprehensive income attributable to minority shareholders for the 9 months ended September 30, 2024, was RMB 3 million, compared to RMB 2 million in the same period in 2023[29] - Total comprehensive income attributable to parent company shareholders for the 9 months ended September 30, 2024, was negative RMB 11,361 million, compared to negative RMB 2,620 million in the same period in 2023[29] Non-Recurring Items - Non-recurring gains and losses for the reporting period amounted to a loss of RMB 10 million, with a year-to-date loss of RMB 33 million[6]