A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2024-046 H 股证券代码： 01336 H 股证券简称：新华保险 新华人寿保险股份有限公司 关于召开 2024 年第二次临时股东大会的通知 新华人寿保险股份有限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。 股东大会召开日期：2024年11月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：新华人寿保险股份有限公司（以下简称"本公司" 或"公司"）董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 6 日 14 点 30 分 召开地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 21 层 (五) 网络投票的系统、起止日期和投票时间。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会（以下简称"本次股东大会"或"股东大会"） 网络投票 ...

Investment Rating - The investment rating for Xinhua Insurance is "Buy" with a 6-month target [1] Core Views - The company expects a significant increase in net profit for the first three quarters of 2024, projected to be between 186.07 billion to 205.15 billion yuan, representing a year-on-year growth of 95% to 115% [1] - The substantial growth in investment income has driven the high increase in net profit, attributed to the optimization of asset allocation and an increase in equity holdings [1] - The company has benefited from favorable policies aimed at boosting the capital market, which is expected to continue improving its performance [1] Financial Performance Summary - For 2024, the estimated net profit is adjusted to 24.38 billion yuan, reflecting a year-on-year increase of 179.86% [2] - The projected earnings per share for 2024 is 7.81 yuan, with a P/E ratio of 6.36 [2] - The total premium income for the company reached 130.3 billion yuan as of August, showing a year-on-year increase of 1.9% [1] - The new business value (NBV) is expected to continue increasing due to the reduction in preset interest rates and the implementation of unified pricing [1] Asset and Liability Management - As of the first half of 2024, the company held 144.3 billion yuan in stocks and 116.3 billion yuan in funds, accounting for 10% and 8.1% of the investment portfolio, respectively [1] - The company’s solvency ratio for life insurance is projected to be 250% in 2024, indicating strong financial health [7] - The total assets are expected to reach 1,612.34 billion yuan by 2024, with liabilities of 1,318.47 billion yuan [7] Future Outlook - The company is expected to continue benefiting from the upward trend in the equity market, with net profit forecasts for 2024-2026 adjusted to 24.4 billion, 27.7 billion, and 30.6 billion yuan, respectively [1] - The new business premium growth rate is projected to be 20.97% in 2024, indicating a positive outlook for future business expansion [7]

证券研究报告·公司点评报告·保险Ⅱ 新华保险（601336） 国泰君安港股复牌大涨，或利好公司盈利改善 2024 年 10 月 11 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 19,623 13,543 14,407 | | | | 同比增长率（ % ） | 43.8% | -59.5% | 125.2% | -31.0% | 6.4% | | 新业务价值（百万元） | | | 2,423 3,024 3,592 3,983 4,367 | | | | 新业务价值增长率（ % ） | -59.5% | 24.8% | 18.8% | 10.9% | 9.6% | | ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4]. Core Views - The company expects a significant increase in net profit for the first three quarters of 2024, projected between CNY 186.1 billion and CNY 205.2 billion, representing a year-on-year growth of 95% to 115% [2]. - The substantial growth in net profit is driven by improved investment performance, with a doubling of net profit in Q2 and a strong recovery in Q3, where net profit is expected to range from CNY 75.2 billion to CNY 94.3 billion, compared to a loss of CNY 4.4 billion in the same period last year [2]. - The company holds a high proportion of stocks and funds, with 18.1% of its portfolio in equities, the highest among listed insurance companies, contributing to a significant increase in fair value [2]. - The report highlights a favorable macroeconomic environment, with a 40 basis point decline in the 10-year government bond yield, enhancing the fair value of fixed-income assets [2]. - The company anticipates continued growth in value due to the retirement of 3% products and strong growth in new business value (NBV), which is expected to lead the industry [2]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are CNY 5.2, CNY 6.8, and CNY 7.5 respectively [2][9]. - The estimated embedded value (EV) growth rates for 2024-2026 are 12%, 9.4%, and 8.7% respectively, driven by rapid NBV growth and improved investment performance [8]. - The report forecasts a net profit growth of 87.8% in 2024, followed by 30% in 2025 and 9.8% in 2026 [8]. Valuation - The report assigns a reasonable valuation of 0.65X PEV for A shares and 0.3X for H shares, translating to a target price of CNY 58.46 per share for A shares and HKD 29.64 for H shares [2][9]. - The current market conditions are expected to support further valuation recovery, with the average PEV for comparable companies being significantly higher [9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2024, with estimates ranging from 186 billion to 205 billion yuan, representing a year-on-year increase of 95% to 115% [5]. - The substantial profit growth is attributed to the recovery of the capital market, which has led to increased investment income, alongside improvements in the quality of insurance liabilities and business structure [5][6]. - The company's high proportion of equity and fund holdings contributes to its performance sensitivity to stock market fluctuations, with equity and fund investments accounting for 10.0% and 8.1% of total investment assets, respectively [5][6]. Financial Summary - The company's projected financial performance includes: - Revenue for 2024E is estimated at 94.859 billion yuan, a year-on-year increase of 32.58% [7]. - Net profit for 2024E is projected at 21.984 billion yuan, reflecting a significant year-on-year growth of 152.34% [7]. - Earnings per share (EPS) for 2024E is expected to be 7.05 yuan [7]. - The company maintains a low valuation with a projected PEV of 0.80-0.85 times for 2024, indicating a reasonable price range of 68.35-72.63 yuan [6]. Market Performance - The company's stock price closed at 51.73 yuan, with a 52-week price fluctuation range of 27.35-53.90 yuan [2]. - The absolute and relative performance against the CSI 300 index shows significant gains over 1M, 2M, and 3M periods, with absolute increases of 59.8%, 78.5%, and 73.3%, respectively [4]. Valuation Metrics - The company is valued at a P/E ratio of 7.34 for 2024E, with a P/B ratio of 1.60 [13]. - The net asset value per share (BVPS) is projected to be 32.40 yuan for 2024E [13].

Investment Rating - The report maintains a "Buy" rating and raises the target price to 61.40 CNY per share, corresponding to a 2024 P/EV of 0.70 times [1][5]. Core Views - Xinhua Insurance has announced a significant increase in expected net profit for the first three quarters of 2024, projected to be between 18.607 billion and 20.515 billion CNY, representing a year-on-year growth of 95% to 115%, primarily driven by improved investment performance [1][2]. - The report highlights that the recovery of the capital market and an increase in equity allocation are expected to significantly enhance investment income, which is the main driver of profit improvement [1][2]. Financial Summary - The projected net profit for 2024 is 28.072 billion CNY, a 222% increase from 2023, with EPS estimates adjusted to 9.00 CNY for 2024, 9.54 CNY for 2025, and 10.28 CNY for 2026 [4][14]. - The company's revenue is expected to rebound to 109.191 billion CNY in 2024, reflecting a 53% increase from 2023 [4][14]. - The net asset return is projected to improve significantly, with a forecasted return on equity of 23% in 2024 [4][14]. Market Performance - The report notes that the Shanghai Composite Index has increased by 12.2% year-to-date as of September 2024, compared to a decline of 4.7% in the same period of 2023, indicating a favorable market environment for Xinhua Insurance [1][2]. - The company has increased its equity asset allocation to 18.1% in the first half of 2024, up by 3.8 percentage points year-on-year, positioning it ahead of its listed peers [1][2]. Business Drivers - The demand for insurance savings has been robust, and the new management team is implementing reforms aimed at enhancing individual insurance productivity, which is expected to lead to significant improvements in team performance [1][2]. - The new business value (NBV) is anticipated to grow by approximately 61.9% year-on-year in the first three quarters of 2024, driven by strong customer demand and improved pricing strategies [1][2].

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has reported a significant increase in net profit for the first three quarters of 2024, with an expected range of CNY 18.607 billion to CNY 20.515 billion, representing a year-on-year growth of 95% to 115% [2][3] - The increase in performance is attributed to a rise in investment in equity assets and improved management of insurance liabilities, alongside a recovery in the capital market [3] - The company is expected to benefit from the current stock market recovery, with its equity sensitivity being notably high compared to other insurance companies [4] Summary by Sections Performance Overview - The company anticipates a net profit of CNY 75.24 billion to CNY 94.32 billion for Q3 2024, marking a turnaround from losses in the same period of 2023, with an increase of CNY 79.60 billion to CNY 98.68 billion year-on-year [2][3] Investment Strategy - The company has increased its allocation to equity assets, which has positively impacted its investment returns, especially with the recent market upturn where the CSI 300 index rose by 15% in Q3 2024 compared to a 5% decline in Q3 2023 [3] Financial Projections - The revenue forecast for 2024 has been raised to CNY 90.828 billion from a previous estimate of CNY 82.7 billion, with net profit projections adjusted to CNY 20 billion from CNY 12.3 billion [5] - The expected earnings per share (EPS) for 2024 is now CNY 6.40, up from CNY 3.95 [5] Valuation Metrics - The price-to-earnings value (PEV) for 2024 is projected at 0.55, with estimates for 2025 and 2026 at 0.54 and 0.51 respectively, maintaining a "Buy" rating [5]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 64.22 CNY, compared to the current price of 51.06 CNY [2]. Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2024, estimated between 18.607 billion CNY and 20.515 billion CNY, representing a year-on-year growth of 95% to 115% [2]. - The primary drivers for this performance are a low base effect and a recovery in the equity market, with the company increasing its equity allocation significantly [2]. - The company's core equity allocation ratio is leading compared to its peers, indicating a notable elasticity in performance due to the equity market recovery [2]. - Premium income saw substantial growth in August 2024, primarily due to a low base and adjustments in predetermined interest rates, with a year-on-year increase of 122% in August alone [2]. Financial Summary - The total revenue for 2024 is projected to be 97.602 billion CNY, with a year-on-year growth rate of 36.4% [3]. - The net profit attributable to shareholders is forecasted to be 24.573 billion CNY for 2024, reflecting a year-on-year increase of 182.1% [3]. - Earnings per share (EPS) are expected to rise to 7.9 CNY in 2024, with further increases to 8.2 CNY in 2025 and 8.5 CNY in 2026 [3]. - The price-to-earnings (P/E) ratio is projected to be 6.5 for 2024, decreasing to 6.0 by 2026 [3].

Investment Rating - The report maintains a "Buy" rating for New China Life Insurance [4][5] Core Views - The third-quarter performance of New China Life Insurance exceeded expectations, with a projected net profit for the first three quarters of 2024 estimated between 186.07 billion to 205.15 billion yuan, representing a year-on-year growth of 95% to 115% [4] - The significant recovery in the capital market has led to a notable increase in investment income, contributing to the company's strong performance [4] - The company has benefited from a favorable equity market environment, with the CSI 300 Index and the CSI 800 Index both rising by 16.1% since September 24, 2024 [4] Financial Data and Profit Forecast - Projected operating revenue for 2024 is 88,270.72 million yuan, with a year-on-year growth rate of 23.37% [6] - Expected net profit attributable to shareholders for 2024 is 21,416.65 million yuan, reflecting a significant year-on-year increase of 145.83% [6] - The earnings per share (EPS) for 2024 is forecasted to be 6.87 yuan [6] Investment Analysis - The report highlights New China Life Insurance as a high-elasticity choice within the insurance sector, characterized by high asset elasticity, significant growth potential on the liability side, and strong beta attributes [5] - The profit performance in the third quarter was above expectations, prompting an upward revision of net profit forecasts for 2024 to 214.17 billion yuan [5] - As of October 8, 2024, the stock price corresponds to a price-to-earnings value (PEV) of 0.57x for 2024, reinforcing the "Buy" rating [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of between 18.607 billion and 20.515 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 95% to 115% [2][3] - The new management's confidence in increasing equity investments at the bottom of the market is highlighted, which has stabilized investor expectations [2][3] - The performance significantly exceeded expectations, with a notable turnaround from a loss in the same period last year [2][3] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024 is 19.623 billion yuan, with a year-on-year growth rate of 125.2% [2] - The new business value is projected to grow to 3.024 billion yuan in 2024, with a growth rate of 18.8% [2] - The company's P/EV ratio is expected to decrease to 0.50 in 2024, indicating a favorable valuation [2] Investment Highlights - The company has increased its investment in equity assets, which has contributed to a significant recovery in investment income [3] - The Shanghai Composite Index rose by 16.07% in Q3 2024, compared to a decline in the same period last year, enhancing the company's investment performance [3] - The company’s stock investment ratio is higher than its peers, indicating a strong position in the market [3][4] Profitability Analysis - The company reported a substantial increase in net profit for Q3 2024, with an expected profit of 8.478 billion yuan, a significant recovery from a loss of 436 million yuan in Q3 2023 [2][3] - The overall stock investment ratio of the company is significantly higher than that of its competitors, suggesting a robust investment strategy [3][4] Market Data - The closing price of the company's stock is 51.06 yuan, with a market capitalization of approximately 159.28 billion yuan [6] - The company’s price-to-book ratio is 1.77, indicating a reasonable valuation relative to its book value [6] Basic Data - The company's net asset per share is 28.86 yuan, with a total share capital of approximately 3.12 billion shares [7] - The asset-liability ratio stands at 93.98%, reflecting the company's financial structure [7]