Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601.SH) [1] Core Views - The company achieved a revenue of 404.09 billion yuan in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion yuan, up 64.9% year-on-year [1] - The new business value (NBV) reached 13.26 billion yuan, with a year-on-year growth of 20.9%, and the new business value margin (NBVM) improved by 3.5 percentage points to 16.8% [1][2] - The company is advancing its "Long Voyage" transformation, leading to improved business quality and policy standards, which in turn supports steady growth in intrinsic value [1][4] Summary by Sections Revenue and Profitability - In 2024, the company reported total operating income of 404.09 billion yuan, a 24.7% increase year-on-year, and a net profit of 44.96 billion yuan, reflecting a 64.9% increase [1][19] - The operating profit was 34.43 billion yuan, with a slight increase of 2.5% year-on-year [1] Life Insurance Segment - The new business value (NBV) for 2024 was 13.26 billion yuan, up 20.9% year-on-year, with an NBVM of 16.8%, an increase of 3.5 percentage points [1][2] - The individual insurance channel achieved a premium income of 202.48 billion yuan, a 3.6% increase, while the new single premium income rose by 9.7% to 28.73 billion yuan [2] Property and Casualty Insurance Segment - The property and casualty insurance segment reported a premium income of 203.54 billion yuan, a 6.8% increase year-on-year, with non-auto insurance growing by 10.7% [3] - The combined ratio slightly increased by 0.9 percentage points to 98.6%, influenced by natural disasters [3] Investment Performance - Total investment income reached 120.39 billion yuan, a significant increase of 130.5% year-on-year, with a total investment yield of 5.6%, up 3.0 percentage points [3] - Net investment income rose by 6.5% to 82.80 billion yuan, with a net investment yield of 3.8% [3] Future Outlook - The company is expected to continue its "Long Voyage" transformation, with stable growth in operating performance and improvements in channel quality and operational efficiency [4] - EPS forecasts for 2025-2027 are projected at 4.57, 5.39, and 6.31 yuan, with corresponding P/E ratios of 7X, 6X, and 5X [4][19]

Core Insights - China Pacific Insurance (CPIC) achieved a record net profit of 44.96 billion yuan in 2024, marking a significant year-on-year increase of 64.9% [1] - The company's stock price rose by 1.39% to 32.2 yuan following the impressive earnings report [1] Investment Strategy - CPIC's investment income reached 82.8 billion yuan in 2024, reflecting a year-on-year growth of 6.5%, primarily driven by increased dividends and income from stocks [3] - The proportion of stocks and equity funds in CPIC's investment assets rose to 11.2%, an increase of 0.5 percentage points from the previous year [3] - The company plans to enhance its investment research and management capabilities to improve long-term investment returns [3] AI and Technology Initiatives - CPIC has initiated three major strategies: "Big Health," "AI+," and internationalization to adapt to new market conditions [2] - The company aims to leverage AI for various applications, including customer management, underwriting, claims, compliance, and investment research [2] - CPIC is focusing on developing insurance products that address risks associated with AI applications, such as data security and privacy [2] New Energy Vehicle Insurance - In the rapidly growing new energy vehicle insurance sector, CPIC's premium income from this segment exceeded 17% of total auto insurance premiums, a 5 percentage point increase from 2023 [5] - The total premium for new energy vehicle insurance in 2024 was 18.317 billion yuan, with a growth rate of 48.55% [5] - CPIC has established a vertical management model to reduce operational costs and is actively engaging with automakers to refine underwriting and claims processes for new energy vehicles [5][6]

Core Viewpoint - China Pacific Insurance has initiated three major strategies: "Dakangyang," "AI+," and internationalization, which are essential for sustainable development and high-quality growth in the future [1] Group 1: AI Impact on Insurance - The chairman of China Pacific Insurance, Fu Fan, believes that artificial intelligence will have a disruptive impact on the entire economy, including the insurance industry, comparable to the first industrial revolution [1] - AI is seen as an enabler for the insurance sector, enhancing marketing capabilities through solutions like knowledge graphs and sales skill empowerment for personal agents [1] - The company plans to promote large model applications through independent research and collaborative innovation across various fields such as customer management, team empowerment, underwriting claims, compliance risk control, and investment research [1] Group 2: Business Opportunities in Cyber Insurance - Fu Fan highlighted that the global cyber insurance premium income is approximately $18 billion, with over 70% coming from the United States, while China's cyber insurance premiums are relatively low [2] - This presents a significant business development opportunity for the insurance industry in China, given the larger active user base and application scenarios available [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company's life insurance new business value (NBV) for 2024 is projected at 17.282 billion, representing a year-on-year increase of 57.7% [7] - The net profit attributable to shareholders is expected to reach 44.96 billion, reflecting a 64.9% year-on-year growth [7] - The operating profit attributable to shareholders is forecasted at 34.425 billion, with a slight increase of 2.5% year-on-year [7] Financial Data and Valuation - Total revenue for 2024 is projected at 404.089 billion, a 25% increase from 2023 [2] - The operating profit for 2024 is expected to be 55.711 billion, a significant increase of 74% compared to 2023 [2] - The net profit for 2025 is estimated at 48.251 billion, with a growth rate of 7% [8] Business Performance - The company reported a total insurance premium income of 201.243 billion for property insurance, marking a 6.8% increase year-on-year [7] - The combined ratio for property insurance is 98.6%, which is an increase of 0.9 percentage points year-on-year [7] - The investment asset scale at the end of 2024 is projected to be 27.34457 trillion, a 21.5% increase from the beginning of the year [7] Profitability Metrics - The return on equity (ROE) is reported at 15.4% [3] - The earnings per share (EPS) for 2024 is expected to be 4.67, with a price-to-earnings (PE) ratio of 6.8 [8] - The book value per share (PB) is projected at 1.0 for 2024 [8]

Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601) with a target price of 45.5 CNY [2][6]. Core Views - The company achieved a revenue of 404.1 billion CNY in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 45.0 billion CNY, up 64.9% year-on-year [6][7]. - The report highlights a significant increase in the company's investment assets, which rose by 21.5% year-on-year to 2.73 trillion CNY by the end of 2024 [6][7]. - The net new business value (NBV) for life insurance grew by 20.9% year-on-year to 13.3 billion CNY, indicating a stable growth trend [6][7]. Financial Performance Summary - Total revenue for 2024 was 404,089 million CNY, with a projected growth rate of 3.5% for 2025 [7]. - The net profit attributable to shareholders for 2024 was 44,960 million CNY, with an expected growth of 4.3% in 2025 [7]. - The earnings per share (EPS) for 2024 was 4.7 CNY, with forecasts of 4.9 CNY for 2025 and 5.0 CNY for 2026 [7]. Business Segment Insights - The life insurance segment's NBV margin increased by 3.5 percentage points to 16.8%, although new business premiums decreased by 5% to 78.9 billion CNY [6][7]. - The property and casualty insurance segment saw a premium income growth of 6.8% to 201.2 billion CNY, outperforming peers [6][7]. - The company’s investment strategy has shifted towards equities and bonds, with a notable increase in equity investments, which now account for 30% of the total investment assets [6][7].

Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601.SH) with a current price of 31.76 CNY [1] Core Views - The company achieved a revenue of 404.09 billion CNY in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion CNY, up 64.9% year-on-year [1] - The new business value (NBV) reached 13.26 billion CNY, reflecting a robust growth of 20.9% year-on-year, with a new business value margin (NBVM) of 16.8%, an increase of 3.5 percentage points [1][2] - The company is advancing its "Long Voyage" transformation, leading to improved business quality and policy standards, which in turn supports steady growth in intrinsic value [1][4] Summary by Sections Revenue and Profitability - In 2024, the company reported total operating revenue of 404.09 billion CNY, a 24.7% increase year-on-year, and a net profit of 44.96 billion CNY, which is a 64.9% increase [1][19] - The operating profit was 34.43 billion CNY, reflecting a modest growth of 2.5% year-on-year [1] Life Insurance Segment - The new business value (NBV) for 2024 was 13.26 billion CNY, up 20.9% year-on-year, with an NBVM of 16.8%, an increase of 3.5 percentage points [1][2] - The individual insurance channel achieved a premium income of 202.48 billion CNY, a 3.6% increase year-on-year, with new single premium income rising by 9.7% to 28.73 billion CNY [2] Property and Casualty Insurance Segment - The property and casualty insurance segment reported a premium income of 203.54 billion CNY, a 6.8% increase year-on-year, with non-auto insurance growing at 10.7% [3] - The combined ratio slightly increased by 0.9 percentage points to 98.6%, influenced by natural disaster claims [3] Investment Performance - Total investment income reached 120.39 billion CNY, a significant increase of 130.5% year-on-year, with an overall investment yield of 5.6%, up 3.0 percentage points [3] - Net investment income rose by 6.5% to 82.80 billion CNY, despite a slight decrease in net investment yield by 0.2 percentage points to 3.8% [3] Future Outlook - The company is expected to continue its "Long Voyage" transformation, enhancing operational efficiency and channel quality, with projected EPS of 4.57 CNY, 5.39 CNY, and 6.31 CNY for 2025, 2026, and 2027 respectively [4][19] - The report anticipates a stable growth trajectory for both life and property insurance segments, supported by macroeconomic recovery [4]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Pacific Insurance (601601.SH, 2601.HK) [1] Core Insights - In 2024, China Pacific Insurance achieved an operating revenue of 404.09 billion RMB, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion RMB, up 64.9% year-on-year [3][4] - The new business value (NBV) reached 13.26 billion RMB, reflecting a year-on-year growth of 20.9% [3][5] - The company’s return on equity (ROE) was 16.6%, an increase of 5.2 percentage points year-on-year [3][4] Summary by Sections Financial Performance - Operating revenue for 2024 was 404.09 billion RMB, with a growth rate of 24.74% compared to 2023 [10] - Net profit for 2024 was 44.96 billion RMB, showing a significant increase of 64.95% year-on-year [10] - The earnings per share (EPS) for 2024 was 4.67 RMB, with a projected EPS of 5.39 RMB for 2025 [10] Business Segments - In the life insurance segment, the average number of insurance agents was 184,000, a decrease of 12.4% year-on-year, but the quality of the core team improved with a 10.4% increase in core personnel [4][5] - The property insurance segment reported a premium income of 201.24 billion RMB, a year-on-year increase of 6.8%, with non-auto insurance premiums rising to 939.4 billion RMB, up 10.7% [6][7] Investment and Returns - The net investment yield decreased by 0.2 percentage points to 3.8%, while the total investment return rate increased by 3.0 percentage points to 5.6% [8] - The comprehensive investment return rate improved by 3.3 percentage points to 6.0% [8] Future Outlook - The report anticipates continued growth in NBV, projecting a positive growth rate even in 2025 despite a high base [9] - The estimated net profit for 2025 is adjusted to 51.9 billion RMB, with further projections of 59.1 billion RMB for 2026 and 62.4 billion RMB for 2027 [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's earnings per share (EPS) is expected to increase steadily, with significant growth in profit, new business value (NBV), and net assets [1][9] - The company has adjusted its long-term investment return assumption from 4.5% to 4% and reduced the risk discount rate from 9% to 8.5% [9] - The report emphasizes the company's focus on high-quality development and continuous optimization of its product structure [9] Financial Performance Summary - **Revenue Forecast**: - 2023A: 323,945 million - 2024A: 404,089 million (up 24.74% YoY) - 2025E: 414,902 million (up 2.68% YoY) [1] - **Net Profit Forecast**: - 2023A: 27,257 million - 2024A: 44,960 million (up 64.95% YoY) - 2025E: 49,125 million (up 9.26% YoY) [1] - **EPS Forecast**: - 2023A: 2.83 - 2024A: 4.67 - 2025E: 5.11 [1] - **Net Asset Value**: - 2023: 2,914 million (up 16.8% YoY) [9] Business Segment Insights - **Life Insurance**: - New business value (NBV) reached 13.3 billion, up 20.9% YoY, with a significant increase in NBV margin [9] - The new insurance premium scale decreased by 4.8% YoY, but individual insurance and bank insurance proportions improved [9] - **Property Insurance**: - Achieved underwriting profitability with a comprehensive cost ratio of 98.6% [9] - Total premium income was 2,012 million, up 6.8% YoY [9] Investment Strategy - The company has significantly increased its allocation to bonds while reducing exposure to non-standard investments and funds [9] - The total investment asset scale reached 27,345 billion, up 21.5% YoY, with net investment income of 828 million, up 6.5% YoY [9]

证券研究报告·公司点评报告·保险Ⅱ 中国太保（601601） 2024 年年报点评：每股分红稳中有升，利润、 NBV、净资产均大幅增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 323945 | 404089 | 414902 | 417000 | 418723 | | 同比（%） | -2.47% | 24.74% | 2.68% | 0.51% | 0.41% | | 归母净利润（百万元） | 27257 | 44960 | 49125 | 47150 | 46390 | | 同比（%） | -27.08% | 64.95% | 9.26% | -4.02% | -1.61% | | EPS（元/股） | 2.83 | 4.67 | 5.11 | 4.90 | 4.82 | | EV（元/股） | 55.04 | 58.42 | 61.70 | 66.70 | 72.50 | [Table_Tag] [T ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Pacific Insurance (601601.SH, 2601.HK) [1] Core Insights - In 2024, China Pacific Insurance achieved an operating revenue of 404.09 billion RMB, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion RMB, up 64.9% year-on-year [3][4] - The new business value (NBV) reached 13.26 billion RMB, reflecting a year-on-year growth of 20.9% [3][5] - The company’s return on equity (ROE) was 16.6%, an increase of 5.2 percentage points year-on-year [3][4] Summary by Sections Financial Performance - Operating revenue for 2024 was 404.09 billion RMB, with a growth rate of 24.74% compared to 2023 [10] - Net profit for 2024 was 44.96 billion RMB, showing a significant increase of 64.95% year-on-year [10] - The earnings per share (EPS) for 2024 was 4.67 RMB, with projections for 2025 and 2026 at 5.39 RMB and 6.14 RMB respectively [10] Business Segments - In the life insurance segment, the average number of insurance agents was 184,000, a decrease of 12.4% year-on-year, but the quality of the core team improved with a 10.4% increase in core personnel [4][5] - The property insurance segment reported a premium income of 201.24 billion RMB, a year-on-year increase of 6.8%, with non-auto insurance premiums rising to 939.4 billion RMB, up 10.7% [6][7] Investment and Returns - The net investment yield decreased by 0.2 percentage points to 3.8%, while the total investment return rate increased by 3.0 percentage points to 5.6% [8] - The comprehensive investment return rate improved by 3.3 percentage points to 6.0% [8] Future Outlook - The report anticipates continued growth in NBV, projecting a positive growth rate even in 2025 despite a high base [9] - The estimated net profit for 2025 is adjusted to 51.9 billion RMB, with further projections of 59.1 billion RMB for 2026 and 62.4 billion RMB for 2027 [10][11]