Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4]. Core Views - The company reported a year-on-year increase in net profit attributable to shareholders of 6.8% and a new business value (NBV) growth of 11% [2][20]. - The NBV growth was supported by strong savings demand from residents and the favorable impact of the exit of 3% guaranteed rate products, despite a high base from the previous year [2][11]. - The company's embedded value (EV) increased by 6.2% year-on-year, driven by positive operational and investment variances [2][18]. - The net profit growth turned positive, with a significant recovery in operational profit margins [20][21]. - The agent workforce increased by 2.1% quarter-on-quarter, marking the first positive growth in recent years [2][30]. Summary by Sections 1. Value: Comprehensive Growth Driven by Volume and Price - The company's NBV for the first half of 2024 was CNY 22.32 billion, up 11% year-on-year, benefiting from a decline in commission rates and increased savings demand [11][18]. - The new business value margin (NBVM) reached 24.2%, an increase of 6.5 percentage points year-on-year, with individual insurance and bancassurance channels showing growth rates of 10.8% and 17.3%, respectively [11][16]. 2. Net Profit: Comprehensive Recovery in Performance Indicators - The net profit attributable to shareholders for the first half of 2024 was CNY 74.62 billion, reflecting a year-on-year increase of 6.8% [20]. - The operational profit showed a decline of only 0.6%, a significant improvement compared to previous quarters [21]. 3. Life Insurance: Sustained Upward Trend - The new single premium for life insurance in the first half of 2024 was CNY 130.14 billion, down 5.6% year-on-year, but remained stable against a high base from the previous year [27][28]. - The agent workforce reached 340,000, with a year-on-year decline of 9.1%, but showing signs of stabilization [30]. 4. Property and Casualty Insurance: Continuous Loss Control - The total premium for property and casualty insurance was CNY 160.4 billion, up 4.1% year-on-year, with stable growth in auto insurance [36][40]. - The combined ratio improved to 97.8%, a decrease of 0.2 percentage points year-on-year, indicating better cost management [40][41]. 5. Investment Recommendations - The report forecasts EPS for 2024-2026 to be CNY 5.1, CNY 5.8, and CNY 6.4, respectively, with a valuation of 0.7X PEV for A shares and 0.6X PEV for H shares, leading to a target price of CNY 56.5 per share for A shares [2][42].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 57.1 CNY, compared to the current price of 41.71 CNY [2][8]. Core Views - The company's net profit growth has turned positive, driven by improvements in the investment sector. The net profit for H1 2024 reached 746.19 billion CNY, a year-on-year increase of 6.8% [2]. - The new business value (NBV) for the life insurance segment increased by 11% to 223.20 billion CNY, indicating stable growth despite a decline in first-year premiums [2]. - The property insurance segment showed a slight improvement in the combined ratio (COR), which decreased by 0.2 percentage points to 97.8% [2]. Financial Performance Summary - In H1 2024, the company achieved a total operating profit of 784.82 billion CNY, a slight decrease of 0.6% year-on-year. The three core business segments (life insurance, property insurance, and banking) all reported positive growth [2][10]. - The life insurance segment's NBV margin improved by 6.5 percentage points to 24.2%, while the first-year premiums decreased by 19% to 922.18 billion CNY [2]. - The property insurance segment's service revenue increased by 3.9% to 1619.10 billion CNY, with the COR showing improvement mainly due to a reduction in losses from credit guarantee insurance [2]. Investment Strategy - The report suggests that the company is expected to achieve both volume and price growth in H2 2024, benefiting from a low base and new predetermined interest rate policies [2][8]. - The investment portfolio of the company has grown to over 5.2 trillion CNY, with a 10.2% increase since the beginning of the year. The annualized net investment yield is reported at 3.3% [2][10].

Investment Rating - The investment rating for the company is "Outperform" [2] Core Views - The report highlights that the company's net profit for Q2 increased by 20% year-on-year, with a total net profit of 746 billion yuan for the first half of 2024, reflecting a year-on-year growth of 6.8% [6] - The report emphasizes the growth in the company's new business value (NBV), which increased by 11% year-on-year on a comparable basis, indicating strong performance in the life insurance segment [6] - The report projects a reasonable valuation range for the company's stock price between 53.10 and 57.18 yuan, based on a price-to-embedded value (PEV) ratio of 0.65-0.7 times for 2024E [6] Summary by Relevant Sections Financial Performance - The company's net profit for the first half of 2024 was 746 billion yuan, with a year-on-year increase of 6.8%. The annualized return on equity (ROE) was 16.2%, up by 0.8 percentage points [6] - The net asset value reached 931.2 billion yuan, reflecting a growth of 3.6% since the beginning of the year [6] - The NBV for the first half of 2024 showed a year-on-year increase of 11%, with the life insurance segment's performance improving [6] Business Segments - In the life insurance segment, the new single premium decreased by 19% year-on-year, but the NBV margin improved to 24.2%, up by 6.5 percentage points [6] - The property and casualty insurance segment reported a 4.1% increase in original premium income, with an underwriting profit of 3.5 billion yuan, reflecting a year-on-year increase of 15.7% [6] - The investment segment saw a total investment scale of 5.2 trillion yuan, with a year-to-date increase of 10.2%, and an annualized net investment return of 3.3% [6] Valuation and Market Position - The report indicates that the company's valuation remains low, with a PEV of 0.51 times as of August 22, 2024, and suggests a target valuation range of 53.10-57.18 yuan [6] - The company is expected to benefit from ongoing reforms in the life insurance sector and improvements in the quality of its sales force, which will support long-term performance growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company's mid-year report for 2024 shows that the Embedded Value (EV) growth exceeded expectations, with investment income remaining stable year-on-year. The New Business Value (NBV) for H1 2024 reached 22.32 billion yuan, a year-on-year increase of 11%, primarily due to the stabilization of individual insurance personnel and improved per capita productivity [4][5]. - The group’s net profit attributable to shareholders was 74.6 billion yuan, reflecting a year-on-year increase of 6.8%. The report maintains forecasts for NBV growth rates of +8.7%, +13.8%, and +10.6% for 2024-2026, with corresponding EV growth rates of +4.1%, +3.5%, and +1.9% [4][5]. Summary by Sections Financial Performance - The group’s operating profit for H1 2024 was 78.5 billion yuan, down 0.6% year-on-year, with life insurance up 0.7%, property insurance up 7.2%, banking up 1.9%, asset management down 8.2%, and technology down 83.2% [4]. - The total market capitalization is approximately 789.41 billion yuan, with a circulating market capitalization of 466.56 billion yuan [2]. Business Segments - Individual insurance personnel remained stable with a workforce of 340,000, and the NBV margin increased by 6.5 percentage points to 24.2% due to product structure improvements and a reduction in the preset interest rate [4]. - The property insurance segment reported service revenue of 161.9 billion yuan, a year-on-year increase of 3.9%, with a combined ratio (COR) of 97.8%, a slight improvement from the previous year [4]. Investment and Valuation - The company’s investment portfolio exceeded 5.2 trillion yuan, with a net investment yield of 3.3% for H1 2024. The current dividend yield is 5.79%, with a cash dividend of 0.93 yuan per share, totaling 16.84 billion yuan [4][5]. - The report maintains the forecast for net profit attributable to shareholders at 120.2 billion yuan for 2024, reflecting a year-on-year increase of 40.3% [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][5][12] Core Views - The company's 1H24 performance exceeded expectations, with a net profit attributable to shareholders of 746.19 billion yuan, a year-on-year increase of 6.8% [3][4] - The agent scale achieved its first quarter-on-quarter growth since Q2 2020, indicating a positive trend in recruitment and performance [3][4] - The company’s investment asset scale grew by 10.2% year-to-date, reflecting robust investment performance [4] Financial Performance Summary - 1H24 net profit attributable to shareholders was 746.19 billion yuan, with operating profit at 784.82 billion yuan, surpassing previous forecasts [3][4] - The annualized internal rate of return for life and health insurance was 15.4%, up 1.0 percentage points year-on-year [3] - The new business value (NBV) for 1H24 was 223.20 billion yuan, a year-on-year increase of 11.0% [3][4] - The combined ratio (COR) for the property and casualty insurance business improved to 97.8%, with underwriting profit increasing by 15.7% year-on-year [4] Future Projections - The company’s revenue is projected to grow from 982.785 billion yuan in 2024E to 1,163.603 billion yuan in 2026E, with a compound annual growth rate of approximately 9.78% [5][7] - The net profit attributable to shareholders is expected to rise from 124.012 billion yuan in 2024E to 189.975 billion yuan in 2026E, reflecting a significant growth trajectory [5][7] - The price-to-earnings (P/E) ratio is projected to decrease from 6.12 in 2024E to 4.00 in 2026E, indicating potential undervaluation [5][7]

2024 年 8 月 23 日 公司研究 人力企稳回升，盈利增速转正 ——中国平安（601318.SH、2318.HK）2024 年半年报点评 A 股：买入（维持） 当前价：41.71 元人民币 H 股：买入（维持） 当前价：34.3 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 股价相对走势 | --- | --- | |-----------------------|------------| | huangyiting@ebscn.com | | | 市场数据（A 股） | | | 总股本(亿股) | 182.10 | | 总市值(亿元)： | 7595.49 | | 一年最低/最高(元)： | 37.62/51.9 | | 近 3 月换手率： | 37.9% | 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | % | 1M | 3M | 1Y | ...

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 23 日 [Table_Title] 寿险高质量增长，核心业务指标趋势向好 [Table_Title2] 中国平安（601318.SH） | --- | --- | --- | --- | |------------------|------------|----------------------|-------------| | [Table_DataInfo] | | | 601318.SH | | 上次评级： 买入 | | 52 周最高价/最低价： | 51.90/37.62 | | 目标价格： | 总市值(亿) | | 6,824.22 | | 最新收盘价： | 41.71 | 自由流通市值(亿) | 4,489.10 | | | | 自由流通股数(百万) | 10,763 | [Table_Summary] 事件概述 中国平安发布 2024 年中报。2024H1，集团实现归母净利润 746.19 亿元，同比+6.8%；年化 ROE 为 16.2%， 同比上升 0.8 个百分点。集团实现归母营运利润 784.82 亿元，同 ...

中国平安(601318) 报告日期：2024 年 08 月 22 日 代理人队伍规模止跌企稳 ——中国平安 2024 年半年报点评 投资要点 业绩概览 2024H1，中国平安归母净利润 746.19 亿元，同比+6.8%；归母营运利润 784.82 亿元， 同比略降 0.6%；年化 ROE 、营运 ROE 分别为 16.2%、16.4%，同比+0.8pt、-1.2pt； 寿险 NBV 223.2 亿元，同比+11%；产险综合成本率（COR）97.8%，同比-0.2pt；EV 1.48 万亿元，相比年初+6.2%；中期股息每股 0.93 元，同比持平；总体符合预期。 核心关注 1、寿险：新业务价值率驱动 NBV 增长 （1）NBV：2024H1，NBV 同比增速边际回落，放缓 9.7pt。从驱动因素看，虽然今 年上半年的新单保费同比下降 19%，但新业务价值率则显著提升 6.5pt 至 24.2%。 （2）渠道：2024H1，银保等多元渠道 NBV 占比达 17.4%，代理人渠道、银保渠道 的 NBV 同比增速分别为+10.8%、+17.3%。在代理人渠道方面：①队伍规模：2024H1 末，队伍规模 34 万， ...

Ping An Insurance (Group) (OTCMKTS:PNGAY) just reported results for the second quarter of 2024. Ping An Insurance (Group) reported earnings per share of 58 cents. The company reported revenue of $38.42 billion. InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published wit ...

证券研究报告 金融公司|公司点评|中国平安（601318） 净利润增速环比改善，分红维持稳健 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 中国平安发布 2024 年半年报。2024H1 公司实现 NBV 223.2 亿元，同比增长 11.0%；归母净利 润为 746.2 亿元，同比增长 6.8%；归母营运利润为 784.8 亿元，同比下降 0.6%。公司宣布派 发中期股息 0.93 元/股，同比持平。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 6 金融公司|公司点评 glzqdatemark2 2024年08月22日 中国平安(601318) 净利润增速环比改善，分红维持稳健 | --- | --- | |------------|----------------| | 行 业： | 非银金融/保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 41.71 元 | 基本数据 总股本/流通股本(百万股) 18,210.23/18,210.23 流通 A 股市值(百 ...