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 ...

Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report indicates that the recovery of new business has led to a comprehensive improvement in value and profit indicators [4] - The company's operating profit after tax (OPAT) for the first half of 2024 reached 78.482 billion yuan, a slight decrease of 0.6% year-on-year, while net profit attributable to shareholders increased by 6.8% year-on-year to 74.619 billion yuan [2][3] Summary by Relevant Sections Earnings Forecast and Valuation - Forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 120.383 billion, 154.124 billion, and 162.214 billion yuan respectively, with year-on-year growth rates of 40.5%, 28.0%, and 5.2% [2][4] - The new business value for 2024 is projected to be 36.265 billion yuan, reflecting a year-on-year increase of 16.7% [2] - The estimated embedded value per share is 83.19 yuan, with a price-to-embedded value (P/EV) ratio of 0.50 [2] Business Performance - The new business value (NBV) for the first half of 2024 reached 22.320 billion yuan, a year-on-year increase of 11.0% [3] - The NBV margin improved by 6.5 percentage points to 24.2%, attributed to the "4 channels + 3 products" strategy [3] - The life insurance and health insurance CSM balance was 774.399 billion yuan, marking the first stabilization since disclosure [3] Investment Returns - The annualized comprehensive investment return rate for the first half of 2024 was 4.2%, with net investment returns under pressure due to maturing assets [3] - The company’s FVOCI stock balance increased by 17.7% to 206.035 billion yuan compared to the beginning of the year [3] Market Data - The closing price of the stock is 41.71 yuan, with a market capitalization of 759.549 billion yuan [5] - The price-to-book ratio is 0.84, indicating a relatively low valuation [5] Basic Data - The total share capital is 18,210.23 million shares, with a circulating A-share capital of 10,762.66 million shares [6]

Investment Rating - The report maintains an "Accumulate" rating for China Ping An (601318) with a target price of 56.92 CNY per share, unchanged from the previous forecast [3][7]. Core Views - The company's net profit for the first half of 2024 increased by 6.8% year-on-year, aligning with expectations, primarily driven by improved investment returns. However, the operating profit attributable to the parent company saw a slight decline of 0.6% year-on-year, mainly due to negative impacts from asset management and technology sectors [6][7]. - The report highlights the implementation of the "Comprehensive Finance 2.0" strategy, which aims to deepen the transformation of the company, shifting from "cross-selling" to a "customer management" strategy [7]. - The report notes that the new business value (NBV) growth in life insurance was 11.0% year-on-year, meeting expectations, supported by improvements in the new business value rate [7]. Financial Summary - For 2023A, the company reported total revenue of 913,789 million CNY, with a projected increase to 955,331 million CNY in 2024E, reflecting a growth rate of 5% [6][10]. - The net profit attributable to the parent company for 2023A is 85,665 million CNY, with an expected recovery to 104,518 million CNY in 2024E, indicating a year-on-year growth of 22% [6][10]. - The report projects earnings per share (EPS) to be 4.70 CNY in 2023A, increasing to 5.74 CNY in 2024E [6][10]. Investment Structure - The report indicates that the investment structure includes 62.5% in debt-type investments and 19.6% in equity-type investments for 2022A, with a slight shift expected in future years [10]. - The report also highlights a stable investment return, with an annualized comprehensive investment return rate of 4.2% for the first half of 2024 [7]. Market Performance - The stock has shown a 1% increase over the past month, but a decline of 5% over the past three months and 6% over the past year [5]. - The report notes that the stock's current price is 41.71 CNY, which is below the target price, indicating potential upside [3][4].

专业 让生活更简单 中国平安 PING AN 专业·价值 二四年中报 目录 公司管治 关于我们 财务报表 经营情况讨论及分析 1 重要提示及释义 69 股本变动及股东情况 71 董事、监事、高级管理人员和员工情况 73 重要事项 87 中期合并资产负债表 90 中期合并利润表 92 中期合并股东权益变动表 94 中期合并现金流量表 96 中期公司资产负债表 97 中期公司利润表 98 中期公司股东权益变动表 99 中期公司现金流量表 100 中期简要财务报表附注 44 以医疗养老打造价值增长新引擎 59 流动性及资本资源 155 公司信息 156 备查文件目录 有关前瞻性陈述之提示声明 除历史事实陈述外，本报告中包括了某些 "前瞻性陈述"。所有本公司预计或期待未来可能发生的（包括但不限于）预测、目标、估计及经营计划都属于前瞻性陈述。某些字 词，例如 "潜在"、"估计"、"预期"、"预计"、"目的"、"有意"、"计划"、"相信"、"将"、"可能"、"应该"，以及这些字词的其他组合及类似措辞，均显示相关文字为前瞻性陈 述。 前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分 ...

2024年中期业绩报告 —驾驭周期，推动增长 2024年8月 有关前瞻性陈述之提示声明 除历史事实陈述外，本演示材料中包括了某些"前瞻性陈述"。所有本公司预计或期待未来可能发生的(包括但不 限于)预测、目标、估计及经营计划都属于前瞻性陈述。某些字词，例如「潜在」、「估计」、「预期」、「预计」、 「目的」、「有意」、「计划」、「相信」、「将」、「可能」、「应该」，以及这些字词的其他组合及类似措辞， 均显示相关文字为前瞻性陈述。 前瞻性陈述涉及一些通常或特别的已知和未知的风险与不明朗因素。读者务请注意这些因素，其大部分不受本公 司控制，影响着公司的表现、运作及实际业绩。受上述因素的影响，本公司未来的实际结果可能会与这些前瞻性陈述 出现重大差异。这些因素包括但不限于：汇率变动、市场份额、同业竞争、环境风险、法律、财政和监管变化、国际 经济和金融市场条件及其他非本公司可控制的风险和因素。本报告中的前瞻性描述不构成本公司对投资者的实质性承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测等前瞻性描述与承诺之间的差异。 任何人需审慎考虑上述及其他因素，并不可完全依赖本公司的"前瞻性陈述"，且应注意 ...