Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6]. Core Insights - The company's core businesses have shown recovery growth, particularly in the life insurance sector, with a new business value (NBV) increase of over 20% [3][4]. - Despite a slight decline in overall revenue and profit year-on-year, the three main business segments—life and health insurance, property insurance, and banking—have collectively shown a slight increase in operating profit [3][4]. - The company is expected to continue its positive trajectory, emerging from a low point, with significant advantages as one of the leading insurance firms in the industry [4]. Financial Performance Summary - For Q1 2024, the company reported a revenue of 2,455.69 billion yuan, a year-on-year decrease of 3.23%, and a net profit of 367.09 billion yuan, down 4.3% [3]. - The life and health insurance segment achieved an NBV of 128.90 billion yuan, with a comparable year-on-year increase of 20.7% [3]. - The property insurance segment reported a revenue of 806.27 billion yuan, reflecting a year-on-year growth of 5.7% [3]. - The banking segment's net profit was 149.32 billion yuan, with a year-on-year increase of 2.3%, despite a decline in operating revenue and net interest margin [3]. - The investment scale reached over 4.93 trillion yuan by the end of March, marking a 4.4% increase since the beginning of the year [3]. Earnings Forecast and Financial Metrics - The projected earnings per share (EPS) for 2024-2026 are 5.53, 6.21, and 6.80 yuan per share, respectively [4]. - The expected price-to-earnings (P/E) ratios for the same period are 7.22, 6.42, and 5.87 [4]. - The company anticipates a revenue growth rate of 2.00% in 2024, with a net profit growth rate of 14.29% [4].

Investment Rating - Maintain BUY rating with a target price of HK$52.00, implying a 51.2% upside from the current price of HK$34.40 [2][3]. Core Insights - The first-quarter results for Ping An show resilience in core lines, with Life VNB increasing by 20.7% YoY to RMB12.9 billion, surpassing market consensus and previous estimates [2]. - The growth in VNB is attributed to a significant rise in VNB margin, which increased by 6.5 percentage points YoY to 22.8%, despite sluggish sales in the 2024 jumpstart period [2]. - Group OPAT decreased by 3.0% YoY to RMB38.7 billion, but this is a significant improvement from a decline of 19.7% YoY by the end of 2023 [2]. - Life & Health OPAT turned positive with a growth of 2.2% YoY to RMB27.3 billion, contributing to a 0.3% YoY OPAT growth across the three core segments: Ping An Life & Health, P&C, and PAB [2]. - Asset management returned to profitability with a net profit of RMB910 million in 1Q24, compared to a loss of RMB20.7 billion by the end of 2023 [2]. Summary by Sections Life Insurance - Life VNB rose by 20.7% YoY to RMB12.9 billion in 1Q24, driven by a VNB margin increase to 22.8% [2][16]. - The number of life insurance agents decreased by 4.0% YoY to 0.33 million, but the productivity per agent increased by 56.4% YoY [2][16]. Property & Casualty (P&C) Insurance - P&C insurance revenue grew by 5.7% YoY to RMB80.6 billion, with a combined ratio (CoR) of 99.6%, reflecting a 0.9 percentage point increase [2][16]. - Underwriting profit in P&C declined by 67.5% YoY to RMB323 million, attributed to increased claims from catastrophes [2][16]. Asset Management - The asset management segment reported a net profit of RMB910 million in 1Q24, a recovery from a significant loss in the previous year [2][16]. Financial Projections - FY24-26E EPS revised down to RMB6.42, RMB7.05, and RMB7.61, respectively, from previous estimates of RMB6.94, RMB7.87, and RMB8.62 [2][3]. - The stock is currently trading at FY24 0.47x P/EV and 0.71x P/B, with potential upside driven by improved market sentiment and rising investment yields [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 51.00, indicating a potential upside of 48.3% from the current closing price of HKD 34.40 [1][3][4]. Core Insights - The company's earnings performance is stable, with new business value exceeding expectations. In Q1 2024, the operating profit after tax (OPAT) decreased by 3% year-on-year, primarily due to declines in technology, property and casualty insurance, and asset management sectors. However, life and health insurance grew by 2.2%, and banking increased by 2.3%, partially offsetting the declines [1][2]. - The new business value saw a significant increase of 20.7% year-on-year, with the new business value rate rising to 22.8%, up by 6.5 percentage points, driven by a shift towards protection-type products and longer payment cycles [2][3]. - The comprehensive cost ratio for property and casualty insurance increased to 99.6%, reflecting a 0.9 percentage point rise year-on-year, while investment yields slightly declined [2][3]. Financial Performance Summary - In Q1 2024, the company's net profit attributable to shareholders was RMB 36,709 million, down 4.3% year-on-year, while OPAT was RMB 38,709 million, a decrease of 3.0% [8]. - The life and health insurance segment reported OPAT of RMB 27,288 million, a growth of 2.2% year-on-year, while the property insurance segment saw a decline of 14.3% [8]. - The asset management sector turned profitable compared to Q4 2023, with expectations of improved profitability moving forward [1][3]. Earnings Forecast Adjustments - The report projects an increase in new business value for 2024E to RMB 35,359 million, reflecting a 14.2% adjustment from previous estimates [8]. - The new business value rate is expected to rise to 23.6% for 2024E, indicating continued improvement in product structure and profitability [8][9]. - The forecast for net profit attributable to shareholders for 2024E is set at RMB 98,288 million, representing a 14.7% year-on-year growth [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 56.6 CNY [2][9]. Core Insights - The company's new business value (NBV) increased by 20.7% year-on-year to 12.9 billion CNY in Q1 2024, driven by improved pricing strategies and cost optimization [2][3]. - The annualized net investment return rate for Q1 2024 was 3.0%, a slight decrease of 0.1 percentage points year-on-year, while the comprehensive investment return rate reached 3.1% [2][3]. - The company is actively enhancing its product offerings in wealth management, elderly care, and insurance to meet diverse customer needs, which is expected to support the growth of new business value [3][9]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a net operating profit of 38.7 billion CNY, a year-on-year decrease of 3.0%, while the net profit was 36.7 billion CNY, down 4.3% year-on-year [2][3]. - The life and health insurance segments reported a new business value of 12.9 billion CNY, with a new business value margin of 22.8%, up 6.5 percentage points year-on-year [2][3]. Sales Channels - The personal life insurance sales agent count was 333,000, a decrease of 4.0% from the beginning of the year, but the quality of the sales force improved significantly, with a 56.4% year-on-year increase in per capita NBV [3][9]. - The company is expanding its community-based sales channels, with over 10,000 sales personnel and a continued increase in customer retention rates [3][9]. Investment Strategy - The company’s investment portfolio exceeded 4.93 trillion CNY, with a focus on reducing non-standard exposure, which now stands at 404.8 billion CNY, accounting for 8.2% of total investment assets [3][9]. - The report highlights a strategic shift towards optimizing product and channel costs, which is expected to enhance profitability and reduce reliance on interest rate spreads [3][9].

Investment Rating - The investment rating for the company is maintained at "Buy - A" [3] Core Views - The company's Q1 2024 report highlights a slight decline in net profit and operating profit, but a significant improvement in new business value (NBV) driven by strong sales of savings-type products and reforms in individual insurance channels [1] - The overall performance of the life insurance segment is stable and of high quality, with a notable increase in NBV by 20.7% year-on-year [1] - The property and casualty insurance segment shows an increase in the combined cost ratio to 99.6%, influenced by weather-related claims and increased travel activity [1] - The investment performance remains steady, with an annualized comprehensive investment return of 3.1% and a net investment return of 3.0% for Q1 2024 [2] Summary by Relevant Sections Financial Performance - In Q1 2024, the company achieved a net profit of 36.7 billion yuan, down 4.3% year-on-year, and an operating profit of 38.7 billion yuan, down 3.0% year-on-year [1] - The new business value (NBV) reached 12.9 billion yuan, reflecting a 20.7% increase year-on-year on a comparable basis [1] - The life and health insurance business generated an operating profit of 27.3 billion yuan, up 2.2% year-on-year [1] Insurance Segment Analysis - The life insurance segment's NBV margin improved by 6.5 percentage points to 22.8%, with individual insurance channel agents showing a 56.4% increase in per capita NBV [1] - The property and casualty insurance segment reported service income of 80.6 billion yuan, a 5.7% increase year-on-year, but faced a 14.3% decline in operating profit due to increased claims [1] Investment Outlook - The company maintains a diversified investment structure, with debt-related products accounting for 8.2% of total investment assets and real estate investments at 4.2% [2] - The projected earnings per share (EPS) for 2024-2026 are estimated at 6.06 yuan, 7.09 yuan, and 8.19 yuan respectively, with a target price of 48.09 yuan based on a 0.6x 2024 P/EV [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The report indicates that the company's new business value (NBV) for Q1 2024 increased by 20.7% year-on-year to 12.89 billion yuan, slightly exceeding expectations, driven by effective individual insurance channel transformation [4][5]. - The report forecasts that the NBV will continue to improve, with expected year-on-year growth rates of 8.7%, 13.8%, and 10.6% for 2024-2026 [4][5]. - The report highlights a stable performance in the group's operating profit and net profit, with net profit for 2024 expected to reach 120.2 billion yuan, representing a year-on-year increase of 40.3% [4][5]. Financial Summary - The total market capitalization of the company is 726.406 billion yuan, with a circulating market capitalization of 429.322 billion yuan [2]. - The company's total assets are projected to grow from 1113.72 billion yuan in 2022 to 1551.92 billion yuan by 2026 [7]. - The report projects the company's net profit for 2024 to be 120.2 billion yuan, with corresponding earnings per share (EPS) of 6.6 yuan [4][5]. Business Performance - The new single premium for Q1 2024 was 56.63 billion yuan, down 13.6% year-on-year, primarily due to the impact of regulatory changes [4][5]. - The NBV margin improved by 6.5 percentage points to 22.8% in Q1 2024, attributed to adjustments in product structure and premium payment terms [4][5]. - The report notes a decrease in the number of agents to 333,000, a 4.0% decline from the beginning of the year, but anticipates stabilization in agent numbers for 2024 [4][5].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company, with a current price of CNY 39.89 and HKD 33.00, and a fair value of CNY 56.5 and HKD 52.6 [5][19]. Core Insights - The company reported a net profit of CNY 367.1 billion for the first quarter, a year-on-year decrease of 4.3%, but a significant improvement compared to the previous quarter. The core business net profit remained stable, exceeding market expectations [3][17]. - The new business value (NBV) reached CNY 128.9 billion, reflecting a year-on-year growth of 20.7%, driven by improved value rates and product structure adjustments [3][9]. - The agent scale has stabilized, with a slight decrease of 4% to 333,000 agents, while productivity per agent increased significantly by 56.4% year-on-year [3][9]. Summary by Sections 1. Life Insurance Liabilities - The improvement in value rates, driven by product structure adjustments and the impact of policy changes, led to a double-digit growth in new business value. The NBV for the first quarter was CNY 128.9 billion, up 20.7% year-on-year [3][9]. - The first-year premium for new business was CNY 566.3 billion, down 13.6% year-on-year, influenced by high base effects and policy changes [11][13]. - The new business value margin (NBVM) was 22.8%, an increase of 6.5 percentage points year-on-year, attributed to product structure and reduced commissions in the bancassurance channel [13][19]. 2. Property and Casualty Insurance - The company's original premium income for the first quarter was CNY 790.8 billion, a year-on-year increase of 2.8%. The growth rates for auto, non-auto, and health insurance were 3.5%, -9.7%, and 34.1%, respectively [15][20]. - The combined ratio for the first quarter was 99.6%, an increase of 0.9 percentage points year-on-year, primarily due to increased claims from natural disasters and higher accident rates as travel resumed [15][20]. 3. Profitability - The company's net profit for the first quarter was CNY 367.1 billion, down 4.3% year-on-year but better than market expectations. The operating profit after tax (OPAT) decreased by 3% year-on-year, with life insurance OPAT increasing by 2.2% [3][17][19]. - The report forecasts EPS for 2024-2026 to be CNY 5.1, CNY 5.8, and CNY 6.4 per share, respectively, with a fair value of CNY 56.5 per share for A shares [19].

Investment Rating - The investment rating for the company is "Buy" with a target price of 60.70 CNY [7][5]. Core Insights - The company reported a New Business Value (NBV) of 12.89 billion CNY for Q1 2024, reflecting a year-on-year increase of 20.7% under the same assumptions [2][4]. - The net profit attributable to shareholders was 36.709 billion CNY, showing a decline of 4.3% year-on-year, which was better than expected [3][5]. - The company’s operating profit decreased by 3.0% year-on-year, with the life and health insurance segment showing stable performance [3][4]. Financial Performance Summary - The company achieved a NBV of 12.89 billion CNY, with a NBV margin of 22.8%, an increase of 6.5 percentage points year-on-year [4]. - The annualized net investment return rate was 3.0%, down by 0.1 percentage points year-on-year, while the comprehensive investment return rate was 3.1% [3]. - The company’s insurance business revenue is projected to grow from 552.3 billion CNY in 2024 to 620.1 billion CNY in 2026, with corresponding growth rates of 3%, 6%, and 6% [5][6]. Business Segment Performance - The life and health insurance segment generated a net profit of 25.15 billion CNY, up by 0.7% year-on-year, while the property insurance segment's combined ratio (COR) was 99.6%, up by 0.9 percentage points year-on-year [3][4]. - The asset management segment faced challenges, reporting a loss of 0.6 million CNY, primarily due to provisions for certain projects [3][4]. - The number of agents decreased to 333,000, but the quality of agents improved significantly, with a 56.4% year-on-year increase in per capita NBV [4].

上 市 公 司 非银金融 2024 04 月23 日 中国平安 (601318) 公 司 研 究 —— NBV yoy+20.7%超预期，利润承压但优于预期 公 司 点 报告原因：有业绩公布需要点评 评 投资要点：中国平安发布2024年一季度业绩，利润、NBV表现优于预期，财险承保表现低 买入 （维持） 于预期。资本市场波动态势下利润同比承压，但表现优于预期，1Q24公司实现归母营运利润 /归母净利润 387.09/367.09亿元，yoy-3.0%/-4.3%（我们此前预计归母净利润yoy-9.0%）。 证 主要分部归母营运利润表现寿险及健康险（yoy+2.2%）、财险（yoy-14.3%）、银行 券 市场数据： 2024年04月23日 （yoy+2.3%）、资管（yoy-30.3%）、科技（yoy-129.1%）；核心业务表现稳健，人身险、 研 收盘价（元） 39.89 财险、银行合计归母营运利润yoy+0.3%，资管业务受宏观经济影响承压，但环比显著改善。 究 一年内最高/最低（元） 56/37.62 报 市净率 0.8 1Q24 NBV同比增长20.7%超预期。1Q24公司实现NBV 128.9亿元， ...

股 票 研 究 [Table_industryInfo] 保险/金融 [ Table_Main[中ITnaf 国bol]e 平_Ti安tle]( 601318) [评Tab级le_：Inv est] 增持 上次评级： 增持 盈利好于预期，资管减值压力环比减小 目标价格： 58.98 上次预测： 58.98 公 ——中国平安2024 年一季报业绩点评 当前价格： 39.89 司 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(分析师) 2024.04.23 更 021-38676647 021-38674943 021-38038619 [交Ta易bl数e_M据a rket] 新 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880524030003 52周内股价区间（元） 37.78-54.92 报 总市值（百万元） 726,406 告 本报告导读： 总股本/流通A股（百万股） 18,210/10,763 流通 B股/H股（百万股） 0/7,448 24Q1归 ...