证券代码：601318 证券简称：中国平安 公告编号：临 2024-016 中国平安保险（集团）股份有限公司 保费收入公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）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。 根据中华人民共和国财政部《企业会计准则解释第 2 号》以及《保险合同相 关会计处理规定》，本公司如下子公司于 2024 年 1 月 1 日至 2024 年 3 月 31 日 期间的原保险合同保费收入为： | | | 2024 年 | 1-3 月 | | --- | --- | --- | --- | | 子公司名称 | 原保险合同保费收入 | | 同比 | | | （人民币万元） | | （%） | | 中国平安财产保险股份有限公司 | 7,907,567 | | 2.8 | | 中国平安人寿保险股份有限公司 | 17,330,210 | | 0.9 | | 平安养老保险股份有限公司 | 677,074 | | 1.5 | | 平安健康保险股份有限公司 | 527,300 | | 10.7 | 于上述期间，本 ...

证券研究报告 公 2024年03月22日 司 报 告 中国平安(601318) │ 行 业： 非银金融/保险Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 42.03元 - 分红稳健增长略超预期 公 目标价格： 60.70元 司 事件： 年 基本数据 报 公司发布2023年年报，公司全年实现NBV 310.8亿，同比+7.8%。新准则 点 下公司实现归母净利润856.65亿，同比-22.8%。 总股本/流通股本(百万股) 18,210.23/18,210. 23 评 ➢ 23年利润低于预期，分红略超预期 流通A股市值(百万元) 452,354.50 1）新准则下公司实现归母净利润 856.65 亿，同比-22.8%，增速环比继续 每股净资产(元) 49.37 回落（前三季度累计增速为-5.6%）。其中 Q1/Q2/Q3/Q4 单季同比分别 +48.9%/-30.0%/-19.6%/盈转亏。分业务来看，寿险及健康险、财险、银行、 资产负债率(%) 89.39 资管、科技业务分别实现归母净利润726、89、269、-207、21亿。资管业 一年内最高/最低(元) 56.00/37.62 务利润承压是公司净利润略 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2024年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 601318 | 說明 | A股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,762,657,695 | RMB | | | 1 RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | | | 1 RMB | | 10,762,657,695 | | 2. ...

中国平安23年报点评：NBV增速符合预期，总、综合投资收益率均有提升 中国平安（601318.SH）/保险 证券研究报告/公司点评 2024年4月1日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：40.81 2022 2023 2024E 2025E 2026E 营业收入（百万元） 880355 913789 974651 1025122 1097412 分析师：蒋峤 增长率（%） - 3.80% 6.66% 5.18% 7.05% 执业证书编号：S0740517090005 归属母公司股东净利润 111008 85665 108361 120776 140324 Email：jiangqiao@zts.com.cn （增 百长 万率 元（ ）%） - -22.83% 26.49% 11.46% 16.19% 每股收益（元） 6.10 4.70 5.95 6.63 7.71 分析师：戴志锋 执执业业证证书书编编号号：：S S00774400551177003300000044 备注：股价截至2024年3月29 ...

Investment Rating - The investment rating for the report on Ping An Insurance is "Buy" and is maintained [5]. Core Insights - The report highlights that in 2023, Ping An continues its "Finance + Technology" strategy, emphasizing high-quality business development and accelerating ecosystem construction [4][41]. - Technology investment has stabilized, with a reduction in the number of technology employees, but the proportion of technology division expenditure relative to total revenue has increased [4][10]. - The financial sector is embracing digital transformation, leading to efficiency improvements and cost reductions in traditional businesses [4][13]. - The effects of ecosystem empowerment are evident, with an increase in the proportion of affluent clients and the average number of contracts per high-net-worth client [4][15]. - The technology segment is still undergoing a transformation process, with adjustments in business strategies to enhance profitability, showing positive changes in some companies' business and customer structures [4][17]. Summary by Sections Financial + Technology Strategy - Ping An has been integrating modern technology with traditional finance since 2012, aiming to create a core growth driver for the future [4][45]. - In 2023, the company reiterated its commitment to this strategy while introducing new goals for high-quality business development and ecosystem enhancement [4][41]. Technology Investment - As of the end of 2023, Ping An's technology employee count was 55,000, a decrease of 40.8% year-on-year, accounting for 19.2% of total employees, down 8.0 percentage points [4][10]. - The technology division's expenditure reached 17.3 billion yuan, a decrease of 5.0% year-on-year, but its share of total revenue increased by 0.3 percentage points to 1.9% [4][10]. Digital Transformation in Financial Sector - The company reported an automated renewal amount of 300.3 billion yuan, up 13% year-on-year, with AI service interactions totaling approximately 2.22 billion, down 14.6% [4][13]. - The number of individual clients in the securities business exceeded 23 million, maintaining the top position in the industry, with a market share of 3.62% in brokerage stock trading [4][13]. Customer Structure Improvement - By the end of 2023, Ping An had 230 million individual clients, a year-on-year increase of 2.2%, with the proportion of affluent clients rising by 4.1 percentage points to 43.8% [4][15]. - The average number of contracts per client was 2.95, a slight decrease of 0.7% year-on-year, while high-net-worth clients had an average of 21.2 contracts, up 2.5% [4][15]. Technology Segment Transformation - The technology segment's net assets reached 97.25 billion yuan, a year-on-year increase of 2.4%, with a net profit of 2.05 billion yuan, down 43.2% [4][17]. - Companies like Lufax and Ping An Good Doctor are adjusting their business strategies to improve profitability, with significant reductions in net losses [4][18].

来源：翠鸟资本 文|翠鸟资 本 一份年报，让中国平安（601318.SH）这个A股大白马惹来不少质疑。 近日，中国平安发布2023年年报，数据显示，报告期内，公司实现营业总收入9137.89亿元，同比增长 3.8%；归母净利润856.65亿元，同比下降22.83%；扣非净利润862.4亿元，同比下降22.58%。 与此同时，经营活动产生的现金流量净额为3604.03亿元，同比下降24.41%。 值得注意的是，这是中国平安营收利润增速罕见转为负增长。两个关键指标的下降，引起市场不小波 动，财报数据公布次日，中国平安股价也以较大的跌幅回应。 ...

董事會召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於本公告日期，本公司的執行董事為馬明哲、謝永林及蔡方方；非執行董事為謝吉人、楊小平、何 建鋒、蔡潯、姚波及陳心穎；獨立非執行董事為伍成業、儲一昀、劉宏、吳港平、金李及王廣謙。 中國平安保險（集團）股份有限公司（「本公司」及其附屬公司「本集團」）董事會（「董 事會」）兹通告謹定於二零二四年四月二十三日（星期二）舉行董事會會議，以考慮及 通過本集團截至二零二四年三月三十一日止三個月之第一季度業績，以及處理任何其他 事項。 承董事會命 盛瑞生 公司秘書 中國深圳，2024年3月28日 ...

Investment Rating - The report maintains a "BUY" rating for the company with a new target price of HK$52.00, implying a 57.6% upside from the current price of HK$33.00 [21][24]. Core Insights - The company reported a decline in OPAT by 19.7% to RMB 118.0 billion, primarily due to a net loss of RMB 20.7 billion from asset management. Despite this, the company sustained dividend per share (DPS) growth to RMB 2.43, reflecting a 37.3% payout on shareholders' OPAT [21][24]. - The life and health (L&H) value of new business (VNB) amounted to RMB 39.3 billion, representing a 36.2% year-on-year increase, driven by stable VNB margins [21][24]. - Economic assumptions were adjusted, lowering the long-term investment return from 5.0% to 4.5% and the risk discount rate from 11% to 9.5%, which resulted in a significant impact on the embedded value (EV) and VNB [21][24]. Financial Summary - For FY23, net profit attributable to shareholders was RMB 85.7 billion, down 22.8% from the previous year, with a reported EPS of RMB 4.84 [29][30]. - The company’s total assets are projected to grow from RMB 11,583.4 billion in FY23 to RMB 13,760.7 billion by FY26, indicating a steady increase in asset base [11]. - The return on equity (ROE) is expected to improve from 9.7% in FY23 to 14.3% by FY26, reflecting enhanced profitability [30]. Valuation Metrics - The stock is currently trading at 0.45x FY24E P/EV, with a target valuation of 1.0x FY24E P/EV and 0.9x FY24E P/B [24][28]. - The company’s dividend yield is projected to increase from 6.9% in FY23 to 8.7% by FY26, indicating a strong return to shareholders [3][30]. Embedded Value and Sensitivity Analysis - The Group's embedded value is estimated at RMB 1,390.1 billion for FY23, reflecting a decrease of 6.7% due to the revised economic assumptions [21][25]. - The sensitivity analysis indicates that a 50 basis point decrease in long-term investment return could lead to a 7.6% decline in Group EV [8][21].

上 市 公 司 非银金融 2024 年3 月26日 中国平安 (601318) 公 司 研 究 —— 分红超预期，对应 A/H 股股息率分别达 6.0%/8.2% / 公 司 点 报告原因：有业绩公布需要点评 评 投资要点：公司发布2023年业绩，分红超预期，利润承压。2023年公司实现归母营运利润 买入 （维持） /归母净利润 1179.9/856.65 亿元，yoy-19.7%/-22.8%；23Q4 归母营运利润/归母净利润 yoy-75.2%/-110.5%。公司同步调降投资收益率及风险贴现率精算假设 0.5pct/1.5pct 至 证 4.5%/9.5%，受此影响EV较年初-2.4%至1.39万亿元（假设变动负贡献766.04亿元）。利 券 市场数据： 2024年03月25日 润承压态势下，每股股息 yoy+0.4%至 2.43 元，归母营运利润/归母净利润口径下分红比率 研 收盘价（元） 40.44 达37.3%/51.4%，对应A/H股股息率（最新收盘价）为6.0%/8.2%。 究 一年内最高/最低（元） 56/37.62 报 市净率 0.8 NBV表现亮眼，开门红新规影响下23Q4延续增长。2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted from HKD 64 to HKD 51, indicating a potential upside of 52.5% from the current closing price of HKD 33.45 [1][3][22]. Core Views - The report anticipates an improvement in key performance indicators for 2024, driven by stable contributions from the company's core businesses in life insurance, health insurance, property insurance, and banking [1][3][35]. - Concerns regarding the decline in the core solvency ratio are noted, but the company is expected to maintain its dividend capacity in the medium term [1][35]. - The investment logic in the industry has shifted from growth to stable profitability based on high dividends, with the company positioned favorably in the "comprehensive finance + technology" sector [3][54]. Summary by Sections Financial Performance - The company expects a 3.5% revenue growth in 2024, with projected revenues of RMB 946,114 million [6]. - Net profit is forecasted to increase by 13.2% in 2024, reaching RMB 96,994 million, following a decline of 22.5% in 2023 [6][55]. - The operating profit after tax (OPAT) is expected to rebound by 11% in 2024, primarily due to growth in property insurance profits and a reduction in asset management losses [7][20]. Business Segments - Life and health insurance OPAT is projected to remain stable in 2024, while property insurance is expected to see a significant recovery in underwriting profits [20][27]. - The asset management segment is anticipated to narrow its losses in 2024, with improvements expected as capital markets stabilize [12][20]. - The report highlights that the company has successfully eliminated the drag from financing guarantee insurance, leading to an expected improvement in the combined ratio for property insurance to 99.2% in 2024, down from 100.7% in 2023 [15][21]. Valuation Metrics - The company’s current valuation reflects an attractive investment opportunity, with a price-to-earnings ratio (P/E) of 5.8 for 2024 and a price-to-embedded value (P/EV) of 0.39 [6][54]. - The dividend per share is projected to increase to RMB 2.51 in 2024, with a dividend payout ratio based on OPAT of 35% [55]. Market Position - The company is recognized for its competitive advantage in the comprehensive financial services sector, leveraging technology to enhance its offerings [3][54]. - The report emphasizes the company's ability to withstand interest rate risks due to a balanced product structure and robust investment performance [53].