Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [5]. Core Views - The company plans to issue convertible bonds worth $3.5 billion, maturing in 2029, with a coupon rate of 0.875%, which will only convert into H shares [3][4]. - The issuance of convertible bonds is expected to enhance the company's solvency ratio under the new solvency regulations, thereby reducing capital pressure for strategic development [3]. - The company aims to strengthen its competitive advantage in integrated financial services and healthcare, with a significant portion of new business value (NBV) coming from clients utilizing healthcare services [3]. - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are projected at CNY 5.13, CNY 5.77, and CNY 6.35 respectively, with a reasonable valuation of CNY 56.5 per A share and HKD 52.6 per H share [3][5]. Financial Summary - The company reported a net profit of CNY 85.665 billion for 2023, with a projected increase to CNY 93.374 billion in 2024, reflecting a growth rate of 9% [4]. - The embedded value for 2024 is estimated at CNY 1,474.273 million, indicating a growth rate of 6.05% compared to 2023 [4]. - The company's return on equity (ROE) is expected to improve from 9.53% in 2023 to 10.02% in 2024 [4].

Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" (maintained) [1] Core Views - The issuance of H-share convertible bonds is expected to have a limited dilution impact, and the increased dividend capacity can offset negative effects [1][4] - The company plans to use the net proceeds from the convertible bond issuance to support its future financial core business development needs and to enhance its capital requirements [3][4] - The issuance is also aimed at supporting the company's new strategies in healthcare and elderly care [3] Financial Projections and Valuation - The forecasted net profit attributable to shareholders for 2024-2026 is projected to be CNY 120.38 billion, CNY 154.12 billion, and CNY 162.21 billion, with year-on-year growth rates of 40.5%, 28.0%, and 5.2% respectively [2][4] - The company's embedded value per share is expected to increase from CNY 76.34 in 2023 to CNY 83.19 in 2024 [2] - The P/EV ratio is projected to be 0.55 in 2024, indicating a favorable valuation [2] Convertible Bond Details - The convertible bond issuance is set at USD 3.5 billion, with a coupon rate of 0.875% and a maturity date of July 22, 2029 [3][9] - The conversion price is set at HKD 43.71, representing a premium of approximately 21.2% over the closing price on the announcement date [3][9] - If fully converted, the bonds would result in approximately 625 million new shares, accounting for about 8.39% of the existing H-share capital [4][9] Capital Adequacy Impact - The issuance is expected to enhance the comprehensive solvency ratio by 3.1 percentage points, increasing it from 208.03% to 211.1% [4][9] - The solvency ratios for various segments of the company remain stable and above regulatory requirements [4] Market Data - The closing price of Ping An Insurance is CNY 42.53, with a market capitalization of CNY 774.48 billion [6][7] - The price-to-book ratio is 0.86, indicating a potential undervaluation [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4]. Core Insights - The company plans to issue offshore convertible bonds to enhance its solvency levels, with the amount and terms yet to be determined. The funds raised will primarily support the company's future financial business development needs and new strategic initiatives in healthcare and elderly care [3][4]. - The issuance of offshore convertible bonds is seen as a more cost-effective and flexible option compared to domestic perpetual bonds, which have been issued by several insurance companies recently at varying interest rates [3][4]. - The company's solvency ratios are strong, with a comprehensive solvency adequacy ratio of 186% and a core solvency adequacy ratio of 114% as of Q1 2024, showing slight improvements from the beginning of the year [4][7]. - The valuation remains low, with a target price range of 53.03 to 57.11 CNY based on a projected PEV of 0.65-0.7 times for 2024, indicating potential upside [4][10]. Financial Summary - The company's revenue is projected to grow from 913,789 million CNY in 2023 to 1,073,969 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 7.04% [5][10]. - Net profit is expected to recover from a decline of 22.83% in 2023 to a growth of 17.63% by 2026, indicating a positive trend in profitability [5][10]. - Earnings per share (EPS) is forecasted to increase from 4.70 CNY in 2023 to 6.68 CNY in 2026, demonstrating improving earnings potential [5][10]. - The company's embedded value (EV) is anticipated to rise from 76.34 CNY in 2023 to 93.73 CNY in 2026, reflecting growth in the company's intrinsic value [5][10]. Valuation Metrics - As of July 15, 2024, the company's stock price corresponds to a projected PEV of 0.52 times for 2024, suggesting that the stock is undervalued compared to its peers [4][9]. - The company is expected to maintain a stable dividend return, enhancing its investment appeal [4][10].

证券代码：601318 证券简称：中国平安 编号：临 2024-039 中国平安保险（集团）股份有限公司 2024 年 7 月 16 日 根据本公司于 2021 年 8 月 26 日召开的第十二届董事会第四次会议审议通过 的《关于审议回购公司股份的议案》（以下简称"本次回购"），本公司已于 2021 年 8 月 27 日至 2022 年 8 月 26 日通过上海证券交易所交易系统以集中竞价交易 方式累计回购本公司 A 股股份 102,592,612 股，占本公司总股本的比例为 0.56338%。本次回购股份原计划全部用于本公司员工持股计划，包括但不限于本 公司股东大会已审议通过的长期服务计划。 基于对本公司未来发展的信心，为维护广大投资者利益，本公司拟根据《中 华人民共和国公司法》《上市公司股份回购规则》《上海证券交易所上市公司自律 监管指引第 7 号——回购股份》及《中国平安保险（集团）股份有限公司章程》 的有关规定，变更本次回购股份的用途，拟注销存放于公司回购专用证券账户的 102,592,612 股 A 股股份（以下简称"本次注销"）。本次注销如获完成，公司注 册资本及股本总数将相应核减。本次注销尚需经 ...

Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" [4] - The target price is set at 58.98 CNY per share, with the current price at 42.53 CNY [4] Core Insights - The company proposes to issue US dollar convertible bonds primarily to supplement its capital and support its strategic initiatives, particularly in enhancing its "comprehensive finance + healthcare and elderly care" service system [5][8] - The issuance of convertible bonds is expected to alleviate capital pressure and facilitate the sustainable growth of core indicators [8] - The company maintains its "Buy" rating and target price, projecting earnings per share (EPS) of 6.17, 7.57, and 8.77 CNY for 2024, 2025, and 2026 respectively [8][9] Financial Summary - Total revenue for 2022 was 880,355 million CNY, with a projected increase to 941,703 million CNY in 2024 [9] - Net profit attributable to shareholders for 2022 was 111,008 million CNY, expected to rise to 112,437 million CNY in 2024 [9] - The company's return on equity (ROE) is projected to improve from 10% in 2023 to 15% by 2026 [9] Capital Structure - As of the end of Q1 2024, the core solvency ratio for life insurance was 118.8%, and for property insurance, it was 173.8%, indicating a need for capital replenishment [8] - The total market capitalization is reported at 774,481 million CNY, with a price-to-book ratio of 0.9 [5][6]

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。 重要内容提示： 证券代码：601318 证券简称：中国平安 公告编号：临 2024-038 中国平安保险（集团）股份有限公司 拟根据一般性授权发行 H 股可转换债券的公告 经办人已开展入标定价，关于债券的条款（包括但不限于本金金额和初始转 换价）已在入标定价后确定。 发行人拟发行的债券本金总额为 35 亿美元，可于条款及条件所载情形下转 换为 H 股。初始转换价为每股 H 股 43.71 港元（可予调整）。 假设债券按每股 H 股 43.71 港元的初始转换价全部转换且不再发行其他股 份，则债券将可转换为约 625,203,614 股转换股份，约占本公司于本公告日现有 已发行 H 股数目的 8.39%及现有已发行股本总数的 3.43%，以及约占本公司于债 券获全部转换后经发行转换股份后已发行 H 股数目的 7.74%及已发行股本总数 的 3.32%。转换股份将全部缴足，并在各方面与本公司在相关登记日已发行 H 股 享有同等地位。 ...

可转换债券的定价（包括发行价及初始转换价）将由联席全球协调人、联席 账簿管理人及联席牵头经办人以入标定价方式确定。可转换债券的条款确定后， 本公司与联席牵头经办人将就可转换债券订立认购协议。截至本公告发布时，可 转换债券发行的金额、条款和条件尚未确定。 二、募集资金的用途 本公司拟将可转换债券发行所得款项净额用于满足本集团未来以金融为核 心的业务发展需求，用于补充本集团的资本需求；支持本集团医疗、养老新战略 发展的业务需求；同时用作一般公司用途。 证券代码：601318 证券简称：中国平安 公告编号：临 2024-037 中国平安保险（集团）股份有限公司 关于建议发行美元计值 H 股可转换债券的公告 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。 一、建议发行可转换债券 本公司建议向专业投资者发售可转换债券，并根据美国证券法 S 规例仅在 美国境外发售。可转换债券将仅向香港联交所上市规则第 37 章及香港《证券及 期货条例》中定义的"专业投资者"发行，不会向香港公众人士发售，亦 ...

中国平安保险（集团）股份有限公司 第十三届董事会第三次会议决议公告 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。 证券代码：601318 证券简称：中国平安 公告编号：临 2024-036 本项议案的具体内容请见本公司于同日刊载于上海证券交易所网站 （www.sse.com.cn）的《中国平安保险（集团）股份有限公司关于建议发行美元 计值 H 股可转换债券的公告》。 表决结果：赞成 13 票、反对 0 票、弃权 0 票 本公司第十三届董事会第三次会议（以下简称"会议"）通知于 2024 年 7 月 15 日发出，会议于 2024 年 7 月 15 日在深圳市召开。会议应出席董事 13 人， 实到董事 13 人，会议有效行使表决权票数 13 票。本公司监事和高级管理人员列 席了会议。会议的召集、召开程序符合《中华人民共和国公司法》和《中国平安 保险（集团）股份有限公司章程》的相关规定，会议合法、有效。 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一 ...

非银金融 2024 年 07 月 14 日 中国平安 (601318) ——预计 1H24 业绩改善,板块内"高股息"优质之选 报告原因:强调原有的投资评级 证 券 研 究 报 告 市场数据: 2024 年 07 月 12 日 收盘价(元) 42.68 一年内最高/最低(元) 53.85/37.62 市净率 0.9 息率(分红/股价) 2.18 流通 A 股市值(百万元) 459,350 上证指数/深证成指 2,971.30/8,854.08 注:"息率"以最近一年已公布分红计算 基础数据: 2024 年 03 月 31 日 每股净资产(元) 49.70 资产负债率% 89.63 总股本/流通 A 股(百万) 18,210/10,763 流通 B 股/H 股(百万) -/7,448 一年内股价与大盘对比走势: 07-1208-1209-1210-1211-1212-1201-1202-1203-1204-1205-1206-1207-12 -20% -10% 0% 10% 中国平安 沪深300指数 (收益率) 相关研究 - 买入(维持) 预计 1H24 业绩同比表现较 1Q24 显著改善。2Q24 权益市场表 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2024-035 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 6 月 30 日 期间的原保险合同保费收入为： | | | 2024 年 | 1-6 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 | 16,039,658 | | 4.1 | | 中国平安人寿保险股份有限公司 | 30,078,384 | | 5.1 | | 平安养老保险股份有限公司 | 1,065,347 | | -4.2 | | 平安健康保险股份有限公司 | 943,426 | | 13.0 | 备注： ...