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].

智通财经APP获悉，近日，中国平安(02318)举行了2023年全年业绩交流会。中国平安在交流会中指出， 资本市场已开始筑底，资管对未来的拖累是可控的。从公司内部前瞻性指标，包括不良生成等均有好 转。公司相信拐点有望形成。从4Q23来看，公司拨备政策比较审慎，公司对部分资产进行减值和拨 备，给与未来资产负债表，夯实筑底打下基础。集团对24年至26年，未来三年恢复业绩高质量增长有信 心。 偿付能力管理方面，平安寿险核心偿付能力充足率105%，目前寿险ROE维持比较高的位置，资本内生 能力比较强。随着平安自身改善，运营成本优化后，CSM趋势会逐步缓解，长期有望改善。地产敞口 方面，平安的地产敞口里面质量很好，75%是一线城市商业地产，出租率到90%以上，租金收益率比较 稳健。在账面上用摊余成本，折旧隐含的价值不在账面上，实际在市场价值，平安一惯保持审慎财务策 略。 Q&A 问：资管亏损增加，尤其是4Q23亏损较大，主要原因如何？ 答：2023年是市场波动较大，去年一年沪深300下跌11%，恒指下跌14%，对保险行业挑战较大。资本 市场已开始筑底，资管对未来的拖累是可控的。信用风险提升，如银行零售、小微贷款、陆金所 ...

公司研 究 证 券研究 报 告 保险Ⅲ 2024年03月24日 中 国平安（601318）2023年报点评 强 推 （维持） 目标价：56.6元 负债端亮眼，假设调整护航公司平稳发展 当前价：40.56元 事项： 华创证券研究所  中国平安发布2023年年度报告。2023年，公司实现新业务价值392.62亿元， 证券分析师：徐康 同比+36.2%；截至2023年年末可比口径下人身险内含价值 9301.60亿元，同 比+6.3%。归母营运利润1179.89亿元，同比-19.7%；归母净利润856.65亿元， 电话：021-20572556 同比-22.8%；ROE 达到 9.7%，同比-3.5pct；归母净资产 8990.11 亿元，同比 邮箱：xukang@hcyjs.com +3.4%。净/总/综合投资收益率4.2%/3.0%/3.6%，同比-0.5pct/+0.6pct/+0.9pct。 执业编号：S0360518060005 全年股息每股2.43元，同比+0.4%。 联系人：陈海椰 评论： 邮箱： chenhaiye@hcyjs.com  高质量代理人+价值银保双驱，量为主导，人身险达成 NBV 高 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Ping An Insurance, with current prices at 40.56 RMB and 33.45 HKD respectively [1]. Core Insights - The report highlights that the new business value (NBV) continues to grow well, with a year-on-year increase of 7.8% to 31.08 billion RMB, and a comparable growth rate of 36.2% [5][6]. - The company’s total revenue for 2023 reached 913.79 billion RMB, reflecting a year-on-year growth of 3.8%, while the net profit attributable to shareholders decreased by 22.8% to 85.67 billion RMB [5][7]. - The report emphasizes the improvement in cash dividends, with a per-share dividend of 2.43 RMB, up 0.4% year-on-year, and a cash dividend payout ratio of 37.3% of operating profit, an increase of 7.8 percentage points [5][6]. Summary by Sections Financial Performance - In 2023, the company reported operating revenue of 913.79 billion RMB, a 3.8% increase year-on-year, and a net profit of 85.67 billion RMB, down 22.8% [5][11]. - The operating profit was 117.99 billion RMB, reflecting a decline of 19.7% year-on-year [7][11]. - The NBV for 2023 was 31.08 billion RMB, with a year-on-year growth of 7.8% and a comparable growth of 36.2% [5][6]. Business Segments - Life Insurance: The average productivity per agent increased significantly, with the number of agents decreasing by 26% to 356,000, while the NBV per agent rose by 89.5% to 90,000 RMB [8]. - Property Insurance: The insurance service revenue grew by 6.5% to 313.46 billion RMB, with a combined cost ratio of 100.7%, an increase of 1.1 percentage points [9]. - Banking: Ping An Bank's net profit increased by 2.1% to 46.5 billion RMB, despite a decline in operating revenue [9][10]. Investment and Valuation - The report projects net profits for 2024-2026 to be 102.4 billion, 107.7 billion, and 112.2 billion RMB respectively, with a maintained "Buy" rating for both A and H shares [10][11]. - The current price-to-earnings (P/E) ratio for A-shares is 8.62, while for H-shares it is 6.57, indicating potential for valuation improvement [11].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 03 月 24 日 中 国平安(601318.SH) 证券研究报告 寿险表现显著改善，资管亏损分红稳健 保险Ⅲ 投资评级 买入-A ■事件：公司披露 2023 年年报，全年实现归母营运利润 1180 亿元 维持评级 （YoY-19.7%），归母净利润 857 亿元（YoY-22.8%），可比口径下新业 务价值 393 亿元（YoY+36.2%）。受长期投资假设回报率下调至4.5%、 6 个月目标价 45.54元 风险贴现率下调至9.5%影响，2023 年底寿险内含价值达8310 亿元。 股价 (2024-03-22) 40.56元 2023 年全年拟发放每股股息2.43 元（YoY+0.4%），分红总额连续 12 年增长。 交易数据 总市值(百万元) 738,607.12 ■我们认为，2023 年年报核心重点在于：1）NBV 表现增速显著，寿 流通市值(百万元) 436,533.40 险改革效果显现。受储蓄型产品热销、个险和银保改革推动等因素影 总股本(百万股) 18,210.23 响，用于计算 NBV 新单保费同比+38.9%，拉 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国平安（601318）公司年报点评 2024年03月23日 [Table_InvestInfo] 分红率显著提升，可比口径下 NBV 实现大 投资评级 优于大市 维持 幅增长 股票数据 [0T3a月ble22_日St收oc盘k价In（fo元] ） 40.56 [投Ta资ble要_S点um：m ary] 52周股价波动（元） 37.62-56.00 股本结构 【事件】中国平安发布 2023年年报：1）归母净利润 857亿元，同比-22.8%，  [总Ta股b本le（_C百a万p股ita）lI nfo] 18210 其中Q4单季亏损 19亿元，上年同期为盈利 182亿元。2）归母营运利润 1180 流通A股（百万股） 10762.657695 亿元，同比-20.5%，若剔除假设变动影响，则同比-19.7%。3）归母净资产8990 B股/H股（百万股） 0/7448 亿元，较年初+3.4%，较Q3末-0.5%。 相关研究 核心业务营运利润整体稳定，资管板块亏损较大。寿险/财险/银行/科技板块归母 [《Ta平b安le_ 1R月ep保o费rt点I ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨中国平安（ ） 601318.SH [中Ta国b平le_安Title] 年年报点评： 维持高增，关 2023 NBV 注偿付能力 报告要点 [短Ta期bl聚e_焦Su资m产m端ar主y]线，长期看好生态优势。行业主要矛盾仍然为资产端因素，因此需关注长端 利率、权益市场以及地产行业情况，在边际改善的情境下，平安存在广阔的上行空间。中长期 来看，公司持续推进渠道改革，重视供给侧创新，同时深耕医养、综合金融等业务，预期生态 圈方面的优势将协助公司构建未来的产品与定价壁垒。 ...