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中金:维持阳光保险(06963)跑赢行业评级 目标价4.60港元
SUNSHINE INSSUNSHINE INS(HK:06963) 智通财经网·2025-08-25 01:49

Core Viewpoint - The report from CICC maintains the profit forecast for Sunshine Insurance for 2025-2026, with a target price of HKD 4.60, indicating a potential upside of 2.7% based on the current trading multiples of 0.38x/0.33x P/EV for 2025e and 2026e [1] Group 1: Life Insurance Performance - Sunshine Life's new business value (NBV) increased by 47.3% year-on-year to CNY 4.01 billion in 1H25, with individual insurance and bank insurance channels growing by 23.5% and 53% respectively [2] - The contract service margin (CSM) balance for Sunshine Life reached CNY 56.08 billion, reflecting a 10.3% increase from the end of the previous year [2] - The product structure has improved significantly, with over 50% of individual insurance channel products being floating income and protection-type products [2] Group 2: Property Insurance Performance - Sunshine Property's original insurance premium grew by 2.5% year-on-year to CNY 25.27 billion in 1H25, with non-auto insurance premiums increasing by 12.5% [3] - The combined ratio (CoR) improved by 0.3 percentage points to 98.8%, with the loss ratio and expense ratio changing by +2.5 percentage points and -2.8 percentage points respectively [3] - The combined ratio for auto insurance decreased by 1.6 percentage points to 98.1%, with the proportion of household vehicle premiums increasing by 3 percentage points [3] Group 3: Investment Performance - The net and total investment yields for Sunshine were 3.8% and 4.0% respectively in 1H25, showing stable performance despite a high base effect from bond investments in 1H24 [4] - The asset allocation saw an increase in stock proportion by 1.8 percentage points compared to the end of the previous year, along with an increase in long-duration interest rate bonds to optimize the duration structure and cost-revenue matching [4] Group 4: Group Value Growth - The intrinsic value of Sunshine Group reached CNY 128.49 billion in 1H25, marking an 11.0% increase from the end of the previous year [5] - The net assets amounted to CNY 55.84 billion, primarily due to the use of a 60-day moving average of government bond yield curves for discounting traditional insurance reserves [5]