Core Viewpoint - The report from CICC maintains the target price for Sunshine Insurance (06963) at HKD 4.60, with a rating of outperforming the industry, reflecting a potential upside of 2.7% based on the 2025-2026 P/EV ratios of 0.40x and 0.34x respectively [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 life insurance reached CNY 56.08 billion, a 10.3% increase from the end of the previous year, indicating a positive trend in product structure optimization [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% and accounting for 50.6% of total premiums [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] Group 3: Investment Performance - The net and total investment returns 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 company increased its stock allocation by 1.8 percentage points compared to the end of the previous year, while also adding long-duration interest rate bonds to optimize the duration structure and cost-return matching [4] Group 4: Group Value Growth - The intrinsic value of Sunshine Group reached CNY 128.49 billion in 1H25, an 11.0% increase from the end of the previous year, with net assets amounting to CNY 55.84 billion [5]
中金：维持阳光保险跑赢行业评级 目标价4.60港元