中国平安：平安对陆金所特别股息选择以股代息的影响分析

Investment Rating - The report maintains a "Buy" rating for Ping An Insurance, with a target price of HKD 51, indicating a potential upside of 38.4% from the current price of HKD 36.85 [7][18]. Core Insights - Ping An's decision to receive special dividends in shares rather than cash has increased its stake in Lufax from 41.4% to 56.82%, allowing it to consolidate Lufax as a subsidiary in its financial statements [5][7]. - Lufax reported a turnaround in its pre-tax profit for Q1 2024, although it is still expected to incur losses for the full year. However, significant improvement in profitability is anticipated for 2025 [1][7]. - The share price of Lufax's American Depositary Shares (ADS) was noted at USD 2.95, which is higher than the offer price of USD 2.254, indicating that Ping An has no intention of privatizing Lufax or changing its listing status [2][7]. Summary by Sections Shareholding Structure Changes - Prior to the special dividend, Ping An held 41.4% of Lufax, with the second-largest shareholder, Tun Kung, holding 26.87%. After the dividend distribution, Ping An's stake increased to 56.82%, while Tun Kung's stake decreased to 17.78% [5][27]. - The new shareholding structure post-dividend distribution shows Ping An's significant increase in ownership, which reflects confidence in Lufax's business prospects [5][7]. Financial Implications - The consolidation of Lufax will result in financial changes for Ping An, but these will be classified as non-recurring items and will not affect its operating profit after tax (OPAT) [7]. - The report projects that Ping An's operating profit for 2024 is likely to show positive growth from last year's low levels, reinforcing the attractiveness of its current valuation [7].