公司公告点评：中国平安拟发行境外可转债，有助于提升偿付能力水平

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].