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美银证券:升中国平安目标价至64.9港元 料全年股息稳定增长 重申“买入”评级
Zhi Tong Cai Jing· 2025-08-27 09:06
Core Viewpoint - Bank of America Securities forecasts a 4% growth in after-tax operating profit for Ping An Insurance (601318) (02318) for the full year, supporting stable dividend growth for the year [1] Financial Performance - Ping An Insurance reported a net profit of 68 billion RMB for the first half of the year [1] - The value of new business (VNB) increased by 40% year-on-year, driven by a 1.9 percentage point rise in new business value profit margin to 26.1% [1] - After-tax operating profit (OPAT) grew by 4% year-on-year, attributed to stable growth in insurance business operating profit and a recovery in asset management business operating profit [1] - The interim dividend per share is 0.95 RMB, representing a 2% year-on-year increase [1] Earnings Forecast and Target Price - Earnings forecasts for 2025 to 2027 have been raised by 4% [1] - The target price for H-shares has been increased by 4%, from 62.4 HKD to 64.9 HKD, maintaining a "Buy" rating [1]
中国平安(02318):中国平安(601318):1H25:NBV强劲增长,OPAT提升
HTSC· 2025-08-27 05:29
Investment Rating - The investment rating for the company is "Buy" [9][7] Core Insights - The company reported a strong growth in new business value (NBV) of 39.8% year-on-year, driven primarily by rapid growth in the bancassurance channel [3][2] - The operating profit after tax (OPAT) increased by 3.7% year-on-year, indicating stable core profit growth despite a decline in net profit due to investment volatility and one-off factors [5][2] - The comprehensive cost ratio (COR) for property insurance improved significantly, decreasing by 2.6 percentage points to 95.2% [4][2] Summary by Sections Financial Performance - The company's net profit for 1H25 was RMB 68.047 billion, a decrease of 8.8% year-on-year, primarily due to investment fluctuations and one-off factors [2] - The NBV for life insurance increased by 39.8% year-on-year, with the bancassurance channel seeing a remarkable growth of 168.6% [3] - The property insurance premium grew by 7.1%, with the COR improving to 95.2% [4] Profitability Metrics - The OPAT for 1H25 was RMB 39.825 billion, reflecting a 3.7% increase year-on-year [5] - The life insurance OPAT grew by 2.5%, while the investment performance saw a significant increase of 24.3% [5] Investment Returns - The non-annualized net investment return rate was 1.8%, a decrease of 0.2 percentage points year-on-year, while the non-annualized comprehensive investment return rate rose to 3.1%, an increase of 0.3 percentage points [6] Earnings Forecast and Valuation - The EPS estimates for 2025, 2026, and 2027 have been adjusted to RMB 6.71, RMB 7.25, and RMB 7.87 respectively, reflecting a downward adjustment due to investment volatility [7] - The target price based on DCF has been raised to RMB 76 and HKD 75, maintaining the "Buy" rating [7][9]