阳光保险（06963.HK）深度报告 从高 ROE 到高股息：资负双轮驱动的价值跃迁 2025 年 07 月 09 日 ➢ 阳光保险集团：寿险与财险双轮驱动高质量增长，保费收入增长加速，投资 收益企稳，内含价值持续提升。阳光保险以寿险与财险双轮驱动为核心，构建均 衡发展的业务格局。以"新阳光战略"深化业务协同，推动寿险队伍结构优化、 财险数据化升级，叠加资管多元配置能力，夯实高质量发展基础。保费收入保持 快速增长，增速高于行业平均水平，主要得益于寿险新单业务和财险非车险业务 的强劲发展，以及多渠道营销策略的持续发力。投资收益阶段性承压但已经企稳， 2024 年综合投资收益率 6.5%。内含价值持续提升，截至 2024 年末，内含价值 1157.6 亿元，同比+11.2%，公司业务规模的持续扩大和盈利能力的增强。 ➢ 阳光人寿：银保价值释放与结构优化双轮驱动，稳居行业第二梯队。阳光人 寿以银保渠道价值深耕+代理人队伍质态提升为核心增长极，2024 年总保费 804.5 亿元，同比+7.8%，市场份额稳步升至 2.2%。银保渠道依托传统险占比跃 升至 66.6%，趸交占比下降至 25.6%，驱动 NBVM 显著优 ...

Core Viewpoint - The recent controversy surrounding Sunshine Insurance's late-night meetings reflects a deeper issue of management anxiety over business performance, as the company faces significant operational challenges and declining profits [1][12]. Group 1: Company Performance - Sunshine Insurance's net profit for 2022 was 4.881 billion yuan, a year-on-year decrease of 23.61%, marking the first negative growth since 2019 [9]. - The company's net profit declined from 5.883 billion yuan in 2021 to 3.738 billion yuan in 2023, with a compound annual growth rate of -20.29% [12]. - Despite a projected recovery in 2024 with a net profit of 5.449 billion yuan, this figure still lags behind pre-2022 levels [12]. Group 2: Business Challenges - The company has been experiencing a decline in premium income, with a 3.62% drop in total premium income in January 2025 compared to January 2024 [15]. - Sunshine Insurance's reliance on the bancassurance channel, which accounts for about 60% of its sales, has been negatively impacted by new regulations that reduced commission rates [17]. - The company's flagship product, "Zhenxin Lifetime Life Insurance," has been discontinued, further affecting premium income [18]. Group 3: Management and Cultural Issues - The late-night meetings at Sunshine Insurance are indicative of a "founder culture" driven by founder Zhang Weigong's intense work ethic, which has been ingrained in the company's operations [2][4]. - Zhang Weigong is known for his demanding work schedule, often working over 15 hours a day, which has set a precedent for the company's culture [4][5]. - The company's "overtime culture" has been criticized, yet it may be seen as a necessary response to the current business pressures [12][30]. Group 4: Future Outlook - The insurance industry is facing a challenging environment, with increasing competition and rising costs impacting profitability [20][23]. - Sunshine Insurance's combined cost ratio is approaching 100%, indicating significant risk exposure that could further strain profits [20]. - The company's investment income, which has been a significant driver of revenue, is subject to market volatility, raising concerns about future performance [29].