Investment Rating - Buy (Maintained) [2] Core Views - The company's 2024H1 net profit attributable to the parent company was RMB 18.49 billion, a year-on-year increase of 8.7% [4] - The underwriting profit and investment income decreased by 5.0% and 7.8% respectively year-on-year [4] - Q2 net profit attributable to the parent company was RMB 12.62 billion, a year-on-year increase of 17% and a quarter-on-quarter increase of 115% [4] - The comprehensive cost ratio (COR) for 2024H1 increased by 0.4 percentage points year-on-year to 96.2%, but decreased compared to 97.9% in 2024Q1 [4] - The company announced its first interim dividend of RMB 0.21 per share, with a dividend payout ratio of 25%, amounting to RMB 4.6 billion [4] - The current dividend yield (TTM) is 5.32%, and the PE ratios for 2024-2026 are 6.7x, 6.0x, and 5.6x respectively [4] Financial Performance - Total premium income for 2024H1 was RMB 235.8 billion, a year-on-year increase of 5.1% [5] - Underwriting profit for 2024H1 was RMB 9 billion, a year-on-year decrease of 5%, but Q2 underwriting profit was RMB 6.65 billion, a year-on-year increase of 37% and a quarter-on-quarter increase of 183% [5] - The COR for auto insurance decreased by 0.3 percentage points year-on-year to 96.4%, with a claims ratio increase of 1.5 percentage points and an expense ratio decrease of 1.8 percentage points [5] - The COR for non-auto insurance was 95.8%, an increase of 1.44 percentage points year-on-year, with agricultural insurance showing improved business structure and quality [5] - Total investment income for 2024H1 was RMB 13.97 billion, a year-on-year decrease of 7.8%, but Q2 investment income increased by 20% year-on-year [5] - The annualized total investment yield was 4.4%, a decrease of 0.8 percentage points year-on-year, and the annualized net investment yield was 3.5%, a decrease of 0.5 percentage points year-on-year [5] Industry and Market Analysis - The new internet property insurance regulations, effective from August 13, 2024, set higher entry barriers for internet property insurance, which is expected to optimize the industry landscape and highlight the leading position of the company [5] - Passenger car demand remains stable, supporting medium to long-term premium growth in auto insurance, with passenger car and new energy vehicle sales in July 2024 showing year-on-year changes of -5.1% and +27.0% respectively [5] Forecasts - The forecasted net profit attributable to the parent company for 2024-2026 is RMB 306 billion, RMB 340 billion, and RMB 362 billion respectively, with year-on-year growth rates of 24.6%, 11.0%, and 6.5% [4] - The forecasted EPS for 2024-2026 is RMB 1.4, RMB 1.5, and RMB 1.6 respectively [4] - The forecasted total premium income for 2024-2026 is RMB 4,244 billion, RMB 4,572 billion, and RMB 4,787 billion respectively, with year-on-year growth rates of 7.7%, 4.7%, and 7.6% [6] - The forecasted comprehensive cost ratio (COR) for 2024-2026 is 97.3%, 97.0%, and 96.9% respectively [6]

公司研究 首次实施中期分红，COR 维持良好水平 ——中国财险（2328.HK）2024 年半年报点评 买入（维持） 当前价：10.08 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 总股本(亿股) 222.43 总市值(亿元港币)： 2242.07 一年最低/最高(元港币)： 8.55/11.54 近 3 月换手率： 33.9% 股价相对走势 相关研报 盈利增速承压，COR 优于同业——中国财险 （ 2328.HK ） 2024 年 一 季 报 点 评 （2024-04-30） 非车业务盈利改善，分红水平稳中有升—— 中国财险（2328.HK）2023 年年报点评 （2024-03-31） COR 保持行业领先水平，彰显经营韧性—— 中国财险（2328.HK）2023 年三季报点评 （2023-10-31） 业务结构持续改善，综合成本率优于同业— —中国财险（2328.HK）2023 年半年报点 ...

中国财险（02328.HK） 优于大市 保费增速稳健，投资拖累利润表现 | --- | --- | --- | --- | --- | --- | |-------------------------------------------|---------|---------|---------|---------|---------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 441,954 | 473,296 | 504,398 | 536,712 | 568,237 | | (+/-%) | 5.57% | 7.09% | 6.57% | 6.41% | 5.87% | | 归母净利润(百万元) | 26,708 | 24,585 | 28,418 | 31,982 | 34,243 | | (+/-%) | 19.45% | -7.95% | 15.59% | 12.54% | 7.07% | | 摊薄每股收益(元) | 1.20 | 1.10 | 1.28 | 1.44 | 1.54 | | EBIT Marg ...

证券研究报告·公司点评报告·保险(HS) 中国财险（02328.HK） 2024 年中报点评：利润降幅大幅收窄实属不 易，车险承保盈利逆势改善 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|---------|---------|---------|---------|---------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 保险服务收入（百万元） | 424,355 | 457,203 | 494,002 | 529,798 | 569,764 | | 同比 | 6.9% | 7.7% | 8.0% | 7.2% | 7.5% | | 归母利润（百万元） | 29,163 | 24,585 | 29,641 | 32,330 | 34,478 | | 同比 | 30.4% | -15.7% | 20.6% | 9.1% | 6.6% | | 净资产收益率 | 13.4% | 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：2328） 截至2024年6月30日止6個月之未經審計中期業績公告 | --- | |----------------------------------------------------------------------------| | 中國人民財產保險股份有限公司（「本公司」）董事會謹此宣佈本公司及子公司截至 | | 2024年6月30日止6個月之未經審計中期業績。本公告刊載本公司2024 | | 全文，並符合《香港聯合交易所有限公司證券上市規則》有關中期業績初步公告附 | | 載的資料之要求。 | 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2024年8月28日 於本公告日，本公司董事長為王廷科先生（非執行董事），副董事長為于澤先生（執行董 事），降彩石先生、張道明先生及胡偉先生為執行董事，李濤先生為非執行董事 ...

证券研究报告 港股公司|公司点评|中国财险（02328） 车险及非车险保费增速均环比提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月15日 证券研究报告 |报告要点 公司发布 2024 年 7 月保费收入公告，7 月当月公司实现保费收入 327.8 亿元，同比+7.6%，其 中车险同比+3.9%、非车险同比+17.4%，增速环比 6 月均有所提升。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 6 港股公司|公司点评 glzqdatemark2 2024年08月15日 中国财险(02328) 车险及非车险保费增速均环比提升 | --- | --- | |------------|----------------| | 行 业： | 非银金融/保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 10.16 港元 | 基本数据 总股本/流通股本(百万股) 22,242.77/6,899.29 流通市值(百万港元) 70,096.83 每股净资产(元) 11.10 资产负债率(%) 66.72 一年内最 ...

[Table_Page] 公司深度研究|保险Ⅱ [Table_Title] 【 广 发 非 银 & 海 外 】 中 国 财 险 （02328.HK） 海外财险公司的估值及中国财险 ROE 拆解 [Table_Summary] 核心观点： （除特别注明外，报告货币为人民币） 从全球龙头财险公司的经验看，（1）PB 估值水平和 ROE 之间具备显 著的正相关性，如前进保险的 ROE 从 2015 年的 17.8%提升至 2018 年的 26.5%，PB 从 2.1X 提升至 3X，好事达 ROE 从 2015 年的 10.6% 提升至 2019 年的 21.7%，PB 估值从 1.07X 提升至 1.35X，且短期的 ROE 下降不会影响估值中枢水平；（2）海外龙头财险公司近年来大部 分 ROE 在两位数以上，且对应 PB 在 1X 以上；（3）ROE 的变化受保 费收入增速、承保利润和投资的影响。（报告汇率 HKD/CNY=0.925） 展望中国财险 24-26 年 ROE 为 11.3%-12%。(1)保费预期：车险方面， 机动车保有量稳定增长，而人保有望凭借品牌和服务优势实现承保数 量的提升，另外短期看报行 ...

证券研究投告 中国财险 (2328 HK) A 1.00 . PhD (852) 3558 6112 +(86) 21 2897 2228 主大成都 11.00目标价 (本名) 救金命 (海令 秦王 7 月 29 日)10.06 本位 (海名百万)223,762 6 个月个均日点文辑 (港专区方)301.02 52 鸡谷格克国 (毛名)8.03-11.54 BVPS (人民名)10.40 成价大学园 28 15 2 (12) (25) Nov-23 Jul-24 Jul-23 个半多次 - S&P 1H24 巨炎带未坑的 부휴坏充 2024 年７月 30 日 | 中国香港 是新版合 体验 1H24 剁满赢网 比下半 年初的市至交客孚县中国财险 1Q24 的综合成本年 (COR) 同比上升 2.2pct 至 97.9%。考虑到二季度的基両送水灾害老和对较为领导，表们预计 1H24 的 COR 为 97.2%，高于 1H23 的 95.8%。二季度的投资市场免场后种，整 休秘为稳定且高总殷标块表现和对较好,对高总殷特色较多的险资可能有支 操作用，投资未现应好千一季度。表们预计 1H24 EPS RMB0.76，同 ...

证券研究报告 2024 年 07 月 15 日 中国财险(02328) 车险增速环比回落,非车险增速环比改善 事件:公司发布 2024 年 6 月保费收入公告,6 月当月公司实现保费收入 628.75 亿元,同比+6.1%,其中车险同比+1.8%、非车险同比+9.2%。 ➢ 6 月车险保费同比+1.8%,增速环比有所回落,主因新车销量降幅扩大 6 月公司实现车险保费收入 254.29 亿元,同比+1.8%。公司的车险保费增 速环比回落(5 月为+4.4%),主要系新车销量降幅扩大。6 月我国狭义乘用 车零售销量同比-6.7%(5 月为-1.8%)。但全年来看,随着"以旧换新"政 策的效果逐步显现,新车销量仍有望实现较好增长,从而能带动公司车险 保费实现正增。对于车险 COR,2024Q2 公司的车险 COR 预计将保持在较好 水平。2024Q2 以来,得益于公司积极践行"保险+风险减量服务+科技"新 商业模式,自然灾害对公司车险赔付率的影响可控。公司的车险赔付率预 计将处于较好水平。同时车险执行"报行合一"也有望推动车险费用率同 比改善。从全年维度来看,随着公司持续升级风险减量服务水平、优化车 险业务结构,公 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of HKD 11.45 to 12.10, indicating a potential upside of over 16.6% from the current price of HKD 9.70 [3][8]. Core Insights - China Pacific Insurance (China P&C) is a leading state-owned property insurance company in China, with a premium scale that ranks first in Asia and second globally. As of the end of 2023, the company's premium income exceeded RMB 500 billion for the first time, reaching RMB 515.81 billion, a year-on-year increase of 6.26% [1][8]. - The company benefits from a strong competitive position characterized by high entry barriers, significant capital requirements, and sensitivity to new technology applications, which create a substantial "moat" effect. The top three insurers in the market account for 63.42% of total premium income, highlighting the pronounced Matthew effect in the industry [1][16]. - The company is well-positioned for growth in both auto and non-auto insurance segments, leveraging its extensive service network, business scale, and data reserves. The auto insurance segment generated RMB 285.63 billion in premiums, maintaining its industry-leading position, while non-auto insurance, including health, agricultural, liability, and corporate property insurance, is expected to contribute significantly to future growth [1][22]. Summary by Sections Company Overview - China P&C, headquartered in Beijing, is the largest property insurance company in mainland China, with a history dating back to 1949. It was listed on the Hong Kong Stock Exchange in 2003, becoming the first financial enterprise from mainland China to go public overseas [8][12]. Financial Performance - The company achieved a total premium income of RMB 515.81 billion in 2023, with a market share of 35.47% as of the first quarter of 2024. The auto insurance market share was 32.32%, while non-auto insurance reached 37.91% [1][8]. Business Segments - The auto insurance segment remains the largest contributor to revenue, with a focus on enhancing underwriting profitability through data-driven pricing models and partnerships with repair platforms. Non-auto insurance, particularly health and agricultural insurance, is also growing rapidly, with health insurance turning profitable in 2023 after previous losses [1][22][18]. Market Dynamics - The property insurance industry in China is characterized by high concentration among the top players, with the top three companies (China P&C, Ping An Property & Casualty, and Taiping Property & Casualty) dominating the market. The report notes a shift towards non-auto insurance products, driven by policy changes and increased public awareness [16][17]. Profitability and Valuation - The report forecasts net profits for China P&C to grow at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2026, with earnings per share projected at RMB 1.28, RMB 1.44, and RMB 1.54 for the respective years. The company's robust business model is expected to sustain profitability amid ongoing economic recovery and the rise of new energy vehicles [1][22].