[Table_MainInfo] 公司研究/金融/保险 证券研究报告 阳光保险（06963.HK）公司年报点评 2024年03月28日 [Table_InvestInfo] 寿险 同比大幅增长，财险承保综合成 NBV 投资评级 优于大市 维持 本率持续优化 股票数据 [0T3a月ble27_S日t收oc盘k价In（fo港]元） 2.69 [Table_Summary] 投资要点： 52周股价波动（港元） 2.76-4.64 股本结构 【事件】阳光保险发布2023年业绩：1）归母净利润37.4亿元，同比-16.8%；  [总Ta股b本le（_C亿a股p）italInfo] 115 其中23H2归母净利润8.4亿元，同比-54.1%。2）归母净资产604亿元，较年 流通H股（亿股） 34.79 初+4.1%。3）年化ROE6.0%，同比-2.3pct。 H股/总股本（亿股） 34.79/115 2023年报将长期投资回报假设和风险贴现率假设分别由5%、11%下调至4.5%、  相关研究 9.5%，对EV、NBV均有影响。1）23年末集团EV为1041亿元，同比+2.7%。 [《TaNbBlVe_强R劲e增po ...

股 票 研 究 [Table_industryInfo] 保险 [ Table_Main[阳I Tnaf 光bol]e 保_Ti险tle]（ 6963） [评Tab级le_：Inv est] 增持 当前价格（港元）： 2.76 产寿业务质量均优化，分红超预期 2024.03.26 海 ——阳光保险2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 谢雨晟(分析师) 52周内股价区间（港元） 2.76-4.58 当前股本（百万股） 11,502 公 021-38676647 021-38674943 当前市值（百万港元） 31,744 司 liuxinqi@gtjas.com Xieyusheng@gtjas.com 证书编号 S0880515050001 S0880521120003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司23年归母净利润同比-16.8%，分红率大幅提升至55.4%超预期；代理人质量改 阳光保险 恒生指数 香 善及银保业务结构优化驱动NBV较快增长；财险业务结构优化带来承保盈利改善。 14% 摘要： 港 5% [ ...

[Table_Page] 年报点评|保险Ⅱ 证券研究报告 [【Table_T广itle] 发 非 银 & 海 外 】 阳 光 保 险 [公Tab司le_I评nves级t] 买入 当前价格 2.76港元 （06963.HK） 合理价值 4.46港元 前次评级 买入 价值指标全面增长，净利润下滑符合预期 报告日期 2024-03-26 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  公司发布23年报：2023年归母净利润同比-16.8%，NBV同比+44.2%。 12% 3%  2023 年 NBV+44.2%（按照新精算假设追溯调整后），NBV 的大幅增 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 长主要得益于渠道与缴费结构的优化带来价值率同比+3.7pct 至 -14% 10.8%，其中期交占新单保费比重同比+12.1pct 至 54.4%，且个险贡 -23% -32% 献新单的比重同比+4.5pct，因此个险/银保渠道 NBVM 的变化幅度分 阳光保险 恒生指数 别为-4.1pct/+1.5pct。另外 ...

证券研究报告·公司点评报告·保险(HS) 阳光保险（06963.HK） 2023 年年报点评：价值增速领跑，新阳光战略深化 2024 年 03月 26日 买入（维持） 证券分析师 胡翔 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600516110001 021-60199793 归母净利润（百万元） 4,494 3,738 7,190 7,554 8,141 hux@dwzq.com.cn 同比 -23.6% -16.8% 92.4% 5.1% 7.8% 新业务价值（百万元） 2,493 3,596 4,071 4,383 4,721 证券分析师 葛玉翔 同比 0.1% 44.2% 13.2% 7.7% 7.7% 执业证书：S0600522040002 每股内含价值（元/股） 8.80 9.05 9.92 10.81 11.66 021-60199761 P/EV 0.28 0.28 0.25 0.23 0.21 geyx@dwzq.com.cn [关Ta键bl词e_：Ta#g业] 绩符合预期 研究助理 罗宇康 [投Ta资bl要 ...

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，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 陽 光 保 險 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6963） 截至2023年12月31日止年度之全年業績公告 陽光保險集團股份有限公司（「本公司」或「公司」）董事會宣佈本公司及其附屬公司（「本集 團」）截至2023年12月31日止年度之經審核綜合業績，連同2022年同期的比較數字，請一 併閱覽下文管理層討論與分析。除特別說明外，本公告所列幣種均為人民幣。 董事長致辭 2023年是金融保險業具有里程碑意義的一年，中央金融工作會議擘畫了「建設金融強國」 的宏偉藍圖，指明了中國特色金融發展之路，進一步明確了金融高質量發展的時代命 題。2023年也是陽光發展的重要之年，陽光迎來成立18週年的成人之禮，步履堅實地走 過上市首個完整經營年度，全面佈局打造「科技陽光、價值陽光、知心陽光 ...

(股份代號: 06963) Sunshine Insurance Group Company Limited 陽 光 保 險 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） (股份代號: 06963) 中期報告 陽光保險集團股份有限公司 | 2023 年中期報告 01 | 釋義 | 2 | | --- | --- | | 關於我們 | | | 公司資料 | 6 | | 業績摘要 | 8 | | 管理層討論與分析 | | | 業務概覽 | 10 | | 業績分析 | 16 | | 專項分析 | 40 | | 重要事項 | 43 | | 未來展望 | 46 | | 內含價值 | 47 | | 其他資料 | 54 | | 財務報表及其他 | | | 中期財務資料的審閱報告 | 68 | | 合併財務報表及附註 | 69 | 02 釋義 釋義 「董事會」 指 本公司董事會 「監事會」 指 本公司監事會 「中國銀保監會」 指 中國銀行保險監督管理委員會，中國銀監會與中國保監會按國務院於 2018年3月24日發佈的《國務院關於機構設置的通知》（國發[2018]6號） 合併成為的監管機構，以及若 ...

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，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 陽 光 保 險 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6963） 截至2023年6月30日止六個月之 未經審計中期業績公告 陽光保險集團股份有限公司（「本公司」或「公司」）董事會宣佈本公司及其附屬公司（「本集 團」）截至2023年6月30日止六個月之未經審計中期業績，連同2022年同期的比較數字， 請一併閱覽下文管理層討論與分析。除特別說明外，本公告所列幣種均為人民幣。 ...

Financial Performance - Sunshine Insurance Group reported a total revenue of RMB 100 billion for the fiscal year 2022, representing a year-on-year increase of 15%[2]. - The company achieved a net profit of RMB 10 billion, which is a 20% increase compared to the previous year[3]. - Total revenue for the year reached CNY 128.58 billion, an increase of 7.2% year-on-year[34]. - The net profit attributable to shareholders was CNY 4.88 billion[34]. - Net profit decreased by 16.7% to RMB 5.02 billion in 2022, down from RMB 6.02 billion in 2021[38]. - The weighted average return on equity (ROE) decreased to 8.6% in 2022 from 10.3% in 2021, a drop of 1.7 percentage points[38]. - The company provided risk protection of RMB 44.5 trillion for the real economy in 2022[35]. - Total premium income for 2022 was RMB 108.74 billion, reflecting a 6.9% increase from RMB 101.76 billion in 2021[38]. - The net profit attributable to shareholders was RMB 4.88 billion, a decline of 17.0% from RMB 5.88 billion in 2021[38]. Customer Growth and Engagement - User data indicates that the number of active insurance policies increased by 25% to 5 million policies in 2022[4]. - The number of effective customers reached approximately 32.88 million by the end of 2022[34]. - The effective customer base at the end of 2022 was approximately 32.88 million[41]. - The number of effective customers reached 14.95 million by the end of 2022, with a 28.3% increase in customers with first-year standard premiums of RMB 150,000 and above[60]. - The 13-month premium continuation rate improved to 90.5%, up 3.5 percentage points year-on-year[64]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[172]. Product Development and Innovation - Sunshine Insurance Group has launched a new health insurance product, which has already attracted 100,000 new customers within the first quarter of its release[9]. - The company is investing RMB 1 billion in new technology development, focusing on digital insurance solutions and AI-driven customer service[6]. - New product launches are expected to contribute an additional 5 billion RMB in revenue over the next year[160]. - The company launched a series of insurance products targeting various customer needs, including health, life, and education[60]. - New product development initiatives are underway, focusing on enhancing digital insurance solutions, expected to launch in Q2 2024[173]. Market Expansion and Strategy - Sunshine Insurance Group plans to expand its market presence in Southeast Asia, targeting a 30% growth in the region by 2025[5]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 2 billion RMB allocated for potential deals[157]. - Market expansion plans include entering three new provinces, aiming for a 10% market share in these regions within two years[162]. - The company aims to enhance its core capabilities and focus on customer-driven high-value insurance services in 2023[36]. Financial Guidance and Future Outlook - Future guidance estimates a revenue growth of 12% for the next fiscal year, with a projected net profit margin of 10%[7]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[159]. - The company has set a future outlook with a revenue guidance of 1.5 billion for the next fiscal year, indicating a growth target of 25%[175]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 8% through efficiency improvements and technology integration[159]. - The management team emphasized a commitment to improving operational efficiency, aiming for a 5% reduction in costs by the end of the fiscal year[173]. Governance and Management - The company’s governance structure includes a board of directors with a mix of executive and independent non-executive members, ensuring diverse oversight[155]. - The company has made adjustments related to minority shareholders' equity in its financial reporting[150]. - The company reported a governance structure update with the nomination of candidates for the sixth board of directors, including Mr. Zhang Weigong and Mr. Zhao Zongren as executive directors[180]. - The company will establish an employee director position as per the governance guidelines issued by the China Banking and Insurance Regulatory Commission in 2021[180]. - The company’s management team has extensive experience in finance and insurance sectors, contributing to its operational effectiveness[177]. Investment and Asset Management - The company is focusing on providing differentiated comprehensive services based on various family types and stages as part of its individual customer strategy[195]. - The company plans to strengthen its investment asset management brand to become a leading insurance asset management provider in the domestic market[196]. - The company’s investment strategy includes a strong focus on high cash dividend yield value stocks and quality growth stocks[101]. Risk Management - The company faces significant market risks, including interest rate, equity price, real estate price, and currency exchange rate fluctuations[194]. - The company acknowledges credit risk from counterparties failing to fulfill obligations, which could lead to unexpected economic losses[194]. - The company is addressing liquidity risk, ensuring timely access to sufficient funds to meet obligations[194]. - The company is committed to becoming a trusted risk management partner for group clients, offering professional risk management services[195]. Employee and Workforce Management - The company employs a total of 57,152 employees, with 11.0% being management personnel, 31.7% professional technical personnel, and 57.3% sales personnel[184]. - Among the employees, 30.0% are under 30 years old, 51.6% are between 31 and 40 years old, 14.9% are between 41 and 50 years old, and 3.5% are over 51 years old[185]. - The educational background of employees shows that 3.7% hold a master's degree or above, 43.1% have a bachelor's degree, and 53.1% have other qualifications[186]. Sustainability and ESG Initiatives - The management team emphasized a commitment to sustainable practices, with plans to invest 500 million RMB in green initiatives[160]. - The company is committed to implementing good environmental, social, and governance (ESG) practices to enhance investment value and provide long-term returns to stakeholders[190]. - The company has established an ESG committee to manage ESG risks and ensure compliance with relevant laws and regulations[190].

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，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 陽 光 保 險 集 團 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6963） 截至2022年12月31日止年度之全年業績公告 陽光保險集團股份有限公司（「本公司」或「公司」）董事會宣佈本公司及其附屬公司（「本集 團」）截至2022年12月31日止年度之經審核綜合業績，連同2021年同期的比較數字，請一 併閱覽下文管理層討論與分析。除特別說明外，本公告所列幣種均為人民幣。 董事長致辭 尊敬的股東朋友： 2022年12月9日，承蒙新老股東和社會各界的信任，陽光保險在香港聯交所成功掛牌上 市。保險以「信」立業、視「信」為本，對於大家的信任，公司管理層深表感謝，並持續推 動公司價值創造，以不負信賴、回饋股東、回報社會。 2022年是極不尋常、極不平凡的一年。在國際環境風高浪急和國內面臨多重超預期 ...