Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 46.88 yuan for 2025 [3][9][22]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 42.2 billion to 46.3 billion yuan in 2024, representing an increase of 14.9 billion to 19 billion yuan compared to 2023, with a year-on-year growth of 55% to 70% [3][9]. - The report highlights that the company's performance is driven by a recovery in the equity market, which is expected to enhance investment returns and overall profitability [9][10]. - The company’s core equity allocation is noted to be higher than its peers, indicating a favorable position for potential growth in a recovering market [9][10]. Financial Performance Summary - Total revenue for 2023 is reported at 323,945 million yuan, with an estimated increase to 367,860 million yuan in 2024, reflecting a year-on-year growth rate of 13.6% [5][10]. - The net profit attributable to shareholders is projected to rise from 27,257 million yuan in 2023 to 42,425 million yuan in 2024, marking a significant year-on-year increase of 55.6% [5][10]. - Earnings per share (EPS) are expected to increase from 2.8 yuan in 2023 to 4.4 yuan in 2024, with a price-to-earnings (P/E) ratio decreasing from 11.5 to 7.4 [5][10]. Market Position and Competitive Analysis - The company is positioned favorably within the insurance sector, with a leading growth rate in property insurance driven by non-auto insurance segments [9][10]. - The overall premium income for the group is expected to grow by 4.4% year-on-year, with life insurance premiums increasing by 2.5% and new business value (NBV) showing significant improvement [9][10]. - The report indicates that the company’s performance is expected to outperform its peers, including major competitors like China Life and Ping An [9][10].

本公司近日收到国家金融监督管理总局（以下简称"金融监管总 局"）《关于中国太平洋保险（集团）股份有限公司苏罡副总裁、财 务负责人任职资格的批复》（金复〔2025〕45 号）。金融监管总局已 核准了苏罡先生担任本公司副总裁、财务负责人的任职资格。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2025 年 1 月 25 日 证券代码：601601 证券简称：中国太保 公告编号：2025-005 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于高级管理人员任职资格获核准的公告 ...

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of CNY 31.29 and HKD 22.35, and a fair value of CNY 41.92 and HKD 31.59 [4]. Core Views - The company is expected to achieve significant profit growth in 2024, with a projected net profit of CNY 422-463 billion, representing a year-on-year increase of 55%-70%. This growth is driven by a rising equity market and a low profit base from 2023 [8]. - The report anticipates stable growth in intrinsic value, with an expected increase of 6.9% in 2024, despite potential downward adjustments in investment return assumptions due to declining long-term interest rates [8]. - The company is expected to maintain a robust performance in its insurance services, with stable growth in premium income across various channels, including individual insurance and group insurance [9][10]. Financial Forecasts - The report provides detailed financial forecasts for the company from 2022 to 2026, including: - Intrinsic value (CNY million): 519,621 in 2022, projected to grow to 681,436 by 2026, with a CAGR of 9.84% [2]. - New business value (CNY million): Expected to increase from 9,205 in 2022 to 15,825 by 2026 [2]. - Net profit attributable to shareholders (CNY million): Forecasted to rise from 37,481 in 2022 to 48,827 by 2026, with a notable increase of 66.36% in 2024 [2]. - EPS (CNY): Expected to grow from 2.56 in 2022 to 5.08 by 2026 [2]. Premium Income Projections - The report outlines premium income projections, indicating: - New individual insurance premiums are expected to grow at rates of +11.4% in 2024, +7.8% in 2025, and +11.9% in 2026 [9]. - The total premium income growth is projected at +1.3% in 2024, +7.1% in 2025, and +7.7% in 2026 [9][14]. Profitability and Valuation - The report highlights profitability metrics, including: - The company's net profit growth rates are projected at +66.4% in 2024, +1.2% in 2025, and +6.4% in 2026 [10]. - The report assigns a PEV valuation of 0.65X for A-shares and 0.45X for H-shares, with a fair value of CNY 41.92 per share and HKD 31.59 per share [12].

Financial Projections - The estimated net profit for 2024 is projected to be between RMB 42.2 billion and RMB 46.3 billion, an increase of approximately RMB 14.9 billion to RMB 19 billion compared to the previous year, representing a year-on-year growth of about 55% to 70%[3] - The estimated net profit excluding non-recurring gains and losses for 2024 is projected to be between RMB 42.1 billion and RMB 46.1 billion, with a similar increase of approximately RMB 15 billion to RMB 19 billion compared to the previous year[3] - The total profit for the previous year was RMB 32.001 billion, with a net profit attributable to shareholders of RMB 27.257 billion[5] - The basic and diluted earnings per share for the previous year were RMB 2.83[5] Profitability Drivers - The significant increase in profit is attributed to the company's focus on core business, enhancing core competitiveness, and improving operational management, leading to a substantial growth in investment income[6] - The company aims to maintain a disciplined and flexible tactical asset allocation strategy to ensure stable profitability across various market conditions[6] - The company emphasizes the importance of integrated risk control capabilities and continuous improvement in business quality management[6] Forecast Accuracy and Risks - There are no major uncertainties that could affect the accuracy of the performance forecast[7] - The forecast data is preliminary and subject to final audited financial results to be disclosed in the annual report[9] - Investors are advised to pay attention to investment risks associated with the preliminary nature of the forecast[9]

证券代码：601601 证券简称：中国太保 公告编号：2025-002 一、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2024 年度 内部审计工作总结>的议案》 表决结果：赞成 15 票，反对 0 票，弃权 0 票。 二、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2025 年度 内部审计工作安排>的议案》 表决结果：赞成 15 票，反对 0 票，弃权 0 票。 三、审议并通过了《关于<中国太平洋保险（集团）股份有限公司原财务负 责人张远瀚离任审计报告>的议案》 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 第十届董事会第九次会议决议公告 本公司第十届董事会第九次会议通知于 2025 年 1 月 15 日以书面方式发出， 并于 2025 年 1 月 21 日以书面传签方式召开。应表决董事 15 人，实际表决董事 15 人。本次董事会会议出席人数符合法定人数要求，会议召开符合《公司法》和 《公司章程》及有关法律法规的规定。 会议经审议并以记名投票方式表决， ...

证券代码：601601 证券简称：中国太保 公告编号：2025-003 重要提示 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 第十届监事会第四次会议决议公告 一、审议并通过了《关于<中国太平洋保险（集团）股份有限公司原财务负 责人张远瀚离任审计报告>的议案》 表决结果：赞成 4 票，反对 0 票，弃权 0 票。 特此公告。 中国太平洋保险（集团）股份有限公司监事会 本公司第十届监事会第四次会议通知于 2025 年 1 月 15 日以书面方式发出， 并于 2025 年 1 月 21 日以书面传签方式召开。应表决监事 4 人，实际表决监事 4 人。本次监事会会议出席人数符合法定人数要求，会议召开符合《公司法》和《公 司章程》及有关法律法规的规定。 会议经审议并以记名投票方式表决，形成以下会议决议： 2025 年 1 月 22 日 1 ...

Key Points Industry or Company Involved - **Company**: TaiBao Insurance - **Industry**: Insurance Core Views and Arguments - **Door-opener Performance**: - **Preparation**: TaiBao Insurance has prepared for the door-opener season by focusing on three aspects: team building, product development, and training. - **Expectations**: The company expects a high two-digit growth rate, but acknowledges the potential impact of the interest rate cut on the market. - **Focus**: Emphasis on team professional capabilities, product sales, and customer interaction. - **Regulatory Changes**: - **Interest Rate Adjustment**: The company believes that the product interest rate will not be adjusted in the short term, but long-term adjustments are possible. - **Asset-Liability Management**: TaiBao Insurance emphasizes the importance of asset-liability management and asset allocation to mitigate the risk of interest rate gap. - **Channel Integration**: - **Agent Channel**: The company plans to implement a comprehensive fee control mechanism to ensure compliance with the regulatory requirements. - **Bank Insurance Channel**: The company is confident in maintaining a good development momentum for the bank insurance channel. - **Value Rate**: - **Agent Channel**: The value rate of the agent channel is expected to remain relatively stable. - **Bank Insurance Channel**: The value rate of the bank insurance channel is expected to have a slight upward trend. - **Asset Allocation**: - **Fixed-income Assets**: The company will continue to increase the allocation of long-term interest-bearing bonds. - **Equity Assets**: The company has no plans to increase the allocation of equity assets significantly. - **Good Insurance Platform**: - The platform is expected to benefit both customers and insurance companies by providing a more reasonable pricing and risk coverage for high-risk vehicles. - **Shareholder Returns**: - The company focuses on the sustainable performance of operating profit and aims to provide a stable and reasonable dividend level. Other Important Points - **Operational Profit Growth**: The company expects operational profit to grow slightly in the next two to three years. - **Dividend Policy**: The dividend policy is based on the performance of operating profit and will be adjusted based on market conditions and company development needs. - **Investment Yield Assumption**: The company may adjust the investment yield assumption in the future due to the downward trend of market interest rates. References - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='7'] - [doc id='8'] - [doc id='9'] - [doc id='10'] - [doc id='11'] - [doc id='12'] - [doc id='13'] - [doc id='14'] - [doc id='15'] - [doc id='16'] - [doc id='17'] - [doc id='18'] - [doc id='19'] - [doc id='20'] - [doc id='21'] - [doc id='22'] - [doc id='23'] - [doc id='24'] - [doc id='25'] - [doc id='26'] - [doc id='27'] - [doc id='28'] - [doc id='29'] - [doc id='30'] - [doc id='31']

证券代码：601601 证券简称：中国太保 公告编号：2024-062 重要提示 近日太保寿险收到国家金融监督管理总局（以下简称"金融监管 总局"）《关于赵永刚中国太平洋人寿保险股份有限公司董事长任职资 格的批复》（金复〔2024〕856 号）。金融监管总局已核准了赵永刚先 生担任太保寿险董事长的任职资格。 特此公告。 中国太平洋保险（集团）股份有限公司董事会 2024 年 12 月 28 日 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 关于控股子公司董事长任职资格获核准的公告 本公司控股子公司中国太平洋人寿保险股份有限公司（以下简称 "太保寿险"）2024 年第三次临时股东大会审议同意选举赵永刚先生 为太保寿险第八届董事会董事，第八届董事会第五次会议（临时）审 议同意选举赵永刚先生为太保寿险第八届董事会董事长。 ...

证券代码：601601 证券简称：中国太保 公告编号：2024-060 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 第十届董事会第八次会议决议公告 本公司第十届董事会第八次会议通知于 2024 年 12 月 19 日以书面方式发出， 并于 2024 年 12 月 27 日以书面传签方式召开。应表决董事 15 人，实际表决董事 15 人。本次董事会会议出席人数符合法定人数要求，会议召开符合《公司法》和 《公司章程》及有关法律法规的规定。 会议经审议并以记名投票方式表决，形成以下会议决议： 一、审议并通过了《关于中国太平洋保险（集团）股份有限公司日常关联交 易的议案》 具体内容详见本公司于上海证券交易所网站（www.sse.com.cn）披露的《日 常关联交易公告》。 该议案已经本公司独立董事专门会议审议通过。 表决结果：赞成 11 票，反对 0 票，弃权 0 票（董事谢维青、周东辉、路巧 玲、John Robert Dacey 回避表决）。 二、审议并通过了《关于修订<中国太平洋 ...

证券代码：601601 证券简称：中国太保 公告编号：2024-061 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 日常关联交易公告 重要内容提示： 交易内容：中国太平洋保险（集团）股份有限公司（简称"公司"或 "本公司"）及控股子公司与关联方进行资金运用、销售金融产品与再保险业务 相关的日常关联交易。 对本公司的影响：该等资金运用、销售金融产品与再保险业务日常交易 的安排有利于提高本公司及控股子公司与关联方日常关联交易的决策和执行效 率，也有利于本公司及控股子公司资金运用、销售金融产品与再保险业务的开 展，符合本公司及控股子公司的整体利益。 本次交易无需提交股东大会审议。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 本公司于2024年12月27日召开了第十届董事会第八次会议，审议并通过了 《关于中国太平洋保险（集团）股份有限公司日常关联交易的议案》，同意本公 司及控股子公司2025年就资金运用、销售金融产品与再保险业务与关联方之间 的关联交易额度上限。关联董事 ...