股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國太平洋保險(集團)股份有限公司 呈交日期: 2024年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 2. 股份分類 | 普通股 | ...

Company and Industry Overview * **Company**: China Taiping Insurance Group Company Limited (China Taiping) * **Industry**: Insurance * **Focus**: Financial performance, strategic initiatives, and market outlook for Q3 2024 Key Points Financial Performance * **Revenue and Profit Growth**: China Taiping reported stable revenue and profit growth in Q3 2024. Total insurance service revenue reached 209.4 billion yuan, up 2.3% year-on-year. Net profit increased by 65.5% to 38.31 billion yuan. * **Business Segments**: * **Life Insurance**: Revenue from life insurance business increased by 4.1% year-on-year to 145.2 billion yuan. * **Property and Casualty Insurance**: Revenue from property and casualty insurance business increased by 3.3% year-on-year to 23.59 billion yuan. * **Asset Management**: Investment assets reached 2.58 trillion yuan, up 14.9% year-on-year. Net investment return rate was 2.9%, down 0.1 percentage points year-on-year, while total investment return rate was 4.7%, up 2.3 percentage points year-on-year. Strategic Initiatives * **Healthcare**: China Taiping is advancing its healthcare strategy, focusing on health management, elderly care, and pension management. * **Digitalization**: The company is investing in digitalization, including digital labor, agent training, and health insurance claims processing. * **Product Development**: China Taiping is expanding its product portfolio, including health insurance, savings products, and annuities. Market Outlook * **New Business Value**: The company expects sustainable growth in new business value, driven by product innovation, channel expansion, and customer-centric strategies. * **Investment**: China Taiping continues to focus on high-dividend yield stocks and long-term fixed-income assets, aiming to achieve stable investment returns. * **Regulatory Environment**: The company is closely monitoring regulatory changes and adapting its strategies accordingly. Additional Points * **Distribution Channels**: China Taiping is focusing on agent channels, enhancing agent training and professionalization. * **Underwriting**: The company is strengthening risk management and underwriting discipline to ensure sustainable growth. * **Customer Service**: China Taiping is committed to improving customer service and protecting consumer rights. Conclusion China Taiping Insurance Group Company Limited reported strong financial performance and outlined its strategic initiatives for sustainable growth. The company is focused on healthcare, digitalization, and product innovation, while also adapting to regulatory changes and market conditions.

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (CPIC) [1] Core Views - CPIC's 9M24 net profit attributable to parent company reached RMB 38.31 billion, up 65.5% YoY, driven by capital market gains [1] - The company's investment spread surged 188.7% YoY, becoming the core driver of the 65.5% net profit growth [1] - CPIC's life insurance business achieved 9 consecutive quarters of YoY NBV growth, with 9M24 NBV reaching RMB 14.238 billion, up 37.9% YoY [1] - The property insurance business maintained stable underwriting profit, with 9M24 premium income growing 7.7% YoY [1] Financial Performance - 9M24 ROE reached 14.6%, up 4.7 percentage points YoY [1] - Net investment yield was 2.9% (down 0.1 pct YoY) while total investment yield was 4.7% (up 2.3 pct YoY) [1] - Fair value changes turned positive to RMB 42.103 billion in 9M24 from negative RMB 1.917 billion in 9M23 [1] - Insurance service revenue grew 2.3% YoY, with life insurance down 2.5% and property insurance up 4.4% [1] Business Segments Life Insurance - NBV margin improved 6.2 pct YoY to 20.1% [1] - Individual agent channel new premium grew 16.3% YoY, contributing 47.9% of total new premium [1] - Core manpower increased 2.4% YoY to 58,000, with per capita first-year premium up 15.0% [1] Property Insurance - 9M24 premium income reached RMB 159.819 billion, up 7.7% YoY [1] - Auto insurance grew 3.3% while non-auto insurance grew 12.2% [1] - Combined ratio remained stable at 98.7%, same as last year [1] Valuation and Forecast - 2024-2026 net profit forecast maintained at RMB 42.8, 38.0, and 43.3 billion respectively [1] - 2024E P/EV ratio is 0.60x [1] - 2024E EVPS is RMB 62.05 [1] Market Data - Current share price: RMB 37.19 [3] - 52-week range: RMB 21.27-43.01 [3] - Market cap: RMB 357.78 billion [3] - P/B ratio: 1.31x [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 36.8 RMB [5] Core Views - The company's Q3 2024 net profit reached 13.18 billion RMB, a year-on-year increase of 173.6% [1] - For the first three quarters of 2024, the company achieved a net profit of 38.31 billion RMB, up 65.5% year-on-year [1] - The company's investment income saw significant growth, with total interest income, investment income, and fair value changes reaching 98.5 billion RMB, up 105.9% year-on-year [1] - The total investment yield and net investment yield were 4.7% and 2.9% respectively (annualized to 6.3% and 3.9%) [1] - The company's new business value (NBV) for the first three quarters of 2024 was 14.24 billion RMB, up 37.9% year-on-year [2] - The new business value margin improved to 20.1%, up 6.2 percentage points year-on-year [2] Business Segments Life Insurance - Individual insurance channel contributed significantly, with new premium income of 33.83 billion RMB, up 16.3% year-on-year [2] - The core workforce increased by 2.4% year-on-year, with monthly average core workforce reaching 58,000 [2] - Bancassurance channel achieved new premium income of 24.02 billion RMB, down 18.4% year-on-year, but with a rebound in growth rate by 12 percentage points [3] Property Insurance - The company achieved premium income of 159.82 billion RMB, up 7.7% year-on-year [3] - Non-auto insurance premium income grew faster than auto insurance, with non-auto insurance premium income reaching 81.69 billion RMB, up 12.2% year-on-year [3] - The combined ratio for property insurance remained stable at 98.7%, unchanged from the same period last year [3] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 44.47 billion RMB, 46.93 billion RMB, and 50.56 billion RMB, representing year-on-year growth of 63.1%, 5.5%, and 7.7% respectively [3] - Earnings per share (EPS) for 2024-2026 are projected to be 4.91 RMB, 5.18 RMB, and 5.58 RMB [4] - The price-to-earnings ratio (P/E) is expected to be 7.50x, 7.11x, and 6.60x for 2024-2026 [4] Key Financial Metrics - The company's total investment assets are projected to grow from 2.02 trillion RMB in 2022 to 3.10 trillion RMB in 2026 [9] - The embedded value (EV) is expected to increase from 519.62 billion RMB in 2022 to 626.36 billion RMB in 2026 [9] - The solvency adequacy ratio for the group is projected to remain stable at around 258% from 2024 to 2026 [9]

证券研究报告 金融公司|公司点评|中国太保（601601） NBV 及净利润表现均延续向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 中国太保发布 2024 年三季报，前三季度公司实现归母净利润 383.1 亿元,同比+65.5%；寿险 NBV 为 142.38 亿元，同比+37.9%；财险 COR 为 98.7%，同比持平。鉴于公司持续推动寿险转 型，NBV 表现处于同业较优水平，我们维持"买入"评级。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月31日 中国太保(601601) NBV 及净利润表现均延续向好 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 37.19 元 | | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.31 ——中国太保 2024 年三季报业绩点评 价值增长提速，投资回暖增厚利润 中国太保(601601) [Table_Industry] 保险/金融 | --- | --- | --- | |----------|-------------------------------------|-------------------------| | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 李嘉木 ( 分析师 ) | | | 021-38676647 | 021-38038619 | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880524030003 | 本报告导读： 公司前三季度归母净利润同比增长 65.5%，主要得益于投资收益提振；寿险 ...

> 开源证券 公 司 研 究 非银金融/保险Ⅱ 投资端驱动业绩同比高增，负债端延续高质量增长 中国太保（601601.SH） 2024 年 10 月 30 日 ——中国太保 2024Q3 业绩点评 投资评级：买入（维持） 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn 证书编号：S0790520050001 tangguanyong@kysec.cn 证书编号：S0790123070030 投资端驱动业绩同比高增，负债端延续高质量增长，维持买入评级 2024 年 10 月 30 日中国太保披露三季度报告，2024 年前三季度实现归母净利润 383.1 亿元，同比+65.5%，承保/投资服务业绩分别同比+0.6%/+152%，前三季年 化 ROE 达 19.5%，同比+6.3pct，净资产较年初+10%，业绩符合我们预期。 NBV142.4 亿元，同比+37.9%，margin 达 20.1%，同比+6.2pct，Q3 新单回暖+magrin 提升驱动 NBV 增速较 2024H1+22.8%扩张。我们预测 2024-2026 NBV 分别同比 +35.2%/+16.9%/+10.9%，对 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has shown strong profit resilience during the current industry transformation cycle, with significant improvements in both revenue and net profit due to the rebound in the capital market and stabilization of long-term interest rates [1]. - The company achieved a substantial increase in operating revenue of CNY 310.56 billion, a year-on-year growth of 21.3%, and a net profit attributable to shareholders of CNY 38.31 billion, reflecting a year-on-year increase of 65.5% [1]. - The life insurance segment continues to advance its "Long Voyage" transformation strategy, with new business value (NBV) increasing by 37.9% year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters, the company reported operating revenue of CNY 310.56 billion, up 21.3% year-on-year, and insurance service revenue of CNY 209.41 billion, up 2.3% year-on-year [1]. - The net profit attributable to shareholders reached CNY 38.31 billion, marking a 65.5% increase year-on-year [1]. - The life insurance segment generated a total premium income of CNY 230.06 billion, a 3.3% increase year-on-year, with NBV reaching CNY 14.24 billion, up 37.9% [1]. Business Segments - The property and casualty insurance segment achieved original insurance premium income of CNY 159.82 billion, a year-on-year growth of 7.7%, maintaining a high growth rate among listed insurance companies [1]. - The company’s combined ratio (COR) stood at 98.7%, indicating strong risk control despite increased claims from natural disasters [1]. Investment Strategy - The company has improved its asset yield by increasing the allocation of long-term bonds and focusing on a "dividend value" strategy for equity investments, achieving a total investment return rate of 4.7%, up 2.3 percentage points year-on-year [1]. - The fair value changes resulted in a profit of CNY 42.1 billion, reversing previous losses [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024 to 2026 is adjusted to CNY 3.33, CNY 3.67, and CNY 3.93 respectively, reflecting an upward revision from previous estimates [1][2].

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Investment Rating - The report maintains a "Recommended" investment rating for China Pacific Insurance (601601) with a target price of 46.88 CNY, compared to the current price of 37.19 CNY [1]. Core Insights - The company achieved a significant increase in net profit attributable to shareholders, reaching 38.31 billion CNY for the first three quarters of 2024, representing a year-on-year growth of 65.5%. The new business value (NBV) for life insurance grew by 37.9% to 14.24 billion CNY [1][2]. - The report highlights a recovery in new business momentum in Q3, with a 14.8% year-on-year increase in new insurance business, driven by improvements in margin and a favorable policy environment [2]. - The agent channel continues to be a key driver for new business growth, with a 16.3% increase in new insurance business from this channel [2]. - The property insurance segment showed resilience with a 7.7% increase in original premiums, led by non-auto insurance growth of 12.2% [2]. - Investment performance improved significantly, with total investment returns rising by 2.3 percentage points to 4.7% (annualized) in Q3, contributing to the overall profit growth [2]. Financial Summary - For 2023, the total revenue is projected at 323.95 billion CNY, with a year-on-year growth rate of 13.6% expected in 2024 [3]. - The net profit attributable to shareholders is forecasted to reach 42.43 billion CNY in 2024, reflecting a substantial increase of 55.6% compared to 2023 [3]. - Earnings per share (EPS) are estimated at 4.4 CNY for 2025, with a price-to-earnings (P/E) ratio of 8.4 [3]. Business Performance - The life insurance segment reported a premium income of 230.06 billion CNY for the first three quarters of 2024, marking a 3.3% increase year-on-year [2]. - The company’s investment assets reached 25,842.75 billion CNY by Q3 2024, up 14.9% from the end of the previous year [2]. - The agent channel's core workforce increased by 2.4% year-on-year, with new personnel growing by 15.5%, indicating effective agent reforms [2]. Market Comparison - The report notes that China Pacific Insurance's premium growth outpaced that of major listed insurance companies, particularly in the non-auto insurance sector [2].