Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has shown strong performance with a significant increase in net profit and new business value (NBV) [1][6] - The life insurance segment's NBV growth is primarily driven by an increase in new business value rate [2] - The property insurance segment faced challenges with an increased claims ratio affecting the combined ratio (COR) [3] - The investment return rates have significantly improved, contributing to the overall profit increase [4] Summary by Sections Performance Overview - In 2024, the company's net profit attributable to shareholders reached 44.96 billion yuan, a year-on-year increase of 64.9% [1] - The operating profit attributable to shareholders was 34.43 billion yuan, up 2.5% year-on-year [1] - The NBV for life insurance was 13.26 billion yuan, reflecting a 20.9% increase year-on-year [1] - The comprehensive cost ratio (COR) for property insurance was 98.6%, an increase of 0.9 percentage points year-on-year [1] Life Insurance - The NBV growth in 2024 was driven by an increase in the new business value rate, which rose by 3.5 percentage points to 16.8% [2] - New single premium decreased slightly by 4.1% year-on-year, with agent channel premiums increasing by 14% while bank insurance channel premiums decreased by 15.6% [2] - The company is focusing on high-quality transformation across various channels, expecting continued rapid growth in NBV [2] Property Insurance - The original insurance premium for property insurance was 201.24 billion yuan, a year-on-year increase of 6.8% [3] - The claims ratio increased by 1.7 percentage points, impacting the overall COR, which rose to 98.6% [3] - The company is enhancing risk management and optimizing business structure to improve future COR [3] Investment - The total investment scale reached 2.73 trillion yuan, a 21.5% increase compared to the end of 2023 [4] - The net investment return rate was 3.8%, while the total investment return rate was 5.6%, showing a significant improvement [4] - The total investment income was 120.39 billion yuan, a year-on-year increase of 130.5% [4] Assumption Adjustments - The company adjusted its long-term investment return rate assumption to 4.0% and the risk discount rate to 8.5%, resulting in a 23.3% decrease in NBV compared to previous assumptions [5] Profit Forecast and Valuation - The company is expected to maintain strong performance with projected net profit growth rates of 12%, 19.8%, and 26.8% for 2025-2027 [6] - The target price is set at 48.49 yuan, corresponding to a 0.78 times price to embedded value (PEV) for 2025 [6]

证券研究报告 中国太保 (2601 HK/601601 CH) 2024：NBV 增长强劲，H2 寿险 OPAT 增长提速 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 27 日│中国内地/中国香港 | 保险 | 中国太保公布 2024 业绩：EPS RMB 4.67 同比增长 65%，略高于我们的 预期 RMB 4.61，增长强劲，主要受投资收益向好推动。公司 2024 年总投 资收益率 5.6%，同比上升 3pcts，带动净利润高增。营运利润（OPAT）可 比口径下同比 2.5%，寿险新业务价值（NBV）可比口径下同比上升 58%， 增长强劲。财产险承保表现略下滑，综合成本率（COR）同比上升 0.9pct， 主要受自然灾害影响。考虑到公司 NBV 有望持续增长，维持"买入"评级。 寿险：NBV 增长强劲 24 年寿险 NBV 可比口径同比提升 58%，主要因 NBV 利润率大幅提升，新 单同比略下降。在定价利率下调和"报行合一"政策压降渠道销售费用的推 动下，我们估计 NBV 利润率（新单保费基准）在假设调整前提升至 21.4% （2023 1 ...

Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601.SH) [1] Core Views - The company achieved a revenue of 404.09 billion yuan in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion yuan, up 64.9% year-on-year [1] - The new business value (NBV) reached 13.26 billion yuan, with a year-on-year growth of 20.9%, and the new business value margin (NBVM) improved by 3.5 percentage points to 16.8% [1][2] - The company is advancing its "Long Voyage" transformation, leading to improved business quality and policy standards, which in turn supports steady growth in intrinsic value [1][4] Summary by Sections Revenue and Profitability - In 2024, the company reported total operating income of 404.09 billion yuan, a 24.7% increase year-on-year, and a net profit of 44.96 billion yuan, reflecting a 64.9% increase [1][19] - The operating profit was 34.43 billion yuan, with a slight increase of 2.5% year-on-year [1] Life Insurance Segment - The new business value (NBV) for 2024 was 13.26 billion yuan, up 20.9% year-on-year, with an NBVM of 16.8%, an increase of 3.5 percentage points [1][2] - The individual insurance channel achieved a premium income of 202.48 billion yuan, a 3.6% increase, while the new single premium income rose by 9.7% to 28.73 billion yuan [2] Property and Casualty Insurance Segment - The property and casualty insurance segment reported a premium income of 203.54 billion yuan, a 6.8% increase year-on-year, with non-auto insurance growing by 10.7% [3] - The combined ratio slightly increased by 0.9 percentage points to 98.6%, influenced by natural disasters [3] Investment Performance - Total investment income reached 120.39 billion yuan, a significant increase of 130.5% year-on-year, with a total investment yield of 5.6%, up 3.0 percentage points [3] - Net investment income rose by 6.5% to 82.80 billion yuan, with a net investment yield of 3.8% [3] Future Outlook - The company is expected to continue its "Long Voyage" transformation, with stable growth in operating performance and improvements in channel quality and operational efficiency [4] - EPS forecasts for 2025-2027 are projected at 4.57, 5.39, and 6.31 yuan, with corresponding P/E ratios of 7X, 6X, and 5X [4][19]

Core Insights - China Pacific Insurance (CPIC) achieved a record net profit of 44.96 billion yuan in 2024, marking a significant year-on-year increase of 64.9% [1] - The company's stock price rose by 1.39% to 32.2 yuan following the impressive earnings report [1] Investment Strategy - CPIC's investment income reached 82.8 billion yuan in 2024, reflecting a year-on-year growth of 6.5%, primarily driven by increased dividends and income from stocks [3] - The proportion of stocks and equity funds in CPIC's investment assets rose to 11.2%, an increase of 0.5 percentage points from the previous year [3] - The company plans to enhance its investment research and management capabilities to improve long-term investment returns [3] AI and Technology Initiatives - CPIC has initiated three major strategies: "Big Health," "AI+," and internationalization to adapt to new market conditions [2] - The company aims to leverage AI for various applications, including customer management, underwriting, claims, compliance, and investment research [2] - CPIC is focusing on developing insurance products that address risks associated with AI applications, such as data security and privacy [2] New Energy Vehicle Insurance - In the rapidly growing new energy vehicle insurance sector, CPIC's premium income from this segment exceeded 17% of total auto insurance premiums, a 5 percentage point increase from 2023 [5] - The total premium for new energy vehicle insurance in 2024 was 18.317 billion yuan, with a growth rate of 48.55% [5] - CPIC has established a vertical management model to reduce operational costs and is actively engaging with automakers to refine underwriting and claims processes for new energy vehicles [5][6]

Core Viewpoint - China Pacific Insurance has initiated three major strategies: "Dakangyang," "AI+," and internationalization, which are essential for sustainable development and high-quality growth in the future [1] Group 1: AI Impact on Insurance - The chairman of China Pacific Insurance, Fu Fan, believes that artificial intelligence will have a disruptive impact on the entire economy, including the insurance industry, comparable to the first industrial revolution [1] - AI is seen as an enabler for the insurance sector, enhancing marketing capabilities through solutions like knowledge graphs and sales skill empowerment for personal agents [1] - The company plans to promote large model applications through independent research and collaborative innovation across various fields such as customer management, team empowerment, underwriting claims, compliance risk control, and investment research [1] Group 2: Business Opportunities in Cyber Insurance - Fu Fan highlighted that the global cyber insurance premium income is approximately $18 billion, with over 70% coming from the United States, while China's cyber insurance premiums are relatively low [2] - This presents a significant business development opportunity for the insurance industry in China, given the larger active user base and application scenarios available [2]

证券研究报告 | 公司点评报告 2025 年 03 月 27 日 中国太保（601601.SH） 寿险 NBV 高增，产险 COR 有所抬升 总量研究/非银行金融 公司披露 2024 年报，经济假设调整前寿险 NBV 为 172.82 亿，同比+57.7%； 归母净利润 449.60 亿，同比+64.9%；归母营运利润 344.25 亿，同比+2.5%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 323945 | 404089 | 398148 | 434302 | 485946 | | 同比增长 | -2% | 25% | -1% | 9% | 12% | | 营业利润(百万元) | 32060 | 55711 | 57426 | 63902 | 74077 | | 同比增长 | -25% | 74% | 3% | 11% | 16% | 强烈推荐（维持） 目标估值：NA 当前股价：31.76 元 基础数据 | 总股本（百万股） | 9 ...

Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601) with a target price of 45.5 CNY [2][6]. Core Views - The company achieved a revenue of 404.1 billion CNY in 2024, representing a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 45.0 billion CNY, up 64.9% year-on-year [6][7]. - The report highlights a significant increase in the company's investment assets, which rose by 21.5% year-on-year to 2.73 trillion CNY by the end of 2024 [6][7]. - The net new business value (NBV) for life insurance grew by 20.9% year-on-year to 13.3 billion CNY, indicating a stable growth trend [6][7]. Financial Performance Summary - Total revenue for 2024 was 404,089 million CNY, with a projected growth rate of 3.5% for 2025 [7]. - The net profit attributable to shareholders for 2024 was 44,960 million CNY, with an expected growth of 4.3% in 2025 [7]. - The earnings per share (EPS) for 2024 was 4.7 CNY, with forecasts of 4.9 CNY for 2025 and 5.0 CNY for 2026 [7]. Business Segment Insights - The life insurance segment's NBV margin increased by 3.5 percentage points to 16.8%, although new business premiums decreased by 5% to 78.9 billion CNY [6][7]. - The property and casualty insurance segment saw a premium income growth of 6.8% to 201.2 billion CNY, outperforming peers [6][7]. - The company’s investment strategy has shifted towards equities and bonds, with a notable increase in equity investments, which now account for 30% of the total investment assets [6][7].

中国太保（601601.SH）2024 年年报点评 资负两端表现亮眼，"长航"转型更进一步 2025 年 03 月 27 日 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：中国太保发布 2024 年年报，集团 2024 年实现营业收入 4040.89 亿 元，同比+24.7%；实现归母净利润 449.60 亿元，同比+64.9%；集团实现营运 利润 344.25 亿元，同比+2.5%。 推荐 维持评级 当前价格： 31.76 元 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 中国太保(601601.SH)/非银行金融 ➢ 寿险改革质态持续显现，新业务价值实现稳健增长，NBVM 同比大幅提升。 1）公司 2024 年实现新业务价值（NBV）132.58 亿元，同比+20.9%；NBVM 为 16.8%，同比+3.5pct，公司纵深推进"长航"转型，业务质态持续向好，保 单质量持续优化带动内含价值稳健增长。2）公司根据宏观环境和市场变化及时、 审慎调整内含 ...

2025 年 3 月 27 日 公司研究 价值延续高增，投资大幅改善 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 | 市场数据（A 股） | | | --- | --- | | 总股本(亿股) | 96.20 | | 总市值(亿元)： | 3055.42 | | 一年最低/最高(元)： | 22.08/43.01 | | 近 3 月换手率： | 51.2% | ——中国太保（601601.SH、2601.HK）2024 年年报点评 A 股：买入（维持） 当前价：31.76 元人民币 H 股：买入（维持） 当前价：24.20 港币 作者 股价相对走势（A 股） | | 收益表现（A 股） | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -1.0 | -4.9 | 34.7 | | 绝对 | -2.3 | -6.6 | 45.3 | 资料来 ...

证券研究报告·公司点评报告·保险Ⅱ 中国太保（601601） 2024 年年报点评：每股分红稳中有升，利润、 NBV、净资产均大幅增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 323945 | 404089 | 414902 | 417000 | 418723 | | 同比（%） | -2.47% | 24.74% | 2.68% | 0.51% | 0.41% | | 归母净利润（百万元） | 27257 | 44960 | 49125 | 47150 | 46390 | | 同比（%） | -27.08% | 64.95% | 9.26% | -4.02% | -1.61% | | EPS（元/股） | 2.83 | 4.67 | 5.11 | 4.90 | 4.82 | | EV（元/股） | 55.04 | 58.42 | 61.70 | 66.70 | 72.50 | [Table_Tag] [T ...