研報掘金丨華創證券:中國人保23年產壽雙飛,NBV同比超高增,維持“推薦”評級
華創證券研報指出,中國人保(601319.SH)23年產壽雙飛,NBV同比超高增,產險COR超預期達成年初既定目標。展望2024年,認為公司主要業務板塊財產險依舊維持龍頭優勢,風險減量管理服務體系助力公司COR管理,支撐ROE上行。當前監管趨嚴及去年高基數或對壽險產生一定壓力,但隨着醫療、養老需求不斷釋放以及公司深耕健康管理領域,人保健康或將持續跑出亮眼業績。考慮新舊準則切換影響,下調2024-2026年EPS預測值為0.59/0.66/0.73元(2024-2025E原值為0.82/0.90元)。調整財產險業務2024年PB目標值為1.1x,其他業務為1x,人身險業務PEV目標值為0.5x,對應2024年目標價為7.1元。維持“推薦”評級。
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