研報掘金丨海通證券:予中國人壽“優於大市”評級,合理價值區間36.31-38.73元
海通證券研報指出,中國人壽(601628.SH)上半年歸母淨利潤383億元,同比+10.6%;Q2單季176億元,同比+48.9%。新單結構改善,十年期及以上佔比提升。上半年新單保費同比-6.4%,首年期交保費同比-0.1%;十年期及以上期交保費同比+9.4%,佔比提升3.8pct 升至43.8%。該行認為,公司銀保渠道司嚴格落實“報行合一”政策要求,強化佣金費用管控,未來或將堅持規模與價值並重。公司深入推進營銷體系改革,加快構建以客户為中心的個險經營管理體系,未來有望保持穩健經營並穩固市場主導地位。截至2024年8月30日,公司股價對應2024E PEV 0.7x。給予0.75-0.80倍2024E PEV,合理價值區間36.31-38.73元,“優於大市”評級。
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