研報掘金丨中信建投:中國太保Q3資負兩端均有亮眼表現,維持“買入”評級
中信建投證券研報指出,預定利率下調和股市反彈驅動下,中國太保(601601.SH)三季度資負兩端均有亮眼表現。展望來看,公司代理人渠道持續深化“ 芯個險”轉型,核心隊伍量穩質升、新增人力量質齊升有望延續, 疊加去年四季度銀保渠道報行合一實施背景下銀保渠道單季度新單同比-54.6%,去年同期基數較低,預計新單保費仍可實現穩健增長,疊加預定利率下調和公司持續推動產品結構轉型, 價值率改善有望延續,負債端整體預計量增質優。資產端來看,去年同期低基數背景下權益市場回暖有望貢獻業績彈性, 長端利率企穩有望緩解配置壓力。長期來看,公司着力提升分紅險銷售佔比、打造更加均衡的產品結構,有望進一步夯實公司在低利率環境下的長期穩健經營能力,進而為公司長期估值中樞提升打開空間。給予公司未來6個月目標價43.4元,對應2024年PEV為0.7倍,維持“買入”評級。
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