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研報掘金丨東北證券:維持中國太保“買入”評級,權益資產配置收益顯著增長
格隆匯 03-21 14:23
東北證券研報指出,受2024年投資收益大幅增長影響,中國太保(601601.SH)全年共實現歸母淨利潤422-463億元,與2023年相比預計增加約人民幣149-190億元,YOY+55%-70%。壽險NBV增速穩健,人力量質齊升。分紅險成爲新增長點,2024年三季度後預定利率調整政策推動期繳佔比顯著提升,10月分紅險期繳新單佔比較前9個月翻番。截至2024年中,權益類資產佔比15.8%,核心權益配置比例在上市險企中居前,彈性特徵顯著。公司受益於2024年三季度資本市場行情(上證指數、滬深300全年分別上漲12.67%、14.68%),權益資產配置收益顯著增長,成爲業績彈性主要來源。上調2024-2026年公司歸母淨利潤至414/459/508億元,維持“買入”評級。
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