研報掘金丨方正證券:中國人保盈利水平有望持續提升,維持“強烈推薦”評級
方正證券研報指出,2024年中國人保(601319.SH)實現歸母淨利潤429億元/yoy+88.2%,DPSyoy+15.4%。公司經營穩健,符合預期。健康業務高速增長,人身險價值率改善明顯。短期因巨災、公司主動加大中小微企業專屬保險產品供給等因素,非車COR有所抬升,但隨非車報行合一推進,公司進一步加強風險減量管理、調整業務結構,25年或迎改善。公司強化絕對收益導向,優化持倉結構,增厚投資收益貢獻,未來有望維持穩健的投資收益水平。公司全年DPS維持穩健增長,24年受巨災影響公司COR略微抬升,但隨市場環境轉暖、財險大災減弱、壽險產品結構優化,公司盈利水平有望持續提升,預計25年NBV、淨利潤有望保持雙位數增長,COR迴歸98%以下。維持公司“強烈推薦”評級。
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