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研報掘金丨長江證券:新華保險新業務價值實現高增,分紅大幅增長
格隆匯 04-01 15:44

長江證券研報指出,新華保險(601336.SH)24年實現歸屬淨利潤262.3億元,同比增長201.1%;新業務價值62.5億元,同比增長106.8%。根據2024年利潤分配方案,考慮中期已派發紅利,新華擬向全體股東派發股息2.53元/股,同比大幅增長197.6%,對應分紅率爲30.1%,增長領先行業。具體來看投資收益表現顯著改善,公司總投資收益率5.8%,橫向縱向來看錶現均較好;綜合投資收益率大幅提升至8.5%,表現相對領先。公司主動管理,同時在定價利率切換以及報行合一要求下,業務品質持續提升,新業務價值率14.6%,較2023年提升7.9pct,帶動新業務價值增速領先行業。新華作爲純壽險公司,同時權益倉位最高,敏感性及彈性領先壽險板塊,推薦作爲優質貝塔資產配置;而負債端考慮基數和發展空間,預期後續保費及價值表現相對較好。

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