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研報掘金丨中信建投:維持新華保險“買入”評級,目標價59.06元

中信建投證券研報指出,一季度新華保險(601336.SH)個險、銀保渠道新單保費均實現強勁增長,帶動NBV同比+67.9%,而且總投資收益率進一步改善,帶動歸母淨利潤同比+19.0%,資負兩端均有亮眼表現。 截至2024年末,按“股票+基金+計入長股投的鴻鵠志遠私募基金”口徑計算,公司對公開權益資產的配置比例高達20.5%,其中按FVT PL計量的公開權益配置比例爲16.4%,爲公司業績在權益市場回暖時帶來強大業績彈性。負債端來看,公司全面推進戰略轉型,看好個險隊伍產能持續改善和銀保渠道價值貢獻進一步增長。估值方面,截至4月30日收盤,公司2025年PEV爲0.53倍,安全邊際充足,看好估值修復投資機會。給予公司未來12個月目標價59.06元,對應2025 年PEV爲0.65倍,維持“買入”評級。

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