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研報掘金丨華源證券:首予中國人壽“買入”評級,分紅險轉型處於行業領先

華源證券研報指出,中國人壽資產負債匹配良好,分紅險轉型處於行業領先。公司25年1季度歸母淨利潤同比增長39.5%至288億元,歸母淨資產較年初增加4.5%至5325億元,表現穩健,首次覆蓋,給予“買入”評級。國壽25Q1新單保費同比下降4.5%,扣除高增的短期險,國壽長期險新單同比降幅約爲15.1%,顯示出新單的業務壓力,國壽25Q1新業務價值在同比口徑下增長4.8%,我們認爲相較主要同業略慢主要源於開門紅就轉型銷售難度較高的分紅險,以及銀保基數較高,Q2以來公司已經採取了多種有效舉措提升新業務價值的完成進度,該行預計年內新單和新業務價值都將有所回暖。

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