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研報掘金丨華源證券:首予中國太保“買入”評級,銀保渠道或將保持較快價值增長

華源證券研報指出,中國太保銀保高增長,淨資產利率敏感性較弱的優質公司。近年來太保壽險恢復銀代渠道後,體量和價值快速增長,22-24年銀保渠道期繳新單規模由33.4億元增加至108.7億元,受益於渠道的重開和報行合一的費用規範,24全年銀保渠道的新業務價值達到43.5億元,貢獻全司新業務價值的比例同比提高8.3pct至25.2%,渠道的新業務價值率同比提高9.92pct至15.5%;25年以來銀保渠道延續高增長,25Q1新單同比增長130.7%至201億元,認爲隨着居民存款的高增和銀行存款利率的走低,儲蓄轉向以分紅險爲形式的銀保渠道將是趨勢,太保在未來2-3年憑藉集團資源(和銀行的對公存款、託管等合作)、爲客戶提供的康養社區服務、穩健的投資和高效的IT系統,銀保渠道或將保持較快的價值增長。首次覆蓋,給予“買入”評級。

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