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研報掘金丨華源證券:首予新華保險“買入”評級,近年來銀保渠道發展迅猛

華源證券研報指出,新華保險25年1季度歸母淨利潤同比增加19%至58.8億元,歸母淨資產較年初下降17%至798.5億元,新業務價值同比增長67.9%,整體表現較好。推測歸母淨利潤上升主要有兩大原因,一方面保險服務業績(保險服務收入-保險服務費用-分出保費的分攤等+攤回保險服務費用)在原保費同比增長28%的拉動下實現5.2%的增長,另一方面25Q1新華保險年化總投資收益率同比上升1.1pct至5.7%,對應保險投資業績(利息收入+投資收益+公允價值變動-承保財務損失)同比增加14.4%至24.7億元。新華保險近年來銀保渠道發展迅猛,在報行合一等多項利好下,銀保渠道貢獻全公司的新業務價值比例由23年的13.5%快速增長至24年的40%,25Q1延續好勢頭,長期險期繳新單同比增長94.5%至74.2億元。認爲後續公司可能會通過發行永續債來增加公司的資本實力。首次覆蓋,給予“買入”評級。

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