中国平安1Q25 NBV stayed robust lifting L&H OPAT

招银国际04-28

一、核心财务表现与业务数据Ping An(2318HK)在2025年第一季度表现出强劲的财务和运营数据。其寿险及健康险(L&H)新业务价值(NBV)同比增长34.9%，达到人民币129亿元，主要得益于持续的利润率扩张至28.3%。此外，集团整体营运利润(OPAT)同比增长2.4%至人民币379亿元，其中寿险及健康险贡献了5%的增长，资产管理业务增长19%。然而，由于投资收益波动，集团净利润同比下降...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428153101a46a1132&s=b><strong>招银国际</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一、核心财务表现与业务数据Ping An(2318HK)在2025年第一季度表现出强劲的财务和运营数据。其寿险及健康险(L&H)新业务价值(NBV)同比增长34.9%，达到人民币129亿元，主要得益于持续的利润率扩张至28.3%。此外，集团整体营运利润(OPAT)同比增长2.4%至人民币379亿元，其中寿险及健康险贡献了5%的增长，资产管理业务增长19%。然而，由于投资收益波动，集团净利润同比下降...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250428153101a46a1132&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2778985437.USD","symbol_name":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) 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(PAB)净息差(NIM)为1.83%，同比下降18个基点，但环比上升13个基点。企业房地产贷款的不良贷款率(NPL)恶化至2.25%，反映出房地产企业的持续压力。公司计划发行不超过人民币500亿元的国内债务融资工具，以优化资本结构并降低融资成本。五、估值与投资建议目前，Ping An的股价对应2025年预期市净率(P/B)为0.53倍，内含价值倍数(P/EV)为0.5倍，平均三年远期ROE为13%，股息率超过6%。基于持续的利润率扩张和NBV增长潜力，CMB International维持对该股的“买入”评级，目标价为65.1港元，隐含0.8倍2025年预期P/EV。六、风险提示报告指出，Ping An面临的主要风险包括长期低利率环境、股市波动加剧、新销售低于预期以及综合成本率恶化等。投资者需关注这些潜在风险对业绩的可能影响。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"CCBot/2.0 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