> **来源：[研报客](https://pc.yanbaoke.cn)** # Ping An Summary ## Core Content Ping An (2318 HK/601318 CH) reported solid first-quarter (1Q) results, with Group Operating Profit After Tax (OPAT) exceeding expectations, growing by 7.6% YoY to RMB40.8bn. The company is expected to maintain a positive outlook for full-year Net Business Value (NBV) and Life OPAT growth acceleration in 2026E. ## Main Points ### 1. **Group OPAT Performance** - **Group OPAT**: Increased by 7.6% YoY to RMB40.8bn, slightly beating the estimate of RMB39.2bn. - **Drivers**: - **Life & Health (L&H) OPAT**: Rose by 4.6%, aligning with forecasts. - **Ping An Bank (PAB)**: Profit increased by 3.0%. - **Asset Management (AM)**: OPAT surged by 193.3%, driven by enhanced brokerage and asset management activities amidst equity market volatility. ### 2. **Net Profit After Tax (NPAT)** - **Group NPAT**: Declined by 7.4% YoY to RMB25bn, slightly better than the estimate of RMB24.3bn, due to heightened market headwinds. ### 3. **Net Asset Value (NAV)** - **Group NAV**: Grew by 1.8% YoY to RMB1.02tn, in line with forecasts. ### 4. **Life NBV** - **Life NBV**: Increased by 20.8% YoY to RMB15.6bn, driven by strong new business sales (+45.5% YoY) despite a margin contraction of 4.8pct YoY to 23.5%. ### 5. **P&C Underwriting** - **Combined Ratio (COR)**: Improved by 0.8pct YoY to 95.8%, surpassing the estimate of 96.1%. - **Non-auto Premium**: Rose by 19.5% YoY to RMB38bn, outperforming the industry average of 5.3% YoY growth. - **P&C OPAT**: Declined by 13.4% YoY to RMB3.5bn due to lower investment returns, despite strong underwriting performance. ### 6. **Valuation and Investment Thesis** - **Price Target (TP)**: - **H-share**: HK$86, implying 0.83x FY26E P/EV and 1.2x P/B. - **A-share**: RMB75, implying the same valuation multiples. - **Current Valuation**: - Trading at 0.6x FY26E P/EV and 0.8x P/B. - **Investment Thesis**: - **Life OPAT Acceleration**: Expected as CSM approaches an inflection point. - **PAB Profit Enhancement**: Stabilized NIM and non-interest income growth. - **AM Derisking Progress**: Continued easing of AM drag, leading to valuation re-rating. - **Technology and Healthcare Ecosystem**: Advanced deployment and innovation in these areas. - **Shareholder Returns**: Management's focus on dividend growth and capital efficiency. ## Key Information ### 1. **Earnings Summary** - **EPS (Reported)**: RMB7.16 (FY24A), RMB7.68 (FY25A), RMB8.20 (FY26E), RMB8.72 (FY27E), RMB9.44 (FY28E). - **Consensus EPS**: RMB8.03 (FY26E), RMB8.53 (FY27E), RMB8.94 (FY28E). - **P/B (x)**: 1.1 (FY23A), 1.0 (FY24A), 1.0 (FY25A), 0.8 (FY26E), 0.8 (FY27E), 0.7 (FY28E). - **P/Embedded Value (x)**: 0.7 (FY23A), 0.6 (FY24A), 0.6 (FY25A), 0.6 (FY26E), 0.6 (FY27E), 0.5 (FY28E). - **Dividend Yield (%)**: 4.7 (FY23A), 4.9 (FY24A), 5.3 (FY25A), 5.5 (FY26E), 5.8 (FY27E), 6.2 (FY28E). ### 2. **Stock Performance** - **H-share (2318 HK)**: Current price HK$60.1, with a price target of HK$86. - **A-share (601318 CH)**: Current price RMB57.6, with a price target of RMB75. - **Performance**: - **1-mth**: H-share: +1.3%, A-share: +1.2%. - **3-mth**: H-share: -15.4%, A-share: -11.0%. - **6-mth**: H-share: +6.9%, A-share: -0.2%. ### 3. **Financial Highlights** - **Total Investment Assets**: Remained stable at ~RMB6.55tn, up 0.9% YoY. - **Non-controlling Interests**: Increased to RMB450.465bn in FY26E. - **Total Shareholders' Equity**: RMB1.140997tn in FY26E. - **Dividend Payout Ratio (%)**: 35.6% (FY26E), expected to decline slightly over time. ## Key Risks - **Regulatory Tightening**: On life insurance and financial conglomerates. - **Equity Market Volatility**: Could affect investment returns. - **Low-Interest Rate Environment**: May pressure investment income. - **Pricing Competition in P&C**: May impact profitability. - **Asset Quality Deterioration**: Risk to financial stability. - **Capital Decline**: May weigh on dividend growth and overall performance. ## Catalysts - **Life CSM Release**: Expected to drive NBV growth in 2026E. - **AM Derisking**: Continued progress expected to enhance profitability. - **Improved OPAT Payout Ratio**: Could support valuation re-rating. - **Equity Market Rallies**: May improve investment returns. - **New Protection Products**: Such as participating critical illness policies. ## Company Overview - **Founded in 1988**, Ping An is a leading financial conglomerate with businesses in life and P&C insurance, banking, brokerage, trust, and other financial services. - **Technology-Driven Strategy**: Focus on digital transformation and innovation. - **Key Subsidiaries**: - **Ping An Bank (PAB)**: A major subsidiary with a 58% Group stake. - **Ping An Healthcare and Technology (1833 HK)**: A listed internet-health company with a 53% Group stake. ## Conclusion Ping An is positioned for continued growth and valuation improvement, driven by its core business performance, ongoing de-risking efforts, and strategic focus on technology and healthcare. The company's financial strength and shareholder returns are key factors in its investment appeal. The stock is currently undervalued, with a strong price target based on SOTP valuation and positive growth expectations for 2026E.