> **来源：[研报客](https://pc.yanbaoke.cn)** # Ping An (2318 HK) 1Q26 Company Update Summary ## Core Content Overview This report provides an analysis of Ping An's 1Q26 earnings and outlook, highlighting the performance of its core segments and key financial metrics. The report also includes valuation insights and investment recommendations, along with risk factors and disclosures. ## Key Financial Highlights ### Earnings Forecast - **Group OPAT** is expected to rise by **3.5% YoY** to **RMB39.2bn**, driven by resilient performance in the Life & Health (L&H) and Asset Management (AM) segments. - **Life OPAT** is forecast to increase by **4.5% YoY**, supported by steady insurance AUM growth and a relatively stable interest rate. - **P&C OPAT** is likely to decline due to weakened investment income despite improved underwriting performance. - **PAB (Property & Casualty)** is expected to show an earnings inflection, with a narrowed NIM decline and better operating efficiency. - **Group NPAT** may decline by **10% YoY** due to heightened equity market volatility, with CSI300 and HSI down **3.9%** and **3.3%**, respectively. ### NBV (New Business Value) - **NBV** is projected to increase by **19.2% YoY** in 1Q26, driven by strong new business sales. - The **NBV margin** may retreat modestly due to a product mix shift towards lower-margin policies and increased contributions from Bancassurance and community finance channels. - Looking ahead to **2026E**, L&H NBV is expected to maintain a **high-teens YoY increase**. ### Valuation - The stock is currently trading at **0.6x FY26E P/EV** and **0.8x FY26E P/B**. - The **target price** is revised to **HK$86** from **HK$90**, implying **0.83x FY26E P/EV** and **1.2x FY26E P/B**. - The **dividend yield** is expected to rise to **5.4%** in FY26E. - The **avg. three-year forward operating ROE** is above **13%**. ## Investment Recommendation - **Maintain BUY** rating. - The stock is expected to deliver a **potential return of over 15%** over the next 12 months. ## Key Catalysts - **L&H CSM release and balance growth inflection** in 2026E. - **PAB profit turnaround**. - **Continued de-risking process** to ease the AM drag. ## Key Risks - **Regulatory tightening** on life insurance and financial conglomerates. - **Significantly heightened equity market volatility**. - **Prolonged low-interest rate environment**. - **Intense pricing competition** in the P&C sector. - **Asset quality deterioration**. ## Shareholding and Market Data - **Market Cap**: **HK$1,113,642.0m** - **Avg 3 mths t/o**: **HK$2,721.7m** - **52w High/Low**: **HK$73.45 / HK$44.70** - **Total Issued Shares**: **18,108.0m** - **Current Price**: **HK$61.50** - **Target Price**: **HK$86.00** - **Up/Downside**: **39.8%** ## Shareholding Structure - **Charoen Pokphand Group Company Ltd**: **13.0%** - **JPMorgan Chase & Co.**: **8.4%** ## Analyst Certification - The analyst certifies that the views expressed reflect their personal opinions and that no compensation is directly or indirectly related to the views in this report. - The analyst has not traded in the stock covered in the past 30 days and will not trade in the next 3 business days. - The analyst confirms no financial interest in the Hong Kong listed companies covered. ## CMBIGM Ratings - **BUY**: Stock with potential return of over **15%** over next 12 months. - **OUTPERFORM**: Industry expected to outperform the relevant broad market benchmark. - **MARKET-PERFORM**: Industry expected to perform in-line with the relevant broad market benchmark. - **UNDERPERFORM**: Industry expected to underperform the relevant broad market benchmark. ## Disclosures - The report is for **informational purposes** only and is not investment advice. - **No liability** is accepted for any loss, damage, or expense resulting from reliance on the report. - The report is intended solely for **intended recipients** and may not be reproduced or distributed without prior consent. ## Additional Notes - The report is **not suitable for all investors**. - **Past performance** is not indicative of future results. - **Market risks** and **investment risks** are acknowledged, and investors are encouraged to consult professional financial advisors.