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20231101_平安证券_非银行金融行业证券研究报告:保持战略定力银保量增价升_23页.pdf

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20231101_平安证券_非银行金融行业证券研究报告:保持战略定力银保量增价升_23页.pdf

2023 11 1-20230925-2023-20230906 S1060520040001 BQC673 WANGWEIYI S1060520040002 LIBINGTING S1060122070023 WEIJIWEN 8 22 30%2020 NBV 2010 NBV 1 21Q4 2 2019 3 2019 4 2021 10 1 2 3 4 2/23.5 1.1“”.5 1.2“”.7.11 2.1.11 2.2.12 2.3“”.14.17 3.1“”.17 3.2.18 3.3“”.19 3.4“”.20.22 YWEVvMnQsRnMoQoNqNpQnM9PaO9PoMmMnPnOkPmNqRiNqQoPbRnMtMvPnPxPuOnOnN 3/23 1.6 2.7 3.7 4 1 1993-2004.9 5.9 6 2011.10 7 2017-2021.11 8.11 9.12 10 2021.12 11.13 12.13 13.13 14.13 15.14 16.14 17.14 18.15 19.15 20.16 21.16 22.17 23.17 24.18 25.18 26 NBV.18 27 NBV NBVM.18 28.19 29.19 30 NBV.19 31 NBV NBVM.19 32.20 33.20 4/23 34 NBV.20 35 NBV NBVM.20 36.21 37.21 38 NBV.22 39 NBV NBVM.22 5/23 1.1 1.1.1 4S 3 5-10pct 1.1.2 8 22 1 2 3 4 6/23 5 2023 8 31 1 7 31 2023 59 FYC/FYP 1/3/5/10 3%/9%/14%/18%1.1.3 10 20 2023 30%1 2 2023 23H1 NBVM 20%50%7/23 1.2 1 1995-2010 2 2010-2019 2 2 021 2 022 2 0 2 3 2 024 3 1996 2 1 1 2003 1 1 1 2003 4 2006 6 2010 11 3 2011 3-40%-20%0%20%40%60%80%100%120%0200040006000800010000120002004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 8/23 2014 1 10 10 20%2019 8 2021 10 2022 1 2022 12 31 3 1.2.1 1995-2010 90 1993 1995 1 1 1 1997 11 8%-10%1997 11 4 6.5 6.5%1999 6 2.5 2.5%1997 84.9%2000 14.4%1999 2000 2003 1 1 2003 1 2004 2008 2010 5245 50.0%7 2 004 9/23 4 1 1993-2004 5 1993 7 10.98%9.0%1996 5 9.18%10.0%1996 8 7.47%8.8%1997 10 5.67%7.5%1998 3 5.22%6.5%1998 7 4.77%4.5%1998 12 3.78%4.5%1999 6 2.25%2.5%2002 2 1.98%2.5%2004 10 2.25%2.5%1.2.2 2010-2019 1 3 2019 8976 30.3%2010 20pct 1 2010 11 1 1 3 3 2 2011 3 3 2016 3 9 2019-2021 50%40%30%-20%0%20%40%60%80%100%0500010000150002000025000300003500040000 YoY 10/23 12 50%6 2011 1 1 40 36 11/23 2020 NBV 2021 10389 33.3%2019 3pct 1 2017-2019 100 100-200 2 NBV 3 4 2022 4()2.1 2020 2021 2021 11991 YoY+18.6%7041 YoY+15.1%2678 YoY+19.0%4363 YoY+12.7%7 2017-2021 8 2021 98.7%YoY+0.2pct 37.5%YoY+3.2pct 61.1%Y oY-3.0pct 0.1%0.01%2020 2021 6 7 0%10%20%30%40%50%60%70%80%90%100%12/23 9 10 2021 A 21 2.2 2 010 2011-2012 2017-2018 2 020 2019 1 2010 2010-2019 2010 82%84%81%2019 8.2%23.2%4.5%2019 2021 13.6%20.2%11.2%2 2010 2010 3.3%3.1%3.3%2021 15.9%21.3%13.9%3 NBV 2010 2010 2010-2016 2010 4.0%4.3%4.0%2016 56.2%43.6%1.3%98.7%37.5%61.1%0.1%0.0%0%20%40%60%80%100%2021 2020 13/23 57.3%80%2015 98.2%2014-2015 2015 2.5%3.5%2016 2017 1 34 2 019 2017 2020 2017-42.3%+3.3%-45.3%45.9%34.7%47.8%2020-37.9%-3.9%-42.4%39.3%28.9%42.7%2021 19.6%80.4%2015 17.8pct 11 12 13 14 2 016 2 016-100%-50%0%50%100%150%200%0%20%40%60%80%100%2010 2012 2014 2016 2018 2020-40%-20%0%20%40%60%80%100%120%0%20%40%60%80%100%2010 2012 2014 2016 2018 2020 14/23 15 16 17 2012 100%2.3 2022 75.01%50%2023 39440 7715 31725 AMAC+8 0%-100%-50%0%50%100%150%200%0%20%40%60%80%100%2010 2012 2014 2016 2018 2020 0%20%40%60%80%100%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 15/23 2.3.1&2022 NBVM N BV 2022 394.3 YoY+10.0%314.3 YoY+35.4%80.03 YoY-36.7%2022 393.9 YoY+9.9%313.9 YoY+35.3%80.01 YoY-36.7%2022 NBVM 17.9%YoY+2.9pct NBV 70.5+31.1%2020 3.8 18 19 2019 6 55 23H1 177.9 YoY+51.6%59.4 YoY+25.7%2022 313.9 2022 4000 0.13%2022 14.7%41.2%+5.7pct+11.8pct+8.7pct 28.5%+3.5pct 12.7%23H1+57.3%-10.5%40.6%64.76%64.75%79.71%79.69%35.24%35.25%20.29%20.31%0%20%40%60%80%100%2021 2022 99.62%99.95%99.92%100.00%99.96%27.75%99.31%99.89%99.87%99.98%99.93%-0.36%-20%0%20%40%60%80%100%120%2021 2022 16/23 20 2019 2020 2021 2022 2023H1-32.7%-10.5%29.5%4.0%-3.4%57.3%5.2%56.0%75.5%34.6%51.6%4.6%40.8%72.1%29.3%25.7%/4.3%9.2%12.7%9.0%14.7%29.4%41.2%17.3%19.8%28.5%40.6%2.3.2&2020 2022 265.2 YoY+21.6%723.9 YoY-6.1%218.2 YoY+26.1%82.3%YoY+3.0pct 30.1%YoY+7.7pct 2022 21 2020 2020 2022 124.3 YoY+51.3%17.2%YoY+6.5pct 0%5%10%15%20%25%30%0501001502002503002018 2019 2020 2021 2022 YoY YoY 17/23 2022 8.3%YoY-0.7pct 10.9%YoY+2.6pct 22 23 2010 NBV 2019 2019 2021 10 21Q4 3.1 2014 21Q4 22Q1 1 22H1+86.1%2 3 NBV NBVM 23H1 221.5 YoY+7.7%200.9 YoY+2.8%65.7 0%20%40%60%80%100%2018 2019 2020 2021 2022 0%5%10%15%20%18/23 YoY+460.0%32.7%YoY+26.7pct NBVM NBV 23H1 NBVM 6.9%YoY+5.1pct NBV 13.8 YoY+305.0%NBV 18.8%YoY+12.7 pct 24 25 2022 2 0 2 3 2022 2 0 2 3 26 NBV 27 NBV NBVM 3.2 2018 2019+1 23H1 172.9 YoY+59.2%17.8%5 75.3 YoY+114.3%43.5%YoY+11.2pct NBVM NBV 23H1 NBVM 9.5%YoY+0.3pct NBV 34.6 YoY+121.8%NBV 11.2%YoY+5.2pct 2 23H1 2.3+13.8%-200%0%200%400%600%800%1000%1200%0%10%20%30%40%50%0%50%100%150%200%250%300%350%04812162020 21H1 2021 22H1 2022 23H1 NBV YoY 0%5%10%15%20%2020 21H1 2021 22H1 2022 23H1 NBVM NBV NBV 19/23 3 23H1 16.1 YoY+42.0%28 29 30 NBV 31 NBV NBVM 2020 2019 2019 N B V M=N B V+3.3 2017 19Q4 1 23H1 95.1 28.1%YoY+12.0pct NBVM 23H1 NBVM NBV NBVM 2.7%YoY+1.7pct NBV 7.0 YoY+202.6%NBV 28.3%YoY+17.3pct-100%-50%0%50%100%150%5 0%10%20%30%40%50%5-100%-50%0%50%100%150%200%0102030405060702016 2017 2018 2019 2020 2021 2022 23H1 NBV YoY 0%5%10%15%20%25%2016 2017 2018 2019 2020 2021 2022 23H1 NBVM NBV NBV 20/23 2 3 4 32 33 34 NBV 35 NBV NBVM 2020 1 1%1 1.5%2020 3.4 2020 4+3 4+3 2020 6 2021 10 IFP+-100%-50%0%50%100%150%0%5%10%15%20%25%30%-100%-50%0%50%100%150%200%250%0123456782016 2017 2018 2019 2020 2021 2022 23H1 NBV YoY 0%5%10%15%20%25%30%0%5%10%15%2016 2017 2018 2019 2020 2021 2022 23H1 NBVM NBV NBV 21/23 2023 90%17%95%40 90%/KPI KPI KPI PWA 1=+2+3 2023 6 2000 2.5 NBV 1.8 23H1 154.2 YoY+131.0%97.4 YoY+78.1%NBVM NBV 23H1 NBVM 19.7%YoY+3.4pctNBV 28.3 YoY+166.5%NBV 10.9%YoY+5.5pct 36 37-60%-40%-20%0%20%40%60%80%100%120%140%0%1%2%3%4%5%6%7%8%9%22/23 38 NBV 39 NBV NBVM 2020 1 1%1 1.5%2020 1 2 3 2010-2019 4 0%20%40%60%80%100%120%140%160%180%0510152025302016 2017 2018 2019 2020 2021 2022 23H1 NBV YoY 0%2%4%6%8%10%12%0%5%10%15%20%25%2016 2017 2018 2019 2020 2021 2022 23H1 NBVM NBV NBV :6 20%6 10%20%6 10%6 10%:6 5%6 5%6 5%2023 4008866338 5023 B 25 1333 26 4 1 B 25

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