Ping An Yao Bo: Ping An's stock price is underestimated, and there is still a lot of development space in the insurance industry

Economic Observation Network reporter Lao Yingying On August 24, Ping An (601318.SH/2318.HK) held a 2022 mid -term performance conference.

Yao Bo, a joint CEO and chief financial officer of Ping An of China, said at the performance meeting that in the first half of the year's epidemic, geographical conflict, international inflation, the influence of internal and external factors such as the Federal Reserve's interest rate hikes and multiple challenges, Ping An still realized operating profit The positive growth of two aspects of the net profit of finance is still difficult to come.

Depending on the data, in the first half of 2022, Ping An's operational profit attributable to shareholders of the parent company was 85.34 billion yuan, an increase of 4.3%year -on -year; the annualized operation of ROE reached 20.4%; %, The 13 -month policy continued rate increased by 4.1 percentage points year -on -year; the operating profit of life insurance and health insurance business was 58.993 billion yuan, an increase of 17.4%year -on -year.

Regarding the outlook in the second half of the year, Yao Bo said that the macro situation in the internal and external parts still has relatively large uncertainty. Although the epidemic situation has improved compared with the first half of the year, there are still some sporadic outbreaks in various places, which will also affect some offline offline. The exhibition industry; in addition, the weakening of the demand for customers in some industry, including the weakening of industry customers, has brought certain challenges to operations, but Ping An will continue to "comprehensive finance+medical health" a two -wheel drive strategy. At the same time, seize some opportunities in medical care. Persist in steady growth.

When it comes to the most concerned stock price, Yao Bo believes that Ping An's stock price is still undervalued. Now there are a large difference and decoupling of the price and value. According to the valuation method of general insurance companies, the current stock price is only 0.5 of the connotation value 0.5 About times; if the P / E ratio is the PE multiple, the current PE multiple may only be about six or seven times, which is also at a historical lowest point.

Yao Bo said that at a more macro -level level, Ping An's comprehensive financial industry, especially the insurance industry, is affected by the epidemic in the short term, and some customers' needs are suppressed or consumed a bit sluggish, but the entire China is in China. In accordance with international standards, the depth and density of insurance have not reached the average level compared with the developed markets, so there is still a lot of room for development.

"Of course, the stock price is fluctuating, and there are various factors. As a management, what we strives to do well is to operate our performance and fundamentals well, continue to deepen life insurance reform, and at the same time pay attention to shareholders' return, do some market value management of market value management, and do some market value management. Work and strengthen communication with investors; in terms of shareholders' return, we will continue to strengthen dividend dividends. I believe that in the near future, the market will recognize the value of peace, and the future peace value and price will match. "Yao Bo said.

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