金吾财讯 | 招商证券研报指，中国太平(00966)披露附属公司2025年一季度偿付能力报表，新准则下太平人寿实现净利润29.92亿，同比+87.5%；太平财险实现净利润2.94亿，同比+86.6%。
该行指，太平人寿税后净利润和净资产均表现亮眼。公司24Q1审慎计提所得税使得利润基数较低，25Q1所得税费用同比减少26.24亿支撑税后净利润实现高增。一季度太平人寿规模保费同比+1.0%，考虑到预定利率下调和渠道费用优化等推动新业务价值率提升，预计可比口径下NBV同比增速超20%。同时，公司多措并举坚定分红险业务推动，通过强化考核引导和中后台配套支持等，产品转型取得显著成果，1-2月个险渠道分红险占比达98.9%，银保渠道分红险占比达88.6%，产品结构显著优于同业。
该行续指，2024年中国太平集团层面所得税率达42.2%，远高于其他上市的央企同业（中国人寿5.4%、中国人保18.1%），考虑到25Q1太平人寿（在集团的经营利润占比超80%）所得税率同比大幅下降，若2025年集团所得税计提比例回归行业平均水平，有望带来较大利润增长空间。维持“强烈推荐”投资评级。
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