【券商聚焦】招商证券维持中国太平(00966)“强烈推荐”投资评级指太平人寿和太平财险前三季度利润表现超预期

金吾财讯

Oct 30, 2025

金吾财讯 | 招商证券发研报指，中国太平(00966)披露附属公司2025年三季度偿付能力报表，新准则下前三季度太平人寿实现净利润181.30亿，同比+61.2%；太平财险实现净利润9.74亿，同比+82.3%。太平人寿Q3单季利润翻倍增长，主要得益于投资收益大幅改善。新准则下前三季度太平人寿实现净利润181.30亿，同比+61.2%，其中Q3单季净利润113.29亿，同比+379.2%超预期。从利源分析来看，保险服务业绩同比+7.2%，投资收益同比+142.6%是支撑业绩高增的主要因素。25H1公司短期投资失利拖累利润增长，Q3重振旗鼓预计取得较好表现。需要说明的是，太平人寿在偿付能力报告中披露的前三季度投资收益率2.82%(同比+0.46pt、环比+1.39pt)为旧准则下数据，AFS浮盈并未体现，因此与上市同业在三季报中披露的新准则投资收益率不具有可比性，但改善趋势可供参考。截至三季度末太平人寿净资产为870.68亿，较年初+31.2%。作为集团盈利贡献的最主要来源，太平人寿和太平财险前三季度利润表现超预期，全年有望实现较快增长；寿险负债端分红险占比大幅领先同业，有力夯实业务质量。截至10月28日公司估值仅对应0.83xPB仍处于破净状态，股价修复空间较大，维持“强烈推荐”投资评级。

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