2014 6 23 300 () 20% 0% -20% Jun-13 Sep-13 Dec-13 Mar-14 2013 4 2014 10% 2014-20155% S1060513080002 01059730729 JIAOWENCHAO233@pingan.com.cn S1060113090035 01059730725 LIUXINQI871@pingan.com.cn 5% 2013-2014 4 11 2013-2014 2014 2014-6-18 EPS/ PE 2013A 2014E 2015E 2016E 2013A 2014E 2015E 2016E 601336 21.24 0.97 1.06 1.14 1.37 21.9 20.0 18.6 15.5 601601 18.00 1.30 1.61 1.79 2.15 13.8 11.2 10.1 8.4 601628 14.30 1.57 1.71 1.84 2.20 9.1 8.4 7.8 6.5
... 4... 4 2014... 6 2.1... 6 2.2... 6 2014... 7 4.1... 7 4.2... 8 4.3... 9 4.4... 10 4.5... 11 2014... 11 5.1... 12 5.2 2013-2014... 12 5.3 2014-2015... 13... 14 6.1... 14 6.2... 14 2014... 15... 15... 15 2 / 17
1 2013 11... 5 2 2014 M2... 6 3 2014... 7 4... 9 5 2013... 9 6... 10 7... 11 8... 12 9 2013... 13 10 2009-2013... 15 3 / 17
2013 1 20 2 3 4 20 PE 5 2010 4 / 17
2011 2011 2012 2011 2012 2011 2012 2013 2013 11 2013 11 2013 2011 2014 2014 2013 2014 90% 2013 2014 2014 2013-2015 1 201311 600 500 400 300 200 100 0 1 Nov 13 1 Dec 13 1 Jan 14 1 Feb 14 1 Mar 14 1 Apr 14 1 May 14 1 Jun 14 Wind 5 / 17
2014 2014 3.1 2014 6 16 0.5 0.5 0.5 1000 2014 3.2 2014 8.58 5 1.4 18.3% 5 M2 13.4% 5 3.2 23% 1-5 5 2 2014M2 M2 20.0 15.0 10.0 5.0 0.0 2012 12 2013 01 2013 02 2013 03 2013 04 2013 05 2013 06 2013 07 2013 08 2013 09 2013 10 2013 11 2013 12 2014 01 2014 02 2014 03 2014 04 2014 05 Wind 6 / 17
3 2014 3 5 10 5.0 4.0 3.0 2.0 1.0 0.0 2014 01 02 2014 02 02 2014 03 02 2014 04 02 2014 05 02 2014 06 02 Wind 2014 2011 U 2012 U 2013 2014 2014 3-5 5-10 10% 10% 4.1 4.1.1 4 2014 1 1 10 10 20% 2 10 3 13 3 4 1 20% 20% 4 7 / 17
4.1.2 4 491 330 279 214 186 101.4% 126.8% 407.4% 306.9% 26.3% 5% 4.5% 10 20% 4 4 4.64 63.3% 1.83 47.5% 1.28 43.8% 1.2 63.9% 4 40 98.29 6.6% 40 4 9 4 11.34 23% 10.89 14.6% 4.1.3 4.2 10% 2014 12 3-5 5-10 1 2 3 4 8 / 17
18 4.3 2011 2013 28 60 46% 32 291 810% 202% 816 5427 566% 4 60 54.46 50 40 30 20 10 0 10.31 9.78 2011 2012 2013 5 2013 25.0 20.0 19.9 15.0 10.0 5.0 6.4 5.0 3.7 3.5 0.0 4 1 2014 2 9 / 17
6 主要电商平台合作险企淘宝目前在淘宝官方旗舰店设立旗舰公司的财险公司和寿险公司分别达到 10 家和 16 家, 产品涉及车险 旅行险 少儿险 健康险 财产险 意外险和理财险等多个领域 苏宁易购合作险企主要包括中国平安 太平洋保险 泰康人寿 阳光保险和华泰保险 5 家京东商城与泰康人寿 太平洋保险等 7 家险企开展了合作 4.4 1 13 2 3 2014 2013 2013 2013 4-5 2014 2014 10 / 17
7 4.5 2014 90% 80% 20% 50% 5% 40% 20% 2007 50% 25%5 5 5% 3%2007 10%5% 5%4%3% 2%1%2007 10%8%6%4%2% 7% 2014 90% 2.5% 3.5% 2014 2013-2015 5% 2011-2012 11 / 17
5.1 2007 11.07%2008 50.34%2008 3.48%2009-0.19%2009 5.78%2010 12.88%2012 2.79% 2013 2013 5%2014 8 60.00% 50.00% 50.34% 40.00% 30.00% 20.00% 10.00% 0.00% 10.00% 11.07% 12.88% 2.79% 6.95% 3.48% 5.78% 5.11% 3.51% 0.19% 1.41% 2007 2008 2009 2010 2011 4.44% 2012 Wind 5.2 2013-2014 2014 2013-2014 1 2 2014 2013 / / 3 12 / 17
2012-2014 10% 10% 2013 5% 4 2013 12 184 5818.6 2013 90 2877.6 7 7.19 6.31% 2013 7.21 6.59% 2013 1381 47.99% 2013 90 49 1985.6 69% 2013 34.20% 27.80% PE PE 5% 9 2013 中国人寿 中国太保 新华保险 货币资金 1.2% 2.5% 3.0% 定期存款 35.9% 21.6% 30.1% 债券 47.3% 55.2% 48.2% 权益 8.4% 11.3% 5.8% 基础设施和不动产债权 3.2% 6.2% 0.8% 其他投资 4.0% 3.2% 12.1% 5.3 2014-2015 2014 2014 10% 5% 2014 4 8.9 13 / 17
2013-2015 2014 2014 6.1 2013 2013 5 20%-30% 4 1 6.2 1 2 3 14 / 17
4 2014 2014 40 40 2016 102009-2013 2010 2011 2012 2013 平安寿险 180.18% 156.1% 190.63% 171.92% 平安财险 179.60% 166.1% 178.4% 167.1% 太保寿险 241.01% 187.3% 211% 191% 太保财险 167.42% 233.1% 188% 162% 中国人寿 211.99% 170.12% 235.58% 226.22% 新华保险 34.99% 155.95% 192.56% 169.65% 11 2014 2014 5-6 2013 10% 5% 2014 2014 10% 15 / 17
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: 6 300 20% 6 300 10% 20% 6 300 ±10% 6 300 10% : 6 300 5% 6 300 ±5% 6 300 5% 2014 [DOCID]401406170006 [/DOCID]