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Ping An of China's net profit attributable to shareholders of the parent company increased by 6.84% year-on-year in the first half of the year.

Last night, Ping An of China released its semi-annual report, achieving a net profit attributable to shareholders of RMB 74.619 billion, a year-on-year increase of 6.84%, the highest in the same period since 2020. The company also released an announcement on the interim profit distribution plan, proposing a cash dividend of RMB 0.93 per share (tax included), with an estimated total dividend of RMB 16.84 billion, the same amount as last year. The company has distributed interim dividends of more than RMB 10 billion for seven consecutive years.

According to the semi-annual report, Ping An of China's three core businesses grew steadily. The three businesses of life and health insurance, property insurance and banking had a total operating profit attributable to the parent company's shareholders of 79.565 billion yuan, a year-on-year increase of 1.7%. The new business value of life and health insurance business reached 22.32 billion yuan, a year-on-year increase of 11%; the new business value of the agent channel increased by 10.8%, and the per capita new business value increased by 36% year-on-year. The investment performance of insurance funds was excellent, achieving an annualized comprehensive investment return rate of 4.2%.

In the morning trading on August 23, Ping An of China rose 4.05%, hitting a record high since June. The insurance sector rose as a whole, with New China Life, China Pacific Insurance and China Life all rising by 3.37%, 3.12% and 2.55% respectively.

The amount of scrapped cars recycled increased by more than 90% in July

On August 22, the Ministry of Commerce stated at a press conference that the relevant policies of the "Detailed Rules for the Implementation of Automobile Trade-in Subsidies" have been implemented for more than three months, and the results have gradually emerged. In particular, the number of subsidy applications has increased rapidly in the past two months. As of August 22, the Ministry of Commerce's automobile trade-in information platform has received more than 680,000 applications for automobile scrapping and renewal subsidies, and about 340,000 new subsidy applications have been received in the past month. The automobile scrapping and renewal policy has led to a rapid increase in the amount of scrapped vehicles recycled. From January to July, 3.509 million scrapped vehicles were recycled nationwide, a year-on-year increase of 37.4%, of which May, June and July increased by 55.6%, 72.9% and 93.7% year-on-year respectively.

Recently, in order to further expand the policy effect and comply with the calls from all parties, the CPC Central Committee and the State Council decided to use ultra-long-term special treasury bonds to strengthen support for the replacement of old consumer goods with new ones. First, raise the standard. The subsidy standard has been increased from 10,000 yuan for scrapping and updating new energy vehicles and 7,000 yuan for scrapping and updating fuel vehicles to 20,000 yuan and 15,000 yuan respectively. Second, retroactive. All eligible applications for automobile scrapping and updating subsidies will be implemented in accordance with the new subsidy standards; the difference in subsidies that have been issued will also be made up. Third, optimize the process. Together with relevant departments, optimize the subsidy application review and fund issuance process, and strive to get the subsidies to consumers as soon as possible.

Many institutions said that the new round of trade-in policy is expected to boost the auto market and are optimistic about the continued growth of auto sales in the second half of the year. Southwest Securities Research believes that with the start of the new car cycle, the substantial increase in subsidies is expected to further stimulate market demand and benefit the subsequent growth of auto sales. In terms of investment opportunities, it is recommended to pay attention to the upward opportunities brought to the industry by the trade-in policy.

Orient Securities Research Report believes that from the perspective of investment strategy, the old-for-new policy is expected to promote the gradual improvement of industry demand. It is expected that the demand for mid- and low-end passenger cars will recover first, and the demand for heavy trucks is also expected to improve. After the industry demand recovers, it will promote the improvement of industry profitability.

The automobile sector surged in early trading

Export surge drives profit growth

In the morning session of August 23, the automobile sector opened higher, with SERES rising as much as 5% during the session and closing up 3.39% at noon. China National Heavy Duty Truck Group rose 4.53%, and SAIC Group, Haima Automobile and JAC Motors all rose by more than 2%.

From the performance point of view, automobile stocks generally achieved growth in the first half of the year. Currently, 16 listed companies have announced performance forecasts or semi-annual reports, of which 7 are expected to increase net profit, 2 are expected to turn losses into profits, and 2 are expected to reduce losses. The overall good news ratio is close to 70%. Among the stocks with expected net profit increases, Great Wall Motor, Yutong Bus, and Zhongtong Bus are expected to have the highest increase, all of which are above 100%.

Several auto stocks that expected earnings growth said in announcements that, benefiting from the overall promotion of China's automobile overseas expansion, the company's export sales have increased significantly, achieving improved performance.

Great Wall Motors expects to achieve a net profit attributable to shareholders of RMB 6.5 billion to RMB 7.3 billion, a year-on-year increase of 377.49% to 436.26%. The company's overseas car sales have increased significantly, with cumulative sales of 239,700 units from January to July this year, a year-on-year increase of 58.8%, and its overseas business has developed rapidly.

Yutong Bus expects to achieve a net profit attributable to the parent company of 1.55 billion to 1.79 billion yuan, a year-on-year increase of 230% to 280%. The company said that in terms of overseas markets, benefiting from the year-on-year growth in export sales of China's bus industry, the company's export sales have achieved a substantial increase; at the same time, the company's export business has increased in proportion, the sales structure has improved, and the performance contribution has increased.

Zhongtong Bus's semi-annual report shows that in the first half of the year, the company achieved a net profit of 111 million yuan attributable to the parent company, a year-on-year increase of 114.64%. In the first half of the year, the company sold 5,703 buses over 6 meters, a year-on-year increase of 78.55%, mainly benefiting from overseas markets and the domestic seat bus market. The demand in the overseas bus market continued to recover, the company's export business continued to grow, and its performance contribution increased.

The China Passenger Car Association said that overall automobile exports this year continued the strong growth of last year. In July, customs statistics showed that automobile exports reached 553,000 units, up 26% year-on-year and 14% month-on-month; the export value was US$9.99 billion, up 14% year-on-year and 14% month-on-month. From January to July, the cumulative exports reached 3.48 million units, up 25.5%, and the export value reached US$65.1 billion, up 18%.