Recently, the insurance leader Ping An of China and the Bank of China Merchants Bank have chattered endlessly, and the dividend yield has reached about 6 percent, all of which have been cut in half, and the Hong Kong shares of China Merchants Bank have increased from a maximum of 72 yuan ** to 26 today**70 yuan, the fall makes the old shareholders who believe in value investment doubt their lives and suspect that their analysis and judgment are wrong.
Ping An of China fell miserably, Hong Kong stocks 36 Hong Kong dollars, dividend yield (TTM): 738%, A shares are also around 40 yuan, P/E ratio (moving): 640 times, price-to-book ratio: 083 times. Dividend Yield (TTM): 594%。According to the two dividends this year 242 yuan, 40 yuan Ping An dividend yield also reached 6%.
Ping An of China has been chattering endlessly in recent years, saying on the Internet that Ping An is the largest real estate financier, interest rates are falling, and the investment side has encountered a downturn for several consecutive years, from a maximum of 1.5 million to 360,000 people in the third quarter.
China Merchants Bank, Bank of Ningbo, and Ping An Bank, the leading joint-stock banks in the past few years, have had a good time, but this year they are also stinky and have been cut in half. There is no minimum, only lower. China Merchants Bank's A-share share price is 2826 yuan net assets per share: 3536 Dividend Yield (TTM): 615%, Price-to-earnings ratio (TTM): 492 P/B Ratio: 080 times, Ping An of China and these banks are the leaders in the financial industry, and they are also the favorites of foreign capital in the past, and the profits are the fastest growing banks, all of which are industries without ceilings, and the most profitable industries are also giving profits to the real economy.
I like to invest in the financial industry, because the financial industry is inherently an aristocratic industry with a high threshold, an industry that can make huge profits. Businesses with moats.
Again and again, look at Ping An's competitive advantages and moats;
In the past, Ping An was the first comprehensive financial advantage of insurance and banking, and now it has added a comprehensive financial model for medical care and pension. Ping An Group is a comprehensive financial group with a full financial license and a complete financial holding structure in China, mainly including more than 20 core member companies represented by insurance, banking and asset management, and has developed into a leading enterprise in China that can provide customers with a full range of financial services at the same time.
It is a customer (one account), a variety of products, one-stop service, with insurance as the core, and at the same time providing banking, asset management, and other financial services.
1 The insurance industry is a high-threshold industry, and Ping An Group of China is a comprehensive group with a full financial license and a complete financial holding structure in China. A license means a high threshold.
How rare is an insurance license?According to the information on the official website of the China Banking and Insurance Regulatory Commission, since 2019, only 3 insurance companies have been approved for operation.
In terms of specific years, in 2019, no insurance company in the insurance industry was approved for opening, in 2020, only one enterprise of China Agricultural Reinsurance was approved for operation, in 2021, only Hengan Standard Pension Insurance was approved for operation, and so far in 2022, only one enterprise of National Pension Insurance has been approved for operation.
Since the tightening of the issuance of licenses, many capitals who have never forgotten the insurance license have chosen to acquire the equity of insurance companies, or take the opportunity of capital increase to enter the insurance market and get a "ticket". In addition, many small and medium-sized insurance companies also tend to increase their capital and introduce new shareholders to improve their solvency.
However, the regulator has continued to increase the review of shareholders of insurance companies, and has successively issued documents such as the Measures for the Supervision and Administration of Insurance Group Companies, the Notice on the Measures for the Supervision of the Behavior of Major Shareholders of Banking and Insurance Institutions (for Trial Implementation), and the Notice on Matters Concerning Financial Equity Investment in Insurance Funds, so as to encourage high-quality capital to participate in the optimization of the shareholder structure of insurance institutions, and strengthen the review of shareholder qualifications and shareholding funds. In recent years, there have been very few companies that can enter the insurance industry through equity changes and capital increases. According to statistics, so far in 2021, only three of the 31 equity change plans disclosed by the Insurance Industry Association** have been approved by the China Banking and Insurance Regulatory Commission and its branches.
2. Medical and health services are also a sea of stars, and the space is very broad
According to Ping An's annual report for the first half of 2023, the description of the scale of medical and health services at home and abroad is disclosed.
Assuming that there will be 300 million elderly people in 2035, according to the 28 law, 20% of the people will enter the medical and health service gap, which is 60 million people, and the per capita medical expenditure will reach the level of Singapore240,000 yuan, then the scale of medical and health services is about 144 trillion yuan.
With 300 million elderly people in 2035, an increase of 100 million people compared with 2022, according to the 28 law, 20% of the elderly will enter medical and health services, and the poor number of people entering medical and health services will be about 4 million, and the per capita medical expenditure will be 5 million according to the current per capita medical expenditure of Ping An580,000 yuan, then Ping An's medical and health service scale increased by 2232 trillion. Moreover, Ping An's annual average AUM per customer is growing, from 2020 to 3910,000 yuan, which reached 5 in the first half of this year580,000 yuan, with a compound annual growth rate of 1259%, and an important word here is "per customer". This means that the average AUM growth rate per individual customer is 1259%。
In the first half of this year, Ping An has a team of nearly 4,000 doctors, 50,000 external contracted doctors, 6 self-owned tertiary hospitals, more than 10,000 cooperative hospitals, more than 100,000 health management institutions, and 22 pharmacies60,000 hospitals, with 100% cooperation coverage with the top 100 hospitals and tertiary hospitals in China, medical and health services have certain advantages.
3. Strong customer stickiness, mutual empowerment and collaborative development;
In the first half of this year, the value of new business of life insurance and health insurance increased by 45% year-on-year, the production capacity of the human channel was greatly improved, the per capita new business value increased by 94% year-on-year, and the bancassurance channel recruited more than 2,000 people, achieving a new business value of 2.8 billion, a year-on-year increase of 175%, while the value of new business increased, the number of Ping An's first people was still declining, 520,000 in the same period last year, and only 37 in the first half of the year90,000 people. ** salary from 6,250 yuan in 2017 to 10,887 yuan in the first half of this year, to hire high-standard talents, so that less people create more profits and achieve the purpose of retaining the best talents with high salaries.
In order to improve user stickiness, tap customer value and customer churn rate, with the deepening of comprehensive finance, the average number of contracts for a single customer of Ping An has reached 299, 26% of customers hold 4 or more contracts, and the churn rate of customers who hold 4 or more contracts is only 091%, which is 7 lower than the churn rate of customers with only 1 contract0 percentage points.
Looking at the empowerment of medical and health services, 30% of Ping An's new customers in the first half of the year came from medical and health services, and more than 2More than 64% of the 9.2 billion individual customers use medical and health services, and those who enjoy medical and health services contribute more than 68% to Ping An's new business value, and the average number of contracts for these users has reached 343, 1 is not using medical and health services6 times, the average customer AUM is about 5580,000 yuan, which is 3Of course, Ping An's main business is finance, and Ping An's original intention has always been to be a comprehensive financial group focusing on insurance.
Strong Ecosystem Service Capabilities: Ping An's extensive business scope combined with a strong online ecosystem provides diversified products and services in multiple scenarios. In the first half of 2023, the group will be 297% of the new customers came from the Group's healthcare ecosystem. As of the end of June 2023, the average number of contracts per individual customer using the Group's healthcare ecosystem services was approximately 343, with an average AUM of 5580,000 yuan, which is 1 for individual customers who do not use the services of the medical and health ecosystem6 times, 32 times.
Strong technology platform capabilities: Ping An has deepened its comprehensive digital transformation and used technology to help improve the quality and efficiency of its financial business and improve its risk control level. In the first half of 2023, the digital marketing platform will help **people touch more than 1 customer100 million person-times, and the AI agent service volume covers 81% of Ping An's total customer service. Ping An leverages the technological advantages of integrated finance to continuously improve the ability and efficiency of cross-selling and meet the migration needs of customers within the group.
I believe that Ping An's future medical and health care for the elderly is a big business with very broad prospects for aging, which penetrates and develops in tandem with each other, making competitors shy away. This is Ping An's competitive advantage, the moat.
Talk about holding logic, cheer yourself up, strengthen your courage, and persist in staying up;
From ancient times to the present, the Qianzhuang shop is a high-level business that can only be done by the relatives of the emperor, and then from the red-topped businessman Hu Xueyan and Qiao Zhiyuan of the Qiao family compound, they have been doing business for decades, and finally found that the Qianzhuang is the most profitable business. I, a common man, also want to be a small shareholder of a bank. In my eyes, their working environment, benefits, and annual salary of millions are all unattainable.
Finance and banks are all born aristocratic white-collar workers, Muyuan shares, which raise pigs, and Haitian Flavor Industry, and the blue-collar workers of Arowana cannot be compared. It has been deeply ingrained in my bone marrow, even if it is another 10,000 years, it will not be reversed, migrant workers will always be hard and unprofitable jobs, and banks will not be hard to make a lot of money for thousands of years.
High-tech enterprises, as well as pharmaceutical stocks, soy sauce, and other tracks have a large value, but the profits are limited, and the small pond can't raise Jiaolong.
Can the net profit of Hengrui Pharmaceutical, the leader of pharmaceutical stocks, reach more than 100 billion in a few years?If there are people who think and say, will the Health Insurance Bureau let it make profits, there are only a handful of pharmaceutical companies with a net profit of 100 billion yuan in the world, and the United States is facing the global market, and there will be several pharmaceutical companies with a net profit of 100 billion yuan in the futureThere are other track stocks, all of which are unknown, and it is also unknown which one will have the last laugh. The current net profit of Hengrui Pharmaceutical is only about 5 billion, the competition is fierce, there is no threshold industry, how much money can be earned in the future, it is unknown, and even who can live is unknown. The same logic is true for those track stocks, Aier Ophthalmology, Tongce Medical, LONGi Green Energy, Haitian Flavor, and Arowana. I suddenly found that track stocks are all industries with no threshold, and anyone with money can do business. Bancassurance is different, if you have money and want to open a bank, can you open it?Can you open an insurance company?The above is not approved.
The leading insurance banks have fallen and their relatives have denied it. The dividend yield has reached about 6 percent, which has reflected all kinds of negative and bad news. There is still a lot of room for us investors to think deeply.
Of course, undervaluing cheap, high dividends is the fundamental logic of holding, and the competitive advantage and moat of the enterprise are also important factors.
Sort out the negative again, real estate impact, looking at the world, the impact of real estate on finance, banking and insurance is very huge, from Japan lost 30 years, to the subprime mortgage crisis in the United States, are the fault of real estate, domestic real estate has been affected for three years, the worst profound is the past few years or now, the future should slowly improve. Guaranteed delivery, many real estate projects have been delivered, coupled with the vigilance and worry of buyers, as well as the strict supervision of the national team's pre-sale funds, there should be fewer and fewer unfinished buildings in the future. So the worst is behind us.
The reduction of interest rates is also a big cycle, and the interest rate spread of banks is low enough, and the interest rate spread of Bank of Communications is 128, no matter how low the impact of the sustainable development of the bank, the bank is the blood of the national economy, the blood has a problem, the trouble will be big, this time the real estate problem, the bank is basically safe and sound, if the bank has a problem, not only can not solve the real estate problem, the economy will really be annoyed. Now that the banks are doing well, they can help real estate tide over the storm. This is socialism with Chinese characteristics, banks are stated, and Huijin's annual dividends from the four major banks are more than 160 billion, and the worst and worst time for banks has passed.
I don't know why, if the best banks are not optimistic, and they are so underestimated that they are cheap, will those mediocre banks be good?These banks are not good, and the big four banks should not be any better. Why are foreign investors bearish on cancer stocks, do foreign investors have inside information that we don't know?Can anyone whisper to me.
Long China, long the best undervalued bancassurance companies, hold shares and earn interest, and survive this long bear market. It is believed that after the storm, these companies can give investors more generous returns.
The great investment guru Charlie Munger left this wonderful world when he was still a month away from the age of 100.
This year's high dividends are good, coal and oil have risen sharply, and the four major banks are also the best, and Ping An, which will become a high-dividend in the future, will China Merchants Bank also follow the high dividend ** to double in a wave?
Tell us that the end of life is death, the end of investment is to save **, collect dividends, a long bear market, how to solve worries, only high dividends.
I like the generous dividends of the insurance bank, and there is no room for growth that will never have a ceiling, and I hope that there will be more and more dividends in the future, and the tap water of wealth will flow more and more, and it will be gushing endlessly.
Pay attention to it, and don't get lost ...... investment