一表綜合大行對中國平安(02318.HK)業績後的最新目標價及觀點
中國平安(02318.HK)今日早市股價升近3%收89.8元。公司昨日(15日)收市後公布中期業績，純利按年升68.1%至976.76億元人民幣(下同)，接近本網早前綜合5間券商預測的上限994億元水平，每股盈利5.48元，中期息0.75元，上年同期派0.62元。公司上半年收入按年升17.2%至6,902.46億元，其中淨承保保費收入按年升9.3%至4,348.58億元，投資收益按年升2.93倍至616.59億元。
公司上半年壽險及健康險業務新業務價值按年升4.7%至410.52億元，超出本網早前綜合5間券商預測上限的408.38億元。期內非年化營運股本回報率(ROE)按年升0.4個百分點至12.3%，新業務價值率按年升5.7個百分點至44.7%，集團綜合償付能力充足率較去年底升7.5個百分點至223.9%。
【業績優預期 股價有支持】
高盛指，中國平安中期稅後經營溢利及純利均勝預期，受強勁壽險及財險業務增長推動。新業務價值增長則較首季放緩，受累於經紀數量進一步減少及經紀活動率按年下降。該行預期集團內涵值處於今年增長逾20%的軌道上，高於上市同業的10%至15%增長，支持中國平安估值相對其他中國壽險公司有溢價。該行維持給予中國平安「買入」評級及115港元目標價不變，繼續把該股列入「確保買入名單」。
【經紀人力緩 未來存挑戰】
中金發表報告表示，中國平安壽旗壽險經理人數量繼首季度後繼續減少，人均收入亦首次減少。該行料人力收縮情況會在下半年持續。該行維持對中國平安「跑贏同業」投資評級及107港元目標價不變。
本網最新綜合10間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
匯豐環球研究│買入│129元
野村│買入│118.11元
高盛│買入(「確信買入」名單)│115元
瑞信│跑贏大市│113元
摩根士丹利│增持│111元
瑞銀│買入│112元-110元
中金│跑贏行業│107元
花旗│買入│106元
里昂│跑贏大市│101元
大和│沽售-持有│80元-88元券商│觀點
匯豐環球研究│持續交出成績
野村│大部分業績指標勝預期
高盛│業績勝預期，壽險及財險強勁增長
瑞信│主要業績指標勝預期
摩根士丹利│業績穩固及輕微勝預期
瑞銀│業績穩固但市場具挑戰性
中金│稅後經營溢利略超預期，壽險增長顯著放緩
花旗│盈利勝預期，但經紀數量增長停滯
里昂│壽險盈利強勁，但新業務價值按季增長放緩
大和│次季新業務價值增長溫和，但股值已回落
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