一表综合大行对中国平安(02318.HK)业绩後的最新目标价及观点
中国平安(02318.HK)今日早市股价升近3%收89.8元。公司昨日(15日)收市後公布中期业绩，纯利按年升68.1%至976.76亿元人民币(下同)，接近本网早前综合5间券商预测的上限994亿元水平，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6,902.46亿元，其中净承保保费收入按年升9.3%至4,348.58亿元，投资收益按年升2.93倍至616.59亿元。
公司上半年寿险及健康险业务新业务价值按年升4.7%至410.52亿元，超出本网早前综合5间券商预测上限的408.38亿元。期内非年化营运股本回报率(ROE)按年升0.4个百分点至12.3%，新业务价值率按年升5.7个百分点至44.7%，集团综合偿付能力充足率较去年底升7.5个百分点至223.9%。
【业绩优预期 股价有支持】
高盛指，中国平安中期税後经营溢利及纯利均胜预期，受强劲寿险及财险业务增长推动。新业务价值增长则较首季放缓，受累於经纪数量进一步减少及经纪活动率按年下降。该行预期集团内涵值处於今年增长逾20%的轨道上，高於上市同业的10%至15%增长，支持中国平安估值相对其他中国寿险公司有溢价。该行维持给予中国平安「买入」评级及115港元目标价不变，继续把该股列入「确保买入名单」。
【经纪人力缓 未来存挑战】
中金发表报告表示，中国平安寿旗寿险经理人数量继首季度後继续减少，人均收入亦首次减少。该行料人力收缩情况会在下半年持续。该行维持对中国平安「跑赢同业」投资评级及107港元目标价不变。
本网最新综合10间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
汇丰环球研究│买入│129元
野村│买入│118.11元
高盛│买入(「确信买入」名单)│115元
瑞信│跑赢大市│113元
摩根士丹利│增持│111元
瑞银│买入│112元-110元
中金│跑赢行业│107元
花旗│买入│106元
里昂│跑赢大市│101元
大和│沽售-持有│80元-88元券商│观点
汇丰环球研究│持续交出成绩
野村│大部分业绩指标胜预期
高盛│业绩胜预期，寿险及财险强劲增长
瑞信│主要业绩指标胜预期
摩根士丹利│业绩稳固及轻微胜预期
瑞银│业绩稳固但市场具挑战性
中金│税後经营溢利略超预期，寿险增长显着放缓
花旗│盈利胜预期，但经纪数量增长停滞
里昂│寿险盈利强劲，但新业务价值按季增长放缓
大和│次季新业务价值增长温和，但股值已回落
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