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新华保险(1336.HK):新业务价值率下降,坚持以健康险为核心,维持“审慎增持”评级,目标价43.80港元
格隆汇 09-02 17:27

机构:兴业证券

评级:审慎增持

目标价:43.80港元

投资要点

我们的观点:我们维持公司“审慎增持”评级,下调公司目标价10.0%至43.80港元,公司目标价较现价有30.5%的涨幅。2019-2021年,新华保险目标价对应的集团每股内含价值分别为0.60、0.52及0.45倍,建议投资者关注。

2019H1业绩稳步增长,归属股东净利润提升:截至2019年6月30日止6个月,公司2019年上半年实现营业收入890.9亿元(人民币,下同),同比上升7.4%;实现总保费收入及保单管理费收入740.2亿元,同比增长9.0%;实现归属公司股东净利润105.5亿元,同比上升81.8%。

保费收入提升,业务结构持续优化:新华保险主要从事人寿保险业务。2019年上半年,公司保险保费收入740.0亿元,同比上升9.0%。在渠道方面,公司2019年上半年个险、银保和团体保险渠道占比分别为81.1%、16.8%和2.1%。上半年个险渠道收入599.9亿元,同比上升9.7%。公司续期业务稳步积累,2019年上半年的续期保费达到584.0亿元,同比增长9.6%。

投资资产规模增长,偿付能力提升明显:截止至2019年6月30日,公司2019年上班半年投资资产规模7,732.3亿元,较2018年末提升10.5%。在投资资产构成方面,债券型投资占比较2018年末提升5.8个百分点至67.9%。公司综合偿付能力充足率达到284.9%,核心偿付能力充足率达到289.5%,较2018年年末分别提升13.3和23.1个百分点,提升明显。

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