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中國財險(2328.HK)2019Q3業績點評:業務品質優良,淨利潤提升,維持“買入”評級,目標價10.65港元
格隆匯 10-30 16:20

機構:興業證券

評級:買入

目標價:10.65港元

投資要點

我們的觀點:我們維持公司“買入”評級,維持公司目標價10.65港元。公司目標價對應2019-2021年PE分別為8.9、8.3及7.3倍,對應2019-2021年PB分別為1.2、1.1及0.9倍,建議投資者關注。

保費收入增長,歸屬股東淨利潤提升:截至2019年9月30日止9個月,公司2019年前三季度實現總保費收入3,318億元(人民幣,下同),同比增長13.0%。受手續費及佣金支出税前扣除政策影響,公司2019Q1-3實現歸屬公司股東淨利潤220億元,同比提升66.7%。

車險佔比降低,意健險、責任險收入大幅提升:中國財險系由中國人民保險集團公司發起設立的、中國最大的非壽險公司。2019年前三季度,公司車險保費收入1,891.7億元,同比增長2.0%;意外傷害險及健康險總保費收入502.0億元,同比增長38.4%;責任險總保費收入219.3億元,同比增長28.9%;農險保費收入272.2億元,同比增長17.9%。2019年前三季度,機動車輛保險保費收入佔公司總保費收入的57.0%,較2018年下降9.6個百分點。意外傷害險及健康險佔比15.1%,較2018年上升了4.7個百分點。截至2019年9月30日,公司綜合成本率為97.9%,較2019H1提升0.3個百分點。

償付能力充足:公司償付能力水平保持穩定。截止至2019年9月30日,公司核心償付能力充足率為251%,綜合償付能力充足率為284%,滿足監管要求。截止2019年3月31日,公司資產負債率為73.6%。

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