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眾安在線(06060.HK):保費增長加快,淨虧損擴大,維持“中性“評級,目標價26.60港元
格隆匯 11-27 15:38

機構:國泰君安

評級:中性

目標價:26.60港元

眾安在線(06060HK)實現了2019年第三季度的保費增長加速以及2019年第三季度的淨虧損。儘管保費增速顯著低於往年,我們仍然看到保費增長在2019年下半年加快,2019年第三季度和2019年10月的增長分別達到了32.4%和48.1%。投資方面,我們預計投資收入在2019年第三季度保持平穩增長。根據償付能力報告,眾安在線在2019年第三季度錄得了人民幣4.01億元的淨虧損,主要是由於保費增長加速所導致的未到期準備金增加。

來自螞蟻金服的保費預計在2019年增長153.6%,同時車險保費增長預計在2019年-2022年間保持每年10%。眾安在線將2019年與螞蟻金服關聯交易的年度上限調高了3.2%至人民幣12億元,同時2020年的年度上限設定為人民幣20億元。與平安財險的2020年/2021年/2022年年度上限定為人民幣16億元/人民幣21億元/人民幣28億元。眾安在線還預計2019年來自螞蟻金服的保費增長153.6%。但是,車險保費預計在2019年-2022年間以每年10.0%的速度增長。

調高目標價至26.60港元,維持“中性”評級。為了反映恢復的投資情緒和2019年第三季度的增長加速,我們將2019年市銷率提高至2.5倍,相當於26.60港元的目標價。考慮到低於往年的保費增長和新業務上的投資,我們維持“中性”的投資評級。

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