華興資本:首次覆蓋眾安在線(6060.HK) 給予“買入”評級
華興資本昨日發佈關於眾安在線(6060.HK)的研報,首先,眾安旗下尊享系列為眾安保費增長及業績改善的核心驅動因子,眾安是中國市場上第一家以中端醫療保險的價格提供高端醫療保險的公司,性價比較高。在去年上半年,尊享系列佔眾安健康險保費的81%,佔總保費的19%。華興預計尊享系列2020~2022年的增長率為45%,到2022年底,其將佔眾安總保費的40%。
其次,眾安是螞蟻金服保險業務重要的合作方,螞蟻金服是眾安最大的公司股份(13.5%的股權)。去年9月份,螞蟻金服渠道貢獻了眾安同期43%的保費收入。眾安在螞蟻金服的“好醫保”上銷售尊享系列產品,以及淘寶和天貓的運費險業務是雙方的重點合作領域。
此外,科技輸出業務正步入正軌,此塊業務去年上半年實現了1050萬元人民幣的收入,同比增長193%,其中海外市場佔比達30%~40%,擁有多達170多個客户。
因此,華興資本首次覆蓋並給予“買入”評級,目標價38港元,較本週三的收盤價32.2港元有約18%的潛在升幅。

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