國信證券：中國平安三季報符合預期，維持“買入”評級
格隆匯10月28日丨中國平安(601318.SH)(2318.HK)昨晚公佈了三季報，國信證券發佈最新點評報告，主要內容如下：
1、業績符合預期，利潤逐步改善
截止於2020年三季度末，集團實現歸屬於母公司股東的營運利潤為1087億元（+4.5%），增速較上半年（+1%）改善，同時由於多重非經營性因素的影響，去年同期歸母淨利潤的基數較高，導致今年同期的增速為-20.5%，達到1030億元，但增速較上半年（-30%）改善。
2、壽險及健康險：產品結構或有逐漸好轉的跡象
同期，壽險及健康險業務的首年保費為1201億元（-1.7%），新業務價值為428億元（-27%），增速較上半年（-24%）未有收窄，但已經基本平緩，同時新業務價值率為35.7%（-12.4pt），較上半年（36.7%）只略有降低，體現出產品的銷售結構或有逐漸好轉的跡象。代理人渠道：個人壽險銷售代理人數量降至105萬人（-10.2%），較上半年的111萬人下降5%，同比增速與上半年持平，或體現出代理人規模的下降速度開始收斂。
3、科技業務：進一步深耕醫療生態圈，C端和B端同步跟進
同期，集團憑藉壽險牌照，推出了費率可調整的長期醫療保險產品，同時，集團上線“平安醫家”，打造服務用户和醫生的雙平台，試圖提升醫生的粘性，有望構建業務護城河，前景遠大。
4、投資業務：投資業績改善，進一步收縮信用風險敞口
同期，年化淨投資收益率為4.5%（-0.4pt），較上半年（4.1%）有所提升，同時年化總投資收益率為5.2%（-0.8pt），較上半年（4.4%）有較大幅度的改善。同時，鑑於疫情對經濟的影響，企業債風險加大，集團將債券計劃及債權型理財產品佔比由年初的13.4%下降到10.6%。
投資建議：維持盈利預測，維持“買入”評級
預計2020-2022年歸母淨利潤為1388/1593/1822億元，攤薄EPS為7.59/8.71/9.96元，當前股價對應PE為11/9/8x。鑑於集團的傳統業務擁有價值彈性，科技業務佈局長遠，且當前的估值水平較低，我們看好集團的長期發展，對中國平安維持“買入”評級。
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