中信證券:中國平安有望實現估值修復,維持AH股增持評級,A股目標價93.49元
格隆匯10月28日丨中國平安(601318.SH)(2318.HK)昨晚公佈了三季報,中信證券發佈最新點評報告《改革持續推進,期待明年股指修復》稱,中國平安核心指標表現較弱,疫情影響深刻且持續,但反思保險公司戰略,平安改革有亮點,成效待驗證。公司當前股價已充分反映2020年壓力,估值處於相對低位,預計2021年公司業務將步入正向反饋,有望帶動公司股價實現估值修復。
同時,在經濟持續好轉,貨幣政策基調轉向穩槓桿的情況下,預計國債利率有望維持當前相對高位。隨着20、30年期等長期國債、地方債的較大量持續發行,保險公司的久期匹配結構也正在改善,也將助力公司估值修復。
維持公司AH股“增持”評級,給予2021年1.13倍PEV估值,未來一年A股目標價93.49元。
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