一文了解券商於平安(02318.HK)公布季绩後最新观点、评级及目标价
中国平安(02318.HK)今早股价偏软，最新跌2.2%报82.8元，券商指其上季寿险业务新业务价值按年跌逾33%及新业务价值毛利率亦下跌均令人感失望。该公司昨(27日)收市後公布截至今年9月底止首三季业绩，纯利录1,030.41亿元人民币按年跌20.5%，每股盈利5.83元人民币，收入升2.5%；首三季寿险及健康险业务实现营运利润754.46亿人民币升9.2%；实现新业务价值达428.44亿人民币，按年下降27.1%，新业务价值率跌12.4个百分点至35.7%。
汇丰环球研究发表报告表示，中国平安第三季寿险业务新业务价值按年跌逾33%，即相关业务未有反弹，但指集团总体税後经营利润按年升12%仍巩固，维持对其「买入」评级，将目标价由128元降至116元。
大和指，中国平安第三季寿险业务新业务价值按年跌逾33%(对比首季跌24%及第二季跌25%)，表现逊市场预期，新业务价值毛利率亦意外下滑，该行估计平安上季新业务价值利润率按年下跌至33.2%录四年来表现最差的季度，因产品组合转差，维持对其「持有」评级，将目标价由85元降至80元。
本网最新综合12间券商其投资评级及目标价，有4间券商下调对平安的目标价：
券商│投资评级│目标价(港元)
摩根士丹利│增持│119元
野村│买入│116.57元
汇丰环球研究│买入│128->116元
中金│跑赢行业│113元
麦格理│跑赢大市│107元
瑞银│买入│105->104元
花旗│买入│104->103元
高盛│买入(「确信买入」名单)│104元
瑞信│跑赢大市│103元
里昂│买入│97元
美银证券│买入│94元
大和│持有│80->85元
————————————————————
券商│观点
摩根士丹利│上季纯利回复增长，但料寿险业务需更多时间复苏
野村│新业务价值增长逊预期，疲情使业务发展恢复速度减慢
汇丰环球研究│新业务价值增长逊预期，销售减资产质量欠佳
中金│对平安今明两年的每股收益预测各下调1%及5%，将新业务价值预测各降8%及17%
麦格理│第三季度业绩疲软，新业务价值增长微
瑞银│将今年新业务价值增长预测降至26%，维持明年及後年净利润增长预测
花旗│第三季保险业务疲软，但税後净利润有所改善
高盛│第三季度净利润符预期，新业务价值增长低於预期
瑞信│上季业绩符预期，关注「开门红」业务预售前景
里昂│料新业务价值增长未必能回到2019年水平
美银证券│第三季度业绩疲弱，财产险综合比率差过预期
大和│新业务价值逊预期，但料「开门红」业务对前景有帮助
(ta/w)
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