《大行报告》瑞银下调中国平安(02318.HK)目标价至115元 评级「买入」
瑞银发表的研究报告指,中国平安(02318.HK)去年业绩大致符合市场预期,期内新业务价值按年跌33%,而市场预期跌约30-35%,期内税後经营溢利升5%至1,390亿元人民币,相信公司将资源优先用於推动新计划影响到去年第四季销售入帐,但对今年首季则有支持。
公司宣派每股2.2元人民币股息亦大致符合税後溢利增长,相信现时估值已反映疫情带来的影响,而平安人寿改革及医疗健康生态系统将扩大公司的竞争优势,估计今年公司新业务价值增长将反弹至12%,主要受惠经纪活动复苏及消费者对保障类产品兴趣增加,维持「买入」评级,目标价由117元降至115元。
该行指出虽然期内寿险新业务价值下跌,公司在零售及互联网用户基础上亦继续有增长,分别达到2.18亿及5.98亿户,相信将为平安带来不少长远变现机遇,而经纪人数按季跌2%至102万人,主要因为公司寿险改革在第四季持续,受惠跨平台销售,经纪平均收入仅跌8%,相信经纪人数在今年将企稳。(el/k) ~
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