交銀國際:降中國財險(2328.HK)評級至中性 目標價7.6港元
中國財險(2328.HK)預計2021年上半年淨利潤同比增長20-35%,2季度業績略好於預期。交銀國際上調2021年盈利預測4.5%,預計2021年盈利在較低基數上同比增長18%,主要由於信用保證險同比顯著減虧,但2022年盈利增速將降至個位數。維持目標價7.6元,股價對於基本面改善已較充分反映,評級由買入下調至中性。
交銀國際預計上半年保費收入同比增長1%,綜合成本率較首季提升,但同比仍有改善。預計上半年綜合成本率為96.9%,同比下降0.4個百分點。車險綜改自2020年9月開始實施,考慮到基數的影響,預計對於車險保費的影響自今年4季度開始有望趨緩,但對於綜合成本率的負面影響將加劇。

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