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《大行報告》瑞信下調眾安在線(06060.HK)目標價至47元 評級「中性」
阿思達克 07-15 12:00
瑞信發表研究報告指,眾安在線(06060.HK)上半年原保險保費收入按年增長加快至45%,增幅較去年上半年的15%及去年全年的14%為高。

該行預期,眾安的健康險產品及數字生活產品保費上半年將按年增長強勁,達到27%及39%。由於去年基數較低,預期上半年消費金融相關產品收入將按年升近兩倍。瑞信相信,期內退貨運費險保費率有所下降,對總體保費收入影響不大,而車險則預期按年下跌20%。

瑞信估計眾安在線上半年稅後淨利潤將按年升12%,認為下半年原保費收入增幅將較平穩,當中回購及投資回報率可支持健康險生態發展,但提醒地方政府推出低價的短期醫保「惠民保」,將加劇市場競爭。

瑞信維持對眾安的「中性」評級,考慮到ZA Bank及ZA人壽的虧損大於預期,及新規下退貨運費險保費率下降,將今年上半年每股盈利預測下調5%,並將今明兩年盈測下調17%及3%,目標價由50元降至47元。

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