《大行報告》野村上調眾安在線(06060.HK)評級至「中性」 目標價微升至38.8元
野村發表研究報告指,眾安在線(06060.HK)上半年綜合比率有所改善,消費金融和數字生活業務推動收入增長,令上半年業績勝預期,淨利潤按年增長54%。
上半年賠付率按年提升7.2個百分點至49.4%,當中消費金融及醫療保險賠付率分別下降30.9及8個百分點,部分被較高開支比率所抵銷。
期內總承保保費按年增長45%,其中消費金融、數字生活及醫療保險收入分別增長192%、52%及29%,而汽車保險則下降17%。淨投資收益增長9%至9.44億元人民幣,淨投資收益率微降至1.2%。
基於上半年業績改善,野村將今年綜合比率預測進一步下調0.1個百分點至101.4%,但鑑於近期對線上保險業務的監管收緊,對近期增長前景保持審慎,將今年盈利預估提高1%,並對2022至2023年盈測基本不變,目標價由38.75元輕微升至38.8元,評級由「減持」上調至「中性」。
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