《大行報告》瑞銀下調平安(02318.HK)目標價至88元 評級「買入」
瑞銀髮表報告,指中國平安(02318.HK)第三季度新業務價值按年下降約34%,與市場預期基本一致,認爲主要是由公司正在進行的代理機構精簡工作和產品組合改變而帶來的利潤率壓力所導致。將其2021至2023年度每股盈利預測下調1%至2%,目標價相應由90元下調至88元,維持「買入」評級。
報告表示,第三季平安稅後經營溢利按年增長7%,主要由銀行和資產管理部門推動,而壽險經營溢利則繼續受到新業務銷售放緩的影響,料其全年的新業務價值下跌17%,意味着第四季跌12%。雖然近期的銷售可能仍然具有挑戰性,但相信平安在醫療生態系統和整合方面的領先定位有助於提高長期競爭力。
瑞銀指,參加了平安的分析師簡報會,認爲醫療整合已成爲集團戰略層面發展,可能會支持其長期競爭力;預計2022年「開門紅」將在11月開始,第一階段的重點可能是儲蓄產品,第二階段是保障產品;潛在的「償二代」二期不會對公司的資本管理產生重大影響。
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