《大行報告》大和料眾安在線(06060.HK)去年純利升70至90% 受惠投資收入穩固等帶動
眾安在線(06060.HK)按中國會計準則計2021年原保費收入總額約203.6億人民幣,按年增長21.9%。大和預計,眾安在線將2021年綜合成本率(CoR)為99.6%,按年改善2.9個百分點,該行料眾安在線去年淨利潤按年增長70%至90%,維持對其「買入」投資評級。
大和認為,眾安在線去年利潤增長,主要受其穩健的投資收入、快速增長的技術收入、承銷利潤所推動,利潤被其旗下虛擬銀行較大的淨虧損所抵銷,預計其核心償付能力穩健,核心償付能力充足率介乎450%至510%。
眾安在線管理層認為,來自「惠民保」的競爭可以通過產品創新和升級來控制,儘管理賠率可能呈上升趨勢,但集團旨在通過更高的續保率和專有渠道分銷來降低費用率。大和指出,眾安在線正在海外開拓新客戶,過去2年其所簽約客戶的經常性收入不斷增加,認為其科技業務毛利率可能會上升。
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