《大行報告》摩通上調眾安在線(06060.HK)目標價至52元 評級「增持」
摩根大通發表研究報告指,眾安在線(06060.HK)去年業績表現穩健,收入增長至近220億元人民幣,綜合成本率回落至99.6%,純利達到12億元人民幣,高於該行預期的10億元人民幣,毛保費增長至204億元人民幣,認為公司已變得更接近規模經濟。
報告指出,眾安去年整體承保質量看起來不錯,全年費用率下降至42%,在主要業務板塊當中,健康、數字生活及汽車保險業務的費用降至18%、32%及13%。
該行預測今年收入將按年增長19%至240億元人民幣,綜合成本比率料達98.5%,考慮到眾安科技輸出國際及國內金融機構廣泛採用,預測今年相關業務收入將增長至7.8億元人民幣,按年增長50%。
摩通指,眾安的股價過去12個月持續波動,主要是由於線上保險監管收緊,令市場對營收放緩感到擔憂,重申對其「增持」評級,認為今年承保利潤有望持續改善,下半年收入增長潛力更大,又相信眾安可能成為行業監管收緊的受益者,其核心償付能力資本達472%,資產負債表穩健,將推動更高增長,將目標價由50元上調至52元。
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