《大行報告》瑞信下調中國平安(02318.HK)目標價至60元 評級「跑贏大市」
瑞信發表研究報告指出,中國平安(02318.HK)將於10月26日披露第三季業績,該行預期公司首九個月的新業務價值將跌27%,意味著第三季按年跌12%,落後於同業。撇除匯率因素外,第三季的新業務價值毛利率按年跌1.5個百分點。料其第四季新業務價值將按年持續改善,至於首季預售(jumpstart)銷售應與去年基本一致。
該行預期,中國平安首九個月的保費收入增長11%,意味著第三季增長14%;綜合成本率(COR)增長0.7個百分點,較上半年按年增長1.4個百分點有所收窄;營運利潤錄得低單位數增長,較上半年的4.3%輕微放緩;稅後純利錄得單位數下跌,意味著第三季出現雙位數下跌。
此外,瑞信對中國平安2022至2024財年的稅後純利,分別下調4%、4%及5%,以反映其A股股價第二季至今表現疲弱。將其H股目標價由67元降至60元,維持「跑贏大市」評級。
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