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一文了解券商於中國平安(02318.HK)公布季績後最新評級、目標價及觀點
中國平安(02318.HK)今早股價彈高,盤中高見35.05元一度搶高4.6%,最新報34.55元升3.1%。高盛表示中國平安第三手業績好壞參半,旗下平安人壽及平安銀行(000001.SZ)營運盈利強勁抵銷了財險及資產管理業務負面影響,指其新業務價值復甦較預期為低,相信是受到疫情影響,雖然短期宏觀不利因素掩蓋公司近期改革進展,但該行料中國平安明年仍可錄得新業務價值正增長,重申對其「買入」評級,下調目標價由74港元降至69港元。 中國平安昨日(26日)收市後公布截至今年9月底止首三季業績,純利按年跌6.3%至764.63億元人民幣,每股盈利4.38元人民幣。營運利潤1,232.88億人民幣增長3.8%;年化營運股本回報率達19.9%。期內收入為9,526.7億人民幣按年跌3.2%。毛承保保費達6,046.55億人民幣按年升2.2%。截至9月30日止九個月,壽險及健康險新業務價值達258.48億人民幣,跌26.6%。 【上季業績符預期 新業務價值遜色】 摩根士丹利表示,雖然今年第三季度市場波動加劇,但中國平安仍實現營業利潤增長3%,略優於市場預期,資本狀況保持穩定,核心償付能力為141%,其上季新業務價值仍面臨一定壓力(按年下降20%),維持對其「增持」評級及目標價69港元。 交銀國際表示,中國平安今年首三季度新業務價值按年下降26.6%,降幅符合該行和市場預期,代理人數量繼續下滑,但質量提升;銀保新優才隊伍和社區網格專員隊伍快速增長。產險綜合成本率按年上升。淨投資收益率保持穩定,總投資收益率較上半年下降。該行維持對中國平安「買入」評級,指平安壽險改革初現成效,數字化轉型試點將在年底覆蓋全部營業部,但改革成效的充分體現則有待宏觀經濟環境呈現改善態勢。該行維持中國平安盈利預測和新業務價值預測,維持目標價65港元和「買入」評級。 ------------------------------------ 下表列出8間券商對其評級及目標價: 券商│投資評級│目標價(港元) 摩根大通│增持│78元 花旗│買入│77元 摩根士丹利│增持│69元 高盛│買入│74元->69元 野村│買入│68.1元->65.63元 交銀國際│買入│65元 瑞信│跑贏大市│60元 瑞銀│買入│63元->58元 券商│觀點 摩根大通│第三季度新業務價值增長符預期,但壽險業務復甦緩慢 花旗│疫情期間新業務價值表現低迷,利潤增長保持彈性 摩根士丹利│新業務價值增長仍面臨壓力 高盛│料明年仍可錄得新業務價值正增長 野村│因投資疲弱導致淨利潤,新業務價值遜預期 交銀國際│營運利潤保持平穩增長,新業務價值降幅符預期 瑞信│第三季新業務價值按年跌27%符預期 瑞銀│第三季業績基本符預期,關注人事變換對前景影響
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