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研報掘金丨國聯證券:認為中國財險基本面具備明顯的稀缺性,有望享受後續“中特估”帶來的政策利好
格隆匯6月14日丨國聯證券13日研報指出,中國財險(2328.HK)5月保費增速環比放緩,意健險同比負增是主因。認為公司基本面具備明顯的稀缺性,且作為央企龍頭有望享受後續“中特估”帶來的政策利好。整體來看,公司的累計保費增速保持了穩健增長態勢,後續在更多的經濟支持政策加碼下全年保費收入有望延續向好,預計全年仍可實現大個位數的增長水平。近年來公司持續注重提高業務品質、提升精細化管理能力和水平,這也是公司在順逆境經營環境中均能實現承保盈利的關鍵。同時2023年權益市場回暖也將帶動投資收益同比改善,全年來看公司利潤有望實現20%左右的增長,ROE保持在13%+的水平,長期來看我們依舊看好公司持續向好的基本面和卓越的盈利能力。鑑於公司穩定的ROE以及極具吸引力的股息率水平,給予公司23年1.0倍PB,目標價12.0港元,給予“買入”評級。
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