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一文了解券商於中國平安(02318.HK)公布業績後最新目標價及觀點
中國平安(02318.HK)業績公布後今日股價受壓,盤中曾低見32.85元一度下滑7.5%,半日收33元挫7%。大行普遍認為其去年盈利增長差於預期,主要是投資收益減少所致,但認為穩健派息屬於正面。花旗表示中國平安去年利及稅後盈利低預期,內含價值未達標,去年第四季資產管理淨虧損從2023年第三季的58億元人民幣擴大到 164億元人民幣,下調對其目標價由54.5元降至52.6元,維持「買入」評級。 公司昨日(21日)收市後公布截至去年業績,營業收入1.03萬億元人民幣按年升4.7%。淨利潤856.65億人民幣,按年跌22.8%;每股盈利4.84元人民幣。派末期息1.5元人民幣,全年股息為2.43元人民幣,按年增長0.4%。按歸屬於母公司股東的營運利潤計算的現金分紅比例為37.3%。期內,公司實現歸屬於母公司股東的營運利潤1,179.89億元。其中,壽險及健康險、財產保險以及銀行三大核心業務保持穩健,三項業務合計歸屬於母公司股東的營運利潤1,409.13億元,按年小幅下降2.8%。 【績後股價挫 純利遜預期】 摩根大通指,中國平安去年營運溢利1,180億人民幣,大幅低於該行及市場同業原預期各1,410億及1,370億元幣,相信是資產管理業務確認了巨額一次性虧損(去年相關虧損207億人民幣,對比2022年虧損20億人民幣),指純利遜預期是主要利淡因素。 瑞銀發表研究報告指,受累於資本市場波動、信用風險上升、謹慎配備等因素影響,中國平安2023年的稅後經營溢利(OPAT)按年下跌20%。不過集團同期的核心業務,包括人壽、財產與意外保險,以及銀行業務的OPAT相對較有彈性,按年下跌2.8%。瑞銀相信中國平安穩健的資本狀況及融資的靈活性,將帶動公司每股派息在往後繼續增長。因此將中國平安的目標價由61元下調至60元,維持「買入」評級。 -------------------------------------- 下表列出6間券商對其投資評級及目標價: 券商│投資評級│目標價 瑞銀│買入│61元->60元 花旗│買入│54.5元->52.6元 摩根大通│增持│77元 高盛│買入│59元 野村│買入│59.64元 中金│跑贏行業│51元 券商│觀點 瑞銀│業績好壞參半,資本狀況仍然穩健 花旗│去年純利及稅後盈利低預期 摩根大通│去年稅後經營溢利增長遜預期,派息增長勝預期 高盛│去年投資收益減少拖累盈利增長遜預期,新業務價值增長勝預期 野村│去年盈利增長遜預期,新業務價值及派息增長均勝預期 中金│去年業績符預期
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