大華繼顯：首予慧擇“買入”評級 領先的智能業務模式有望釋放長期價值
大華繼顯發佈研報，首次覆蓋慧擇(HUIZ.US)，予其“買入”評級，目標價為2美元。該行指，慧擇是中國領先的保險科技平台，專注於長期人壽與健康保險產品的數字化分銷。該行預計，在領先的產品創新能力、高質量的客户基礎和海外業務增長的推動下，慧擇將在2023-2026年度實現13.9%的淨利潤複合年增長率。
研報指，看好慧擇以下幾方面優勢：1）平台型業務模式連接多方：慧擇通過數據驅動和AI賦能的解決方案，將消費者和保險公司等行業參與者連接在保險服務生態系統中；
2）定製長期險的領先優勢帶來可持續增長：憑藉17年的往績記錄及成功經驗，慧擇2022年以8.8%的市場份額(以總保費計算)成為線上長期人壽與健康保險中介市場的領先保險科技平台。該公司專注於長期保險產品，此類產品擁有較高的佣金和穩定的經常性收入。憑藉出⾊的產品開發能力，慧擇與保險合作伙伴共同設計專屬定製保險產品，以提高議價能力和供應差異化產品組合；
3）瞄準年輕一代，積累優質客户：2023年慧擇客户羣同比增長10.3%達到930萬，主要是來自一二線城市的年輕一代。慧擇提供全面的一站式保險解決方案，並在高質量的客户羣中尋求追加銷售機會，以提高消費者粘性，並從現有客户中釋放更多的生命週期價值；
4）利用AI解決方案提高運營效率：慧擇已將其AI驅動的產品和強大的數據分析能力整合到保險服務鏈中，以提高運營槓桿並優化獲客成本。慧擇2023年的費用率同比下降7.3個百分點至33.1%，而毛利率同比提高0.8個百分點至37.4%。
5）在海外市場尋求第二增長曲線：2023年慧擇將經紀業務擴展到了中國香港，同年第四季度香港經紀業務貢獻了該公司收入的6%。展望未來，慧擇計劃擴大銷售隊伍，並與知名保險公司推出更多聯合定製產品。此外，慧擇關注東南亞保險市場潛力，因為部分地區擁有精通科技的年輕客户和較低的保險滲透率，與其在中國的業務模式⾮常契合。慧擇的目標是2024年國際市場收入貢獻率達兩位數。
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