大行評級丨瑞銀:中國財險創下有史以來最強勁Q1業績,維持目標價16.3港元
中國財險(2328.HK)預計首季淨利潤同比將增加約80%-100%。瑞銀髮表報告,指財險創下有史以來最強勁的第一季度業績,盈利增長優於市場預期,維持“買入”評級,目標價16.3港元。瑞銀表示,財險首季強勁盈利主要得益於顯著的承保利潤和投資收入增長。另外公佈提高成本效率、優化業務組合,以及期內自然災害損失減少亦帶動承受盈利。該行估計財險首季綜合成本率(CoR)同比提高3.2個百分點,達到94.7%。此外,財險的投資收益可能無法被同行複製,主要是股票及股票基金的配置比重較低。瑞銀因應財險發盈喜,將公司2025至2027年稅後淨利潤預測上調4%-5%,維持目標價16.3港元,指現價相當於1.02倍市賬率和12%的股本回報率,市盈率爲8.6倍。
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