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大行評級丨瑞銀:衆安在線近期抽升因港通過穩定幣草案 維持“中性”評級

瑞銀髮表報告稱,在香港立法會通過穩定幣法後五個交易日,衆安在線股價累計上漲29%,認爲該法案爲向公衆發售穩定幣掃除了障礙。香港金融管理局已推出穩定幣發行商的監管“沙盒”,而衆安間接持有8.7%股份的企業——RD InnoTech,是三家參與機構之一。市場預期衆安將從以下兩方面受益:1)RD InnoTech估值上升潛力;以及2)可觀的淨利息差。

瑞銀指,2025年前四月,衆安在線總保費按年增長13%。其中健康險保費增長超40%,主要得益於流量獲客成本下降及加大營銷力度,以及新產品推出。數碼生活類保費則按年下跌10%,因平臺業務(如退貨物流、OTA旅遊保險)有所收縮。汽車險保費按年增長逾30%,因監管加強對線下分銷渠道(如經紀人)傭金的限制,而衆安專注在線渠道。消費金融業務亦見覆蘇,與行業趨勢一致。瑞銀維持衆安在線“中性”評級及目標價13.1港元。

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