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《大行》華泰證券升中國財險(02328.HK)目標價至19.8元 承保表現改善及投資向好
阿思達克 08-29 10:33
華泰證券研究報告指出,中國財險(02328.HK)今年上半年實現淨利潤244.54億元人民幣(下同),按年增長32.3%。該行考慮到公司承保表現改善、投資向好,維持對其「買入」評級;同時提高2025至2027年每股盈利預測3.3%、13.5%及13.8%,分別至1.86、2.14及2.32元,目標價從16港元升至19.8港元。 華泰證券預計,2025年中國財險車險保險服務收入按年增長3.5%。考慮到公司費用管控能力持續增強,預計2025年車險COR為95.6%;並考慮到今年自然災害相對較少、非車險報行合一的推進以及公司控費能力的提升,該行預計2025年全年非車險COR為98.6%,保險服務收入按年增長9.2%。 該行預期,2025年中國財險ROE達15%,全年股息為0.64元,分紅率在利潤大幅增長的情況下小幅下降至34%(2024年為37%)。
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