研報掘金|華泰證券:上調中國人壽AH股目標價 調高新業務價值增速預期
華泰證券發表研究報告指,中國人壽公佈上半年業績,每股盈利1.45元,按年提升6.9%,主要因爲所得稅費用大幅減少,稅前利潤實際按年下降11.5%。中期股息按年增長19%,快於利潤增長速度。新業務價值可比口徑下按年增長20%,穩步增長。投資表現略遜於上年,年化淨/總投資收益率分別下降0.25/0.3百分點至2.78%/3.29%。考慮到投資影響,該行調整2025年至2027年每股盈利預測至3.20元、3.31元及3.75,調整幅度-3.0%/12.5%/13.8%。考慮到較好的增長勢頭,該行調高新業務價值增速預期,A股目標價從48元上調至49元,H股目標價從20港元上調至26港元,維持“買入”評級。
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