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《大行》高盛升中國平安(02318.HK)目標價至61元 評級「買入」
阿思達克 09-08 10:27
高盛研究報告指出,中國平安(02318.HK)(601318.SH)公布今年上半年業績後更新預估,將2025財年預估營運利潤(OPAT)上調3%,反映了平安銀行的更高貢獻,以及財產險承保結果優於預期。這部分被壽險業務OPAT下調2%所抵消,現在預計2025財年整體下降2%。該行並將2026至2027財年OPAT預估上調1%至3%。 在納入最新的市場變動後,高盛的2025至2027財年淨利潤預估上調3%至7%,這轉化為2025至2027財年帳面價值預估變化0%至2%;將2025財年新業務價值(NBV)預估上調4%。 展望未來,高盛認為9月最新的產品重新定價可能帶來利潤率優勢,因此將2026至2027財年NBV預估上調11%至12%,基於利潤率預估提高2個百分點;同時將2025至2027財年壽險內含價值預估上調6%至7%。 高盛又基於12個月總和估值法(SOTP)的目標價,將港股目標價從58港元升為61港元,A股目標價從65元人民幣升為67人民幣,意味著2026財年預估市賬率分別為1倍、1.1倍;維持「買入」評級。
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