智通财经APP获悉，交银国际发布研报称，中国平安(02318)预计当前资产拨备计提较为充足，宏观经济持续向好，资产减值拨备仍有回转的空间。该行预计公司2025年盈利和新业务价值有望保持稳健增长，目前股息率超过5%，估值具吸引力。维持买入评级和目标价60港元。
交银国际主要观点如下：
业绩：平安2024年归母营运利润(OPAT)同比增长9%，较前三季度增速提升。2024年OPAT增长主要来自资管和财险，分别贡献增速7.9/5.4个百分点，2024年归母净利润同比增长47.8%。可比口径新业务价值同比增长28.8%;新业务价值率31.8%，同比上升5.6个百分点。寿险代理人36.3万人，连续3个季度环比企稳。
派息率稳定，每股分红保持增长：公司拟派发末期股息每股1.62元，全年股息每股2.55元，同比增长5%，已连续13年保持上升态势。基于OPAT计算的分红率为37.9%，同比提升0.6百分点。
财险业务表现亮眼：财险盈利同比增长67.7%，保险服务收入同比增长4.7%，综合成本率98.3%，同比改善2.3个百分点。
投资收益显著增长：2024年总投资收益同比增67%，资产配置保持稳定。综合投资收益率5.8%，同比+2.2个百分点。
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