金吾财讯 | 华西证券发布研报指，众安在线(6060.HK)依托“保险+科技”双引擎战略，保费持续高增长，2024年总保费达334.17亿元，市占率位列国内财险行业第八，互联网财险市场份额第一。核心生态表现优异：数字生活生态保费同比+28.9%至161.97亿元，创新业务增速达77.2%；健康生态保费103.38亿元，CAGR=23.8%；消费金融生态综合成本率大幅优化至90.1%；汽车生态保费+29.8%至20.51亿元，新能源车险增速达188.4%。公司连续四年承保盈利，2024年总投资收益率回升至3.4%，驱动净利润同比增长6.2%至5.88亿元。科技业务构筑第二增长曲线：科技分部收入6年CAGR达43%，2024年收入9.56亿元，首次扭亏为盈。签约98家保险产业链客户，技术方案向银行、证券及制造业拓展。数字银行ZA Bank抢占Web3先机：2024年总资产223亿港元，存款194亿港元，均位列中国香港8家数字银行首位。净收入5.48亿港元，净亏损收窄42%至2.32亿港元。作为中国香港首家稳定币发行人储备银行，服务超200家Web3企业。投资建议：预计2025-2027年保费服务收入增速分别为11%/14%/14%，归母净利润分别为9.04/10.11/12.21亿元，对应EPS分别为0.62/0.69/0.83元。首次覆盖，给予“增持”评级。
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