大行评级|瑞银:上调中国财险目标价至18.7港元 维持“买入”评级

格隆汇
Aug 05, 2025

瑞银发表研究报告指,预计中国财险上半年总保费、汽车保费、非汽车保费的按年增长率与第一季基本持平,分别为3.6%、3.4%及3.8%,并预计上半年保险收入增长超过5%。在承保盈利能力方面,该行估计公司上半年的综合成本率将增加0.9个百分点至95.3%。汽车综合成本率持续受惠于佣金结构调整。在非汽车业务方面,该行认为由于业务组合改善,健康险和农业险业务显著改善。因此估计上半年总承保利润按年增29%。 该行上调中国财险2025至27年的除税后净溢利11%、5%及4%,以反映自然灾害损失低于预期及年初至今股市表现改善,并重新调整增长预测。该行将该股目标价由16.3港元上调至18.7港元,续予“买入”评级。

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