智通财经APP获悉，第一上海发布研报称，予中国财险(02328)“买入”评级，预计2025-2027年公司归母净利润分别为450/477/515亿元，同比增长35.9%/5.7%/8.1%，目标价22.2港元。
公司作为财险行业龙头，规模以及成本优势放大，马太效应加剧。公司上半年的业绩展示了其强大的α能力。在行业平稳的背景下，公司通过内部管理的精益化和风险定价的科学化，实现了盈利能力的内生性强劲增长。这一趋势有望在下半年延续，支撑公司全年业绩的高质量增长。公司作为港股唯一纯财险标的，盈利模式可持续性强且公司长期ROE、股息率保持稳定，具备长期投资价值。
报告中称，公司2025年上半年实现保险服务收入2490亿元，同比增长5.6%;其中车险业务实现保险服务收入1503亿元，同比增长3.5%;非车险保险服务收入987亿元，同比增长8.8%;上半年实现净利润高达245亿元，同比增长32.3%。剔除投资波动影响的承保利润达到130亿元，同比大幅增长44.6%，这标志着公司核心业务的盈利能力达到了新的高度。公司上半年净资产较年初增长7.9%，中期拟派息0.24元/股，同比增长15.4%。
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