水滴:业务经营趋势持续改善 AI有望进一步释放利润潜力

中信建投证券
Oct 02

核心观点考虑到公司经历多轮监管、业务结构调整周期,目前已经持续盈利数个季度,AI 落地有望进一步释放利润潜力,当前估值仍然存在一定折价,我们认为安全边际充分,看好后续催化剂逐步推动公司估值修复乃至扩张:1)2H25-1H26:AI 战略成果持续兑现在财务报表,运营利润率在降本增效驱动下有望继续提升;2)4Q25-1H26:更多为老年、带病体等细分人群打造的创新定制化保险产品推出,推动保费规模增长;...

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