招银国际:升中国财险目标价至23.6港元 维持“买入”评级

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Nov 05
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  招银国际发布研报称,中国财险(02328)

  第三季业绩强劲,净利润同比增长91.5%至158亿元人民币(下同),带动前9个月净利润同比增长50.5%至403亿元,得益于承保盈利改善和投资收益显著增长的驱动。招银国际指,中国财险(当前2025财年

  市账率 1.35倍,维持“买入”评级,目标价由21.6港元升至23.6港元。

  该行指,考虑承保及投资优异表现,将财险2025至2027年每股盈利预测分别上调11%、6%、6%,各达至1.86元、1.94元及2.17元,对全年车险COR预测下修至95.1%,前值95.8%,非车险COR(综合成本率)预测维持99%,达成全年低于96%、99%的COR指引目标。

  预计非车险报行合一对非车COR的改善效应在2026年逐步显现。

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