Tiger Brokers

【券商聚焦】招银国际维持中国财险(02328)“买入”评级 指承保稳健但投资逆风影响净利增长

金吾财讯
May 05

金吾财讯 | 招银国际研报指，中国财险(02328)公布1Q26业绩，归母净利润同比下跌23.7%至86.3亿元人民币，略低于市场预期；综合成本率同比优化0.3个百分点至94.2%，优于该机构及市场的一致预期，主要得益于1Q26大灾赔付显著下行，车险和非车险COR同比均有持续改善。1Q26承保利润同比增长7.5%至71.5亿元。1Q26净利润下滑主要受投资端承压的拖累，公司总投资收益同比下跌38.4%至46亿元人民币，总投资收益率（未年化）降至0.7%，同比-0.5个百分点。1Q26承保利润和净投资收益分别占税前利润70.7%和46.5%，对比1Q25为49.2%和56.2%。净资产较年初小幅+2.8%至2,936亿元。展望2026年，该机构预计车险保费增长将维持低单位数，主要受新车销量疲软及购车税补贴政策未及出台的影响；车险综合成本率持续优化，基于费用率压降抵补赔付率上行的影响。非车险保费以个人非车意健险的保费增长为主要驱动，部分受农险承保节奏变化及企财险和责任险产品重定价，导致保费增速放缓的影响。该机构维持2026年车险/非车险综合成本率(COR)预测为95.1%/99.9%（不变），预计非车险在年内有望实现承保盈利。维持“买入”评级，目标价20港元（不变），对应1.36倍FY26E P/B，公司当前股价交易于0.91倍FY26E P/B。

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