Tiger Brokers

【券商聚焦】中泰证券维持中国财险(02328)“买入”评级 指其为高息红利股

金吾财讯
Jun 18

金吾财讯 | 中泰证券发布研报指，维持中国财险(02328)“买入”评级。

该行指出公司是“有业绩没抛压的高息红利股”，港股通持股量迭创新高，6月15日Capital Group举牌，最新H流通股持股比例达6.07%，显示机构看好。公司既无宽基指数减持压力，亦无A股下跌对H股映射压力。预计1H26公司承保利润率持续改善。

新车销量承压对保费影响可控，全年车险增速持平，COR持续改善源于费用率压降和新能源车险出险率优化。首批执行“报行合一”的企财险、雇主责任险等预计全年综合费用率下降2个百分点左右，对非车险COR影响不到1个百分点，对应全年非车险承保利润贡献约12亿元。近期上海陆家嘴论坛上，总局局长提及坚定推行“报行合一”，财险业承保环境预计延续改善。  

股息有保障，估值吸引力较高。当前股价对应2026年预计股息率达5.4%，PB为0.96倍，估值处于舒适区。低利率环境下，财险公司“短负债长资产”久期格局下净资产预计小幅受益，同时降低险资南下股息率合意水平。

该行维持盈利预测，预计2026年至2028年净利润分别为416.60、442.04和466.91亿元，同比增速3.2%、6.1%和5.6%，对应ROE分别为13.7%、13.3%和13.0%。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10