【券商聚焦】招银国际维持众安在线(06060)"买入"评级 指承保投资双丰收驱动净利翻倍

金吾财讯
Aug 26

金吾财讯 | 招银国际研报指,众安在线(06060)公布1H26业绩,归母净利润同比增长1.32倍至人民币15.5亿元,远超市场预期,得益于境内财险承保利润增长及权益增配带动公允价值变动损益大幅提升。1H26境内财险业务承保利润7.73亿元,同比增长17.8%,综合成本率同比改善0.1个百分点至95.5%。保险投资资产的总投资收益达15.96亿元,同比增长150%,其中净投资收益和公允价值变动损益的贡献各近一半。上半年核心权益敞口同比提升4个百分点至13.2%(FY25:9.1%),较好地把握了1H26股市结构性上行行情。经营亮点包括:1)科技板块扭亏为盈,实现净利润1,700万元;2)众安银行净利润稳健增长至7,100万港元(同比+44%),其中非息手续费及佣金收入同比+75.7%,反映公司对零售财富管理业务布局深化;3)险资年化净/总投资收益率为4.0%/7.8%,同比+1.9/+4.5个百分点,预计处于同业上限区间。公司当前股价对应FY26E P/B约0.6倍,接近历史底部区间。考虑到1H26业绩超预期,该机构上调FY26-28E EPS预测至人民币1.06/0.90/0.99元(前值:0.80/0.88/0.99元),展望2H26E,该机构预计投资收益将随高基数回落,关注点应聚焦于:1)车险及健康险保费及保险服务收入增长;2)众安银行及科技板块利润的贡献持续性。维持"买入"评级,基于SOTP的目标价维持在18港元不变,对应1.1倍FY26E P/B。

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