港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------- ...

眾安在綫財產保險股份有限公司 ZhongAn Online P & C Insurance Co., Ltd.* 於中華人民共和國註冊成立的設份有限公司, 並以「ZA Online Fintech P & C」在香港經營業務 (股份代碼：6060) 中期報告 2024 ・以供識別 D R ( 69 (2) 4 2 0 Q ﻣ l D 0 125 2 . - - - ● 目 錄 | --- | --- | |--------------------------|-------| | | | | 管理層討論與分析 | 2 | | 權益披露 | 28 | | 其他資料 | 31 | | 中期財務資料的審閱報告 | 33 | | 中期簡明合併損益表 | 34 | | 中期簡明合併綜合收益表 | 35 | | 中期簡明合併資產負債表 | 36 | | 中期簡明合併權益變動表 | 37 | | 中期簡明合併現金流量表 | 38 | | 中期簡明合併財務資料附註 | 39 | | 釋義 | 71 | | 專用詞彙 | 74 | | 公司資料 | 75 | 2 眾安在綫財產保險股份有限公司 / 2024 年中期報告 管理層討 ...

证 券 研 究 报 告 众安在线（06060.HK）深度研究报告 推荐（维持） 基本盘稳定，业务边界不断拓展 目标价：15.1 港元 互联网保险第一股，互联网+保险基因构筑核心竞争力。众安在线是中国首家 互联网保险公司，以"保险+科技"作为其核心战略，通过旗下子公司在保险、 科技、虚拟银行等业务领域实现多元化布局。从股东阵营、高管配置来看，众 安具备在互联网+保险行业精细化运营的基础，已具备一定的先发优势。 看点一：发力互联网非车险业务，看好其持续领先地位。2022 年上半年，公 司在互联网财险市场中以 20%的市场份额排名行业第二，保持领先地位。相较 于其他大型财险公司（平安财险、人保财险、太保财险），众安由于战略及险 种结构的差异，赔付率持续低于行业，费用率虽然高于其他大型财险公司，但 随着自营渠道建设效果显现+科技助力，预计 COR 或将持续改善。众安主营 互联网财险业务，并主要聚焦于非车险业务。互联网车险业务规模增长与渗透 率提升整体受限，而互联网非车险拥有场景化、生态化的属性，渠道以第三方 为主，是众安的优势所在。 看点二：借力银行与科技板块打造第二增长曲线，有望逐步实现盈亏平衡。 2023 年，公 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 众安在线（06060.HK）公司半年报点评 2024 年 08 月 31 日 Tel:(010)50949926 [Table_InvestInfo] 投资评级 优于大市 维持 科技与银行业务亏幅收窄，综合成本率同 比提升 [投Ta资ble要_S点um：mary] 股票数据 [0T8a月ble30_S日t收oc盘k价In（fo港]元） 10.14 52 周股价波动（港元） 11.08-24.90 股本结构 [总Ta股b本le（_C百a万p股ita）lInfo] 1470 流通 A 股（百万股） 0 B 股/H 股（百万股） 0/1470 相关研究 [《Ta承b保le稳_R健e+p投o资rt回In暖fo，] 实现净利润扭亏 为盈》2024.03.28 《净利润扭亏为盈，综合成本率同比改 善》2023.09.05 《各生态承保盈利水平普遍改善，投资收 益下滑致净利润亏损》2023.03.23 市场表现 [Table_QuoteInfo] 【事件】众安在线发布 2024 年中期业绩：1）归母净利润 0.55 亿元，同比-75%， 承保利润与投资收 ...

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 10.42 | 港元 15.00↓ | +44.0% | 众安在线 (6060 HK) 综合成本率同比上升拖累盈利，但科技和银行板块亏损收窄 盈利同比下降主要来自承保利润同比下降。2024 上半年众安实现归母净 利润 0.55 亿元（人民币，下同），相比去年同期的 2.2 亿元有所下降，其 中承保利润同比下降 41%，总投资收益同比下降 14%。分部来看，保险分 部承保利润同比减少 2 亿元，科技分部和银行分部净亏损显著收窄。 保费增长主要来自数字生活生态。上半年保费收入同比增长 5.4%，较 2023 年增速显著放缓，保费增长主要来自数字生活和汽车生态，分别贡 献保费增速 10.9 和 1.9 个百分点，数字生活保费增长主要来自退运险和宠 物险。健康险同比下降 9.6%，主要因为收缩了新客投放；消费金融保费 同比下降 21.6%，主要受外部环境影响以及主动收缩业务。我们预计公司 全年保费增速为 5%左右。 综合成本 ...

Investment Rating - The report maintains a "Recommend" rating for ZhongAn Online (6060 HK) with a target price of HKD 15 1, compared to the current price of HKD 12 6 [1] Core Views - ZhongAn Online's core business shows steady growth, with international business development holding promising potential [1] - The company's domestic insurance business continues to be profitable, with insurance service revenue reaching RMB 15 088 billion in H1 2024, a 19% YoY increase [1] - The comprehensive cost ratio rose by 2 1 percentage points to 97 9%, driven by a 3 6 percentage point increase in the loss ratio to 60 7% [1] Business Segments Health Ecosystem - Insurance service revenue in the health ecosystem reached RMB 4 867 billion in H1 2024, up 22 7% YoY, accounting for 32 3% of total insurance service revenue [1] - The flagship product "Zunxiang e Sheng" has undergone 24 iterations and expanded coverage to private medical institutions [1] - Non-standard inclusive products saw total premiums exceed RMB 330 million, a 270% YoY increase [1] Digital Life Ecosystem - Insurance service revenue in the digital life ecosystem reached RMB 7 078 billion in H1 2024, up 24 2% YoY, accounting for 46 9% of total insurance service revenue [1] - E-commerce and travel insurance remain mature businesses, while innovative products like pet insurance and screen breakage insurance are driving growth [1] Consumer Finance Ecosystem - Insurance service revenue in the consumer finance ecosystem declined by 1 7% YoY to RMB 2 280 billion in H1 2024, accounting for 15 1% of total insurance service revenue [1] - The company has actively scaled back its consumer finance business, focusing on small, dispersed, and short-term internet consumer finance assets [1] Auto Ecosystem - Insurance service revenue in the auto ecosystem reached RMB 863 million in H1 2024, up 24 2% YoY, accounting for 5 7% of total insurance service revenue [1] - The company has capitalized on the growth of new energy vehicle insurance, with premiums increasing by 214 8% YoY [1] International Business - ZA Bank, a digital bank in Hong Kong, achieved net income of HKD 255 million in H1 2024, up 45 9% YoY, with a net interest margin of 2 21% [1] - Peak 3 (formerly ZA Tech) expanded its presence to 16 countries and regions, with technology output revenue reaching RMB 123 million in H1 2024, up 3 8% YoY [1] Domestic Technology Business - Domestic technology output revenue reached RMB 319 million in H1 2024, up 112 7% YoY, driven by new contracts with 56 insurance industry clients [1] Investment Performance - Total investment assets amounted to RMB 37 698 billion as of H1 2024, with a fixed-income allocation of 75 4% [1] - The total investment yield was 3 3%, down 0 7 percentage points YoY, while the net investment yield was 2 3%, up 0 1 percentage points YoY [1] Valuation and Forecast - The report adjusts EPS forecasts for 2024-2026 to RMB 0 6/0 7/0 8, with BPS forecasts of RMB 14 5/15 4/16 5 [1] - A sum-of-the-parts valuation approach is used, with a target market value of RMB 18 8-22 47 billion for 2024 [1]

证券研究报告 港股公司|公司点评|众安在线（06060） COR 同比抬升影响公司业绩表现 glzqdatemark1 证券研究报告 |报告要点 众安在线发布 2024 年半年报。2024H1 公司实现保险服务收入 150.88 亿元，同比增长 19.0%； 综合成本率为 97.9%，同比抬升 2.1PCT；实现归母净利润 0.55 亿元，同比下降 75.1%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 众安在线(06060) COR 同比抬升影响公司业绩表现 | --- | --- | |-------------------------|-------------------| | 业： | 非银金融/保险Ⅱ | | 投资评级： | | | 当前价格： | 10.42 港元 | | 基本数据 | | | 总股本/流通股本(百万股) | 1,469.81/1,419.81 | | (百万港元) | 14,794.45 | | 每股净资产(元) | 15.09 | | (%) | 52.97 | | 一年内最高/最低(港元) | 24.90/10.08 | 股价相对走势 众安在线 ...

Investment Rating - Buy (maintained) with a current price of HKD 12.62 [2] Core Views - Premium growth remains strong, but underwriting drags on profits [2] - The company's net profit attributable to shareholders in H1 2024 was RMB 60 million, a year-on-year decrease of 75%, mainly due to declines in investment income and underwriting profit [4][5] - The company's underwriting profit in H1 2024 was RMB 310 million, a year-on-year decrease of 41.4%, primarily due to rising asset quality risks and increased service infrastructure investment [6] - The company's annualized net investment return rate and total investment return rate in H1 2024 were 1.8% and 2.8%, respectively, down by 0.6pct and 1.6pct year-on-year [5] Financial Performance - In H1 2024, the company achieved operating revenue of RMB 16.04 billion, a year-on-year increase of 12.7%, and insurance service revenue of RMB 15.09 billion, a year-on-year increase of 18.9% [4] - The company's total premium income in H1 2024 was RMB 15.24 billion, a year-on-year increase of 5.4%, driven by the digital life and auto ecosystems [6] - The company's R&D investment in H1 2024 was RMB 460 million, a year-on-year decrease of 33.6%, accounting for 3.0% of total premium income [7] - The company's technology output business revenue in H1 2024 was RMB 440 million, a year-on-year increase of 65.5%, with domestic technology output revenue growing by 112.7% [7] Business Segments - The digital life ecosystem achieved premium income of RMB 7.41 billion in H1 2024, a year-on-year increase of 27.0%, accounting for 48.7% of total premium income [6] - The auto ecosystem achieved premium income of RMB 1.10 billion in H1 2024, a year-on-year increase of 34.0%, with new energy vehicle insurance premiums increasing by 214.8% [6] - The health ecosystem achieved premium income of RMB 4.54 billion in H1 2024, a year-on-year decrease of 9.6%, mainly due to a decline in per capita premiums [6] - The consumer finance ecosystem achieved premium income of RMB 2.18 billion in H1 2024, a year-on-year decrease of 21.6%, as the company proactively reduced business scale to address asset quality fluctuations [6] Market Position - The company ranks 9th in China's property insurance industry by total premium income in H1 2024, with a market share exceeding 20% in the domestic internet property insurance market, ranking first [7] - The company's self-operated channels achieved premium income of RMB 3.16 billion in H1 2024, accounting for 20.8% of total premium income, with a renewal rate increasing by 3.2pct to 90.5% [7] Profit Forecast and Valuation - The company's net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 440 million, RMB 660 million, and RMB 750 million, respectively, down from previous forecasts of RMB 1.14 billion, RMB 1.29 billion, and RMB 1.46 billion [7] - The company's price-to-book (P/B) ratios for 2024-2026 are 0.81, 0.78, and 0.74, respectively [7]

海 外 公 司 （ 中 国 香 港 ） 盈利承压，科技和银行减亏超预期 众安在线(6060) [Table_Industry] 金融 | --- | --- | --- | --- | |----------|--------------------|----------------------|-------------------------| | | 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880521120003 | S0880524030003 | 本报告导读： 公司 24H1 归母净利润同比-75.0%，受承保和投资共同拖累，赔付增加导致 COR 提 升。数字生活是保费增长的主要驱动力；科技输出收入高增，虚拟银行进一步减亏。 投资要点： [Table_Summary] 维持" ...

众安在线（06060.HK） 优于大市 多元业务共振，盈利态势延续 | --- | --- | --- | --- | --- | --- | |----------------------------------------|----------|----------|---------|--------|--------| | 盈利预测和财务指标 | | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 23,352 | 7,441 | 32,143 | 34,393 | 36,374 | | (+/-%) | 6.43% | -68.13% | 331.95% | 7.00% | 5.76% | | 归母净利润(百万元) | -1,356 | 4,078 | 855 | 1,501 | 1,761 | | (+/-%) | -216.44% | -400.71% | -79.04% | 75.62% | 17.33% | | 摊薄每股收益(元) | -0.92 | 2.77 | 0.63 | 1.10 | 1.29 | | PB | 1.09 | 0.92 | 0 ...