Investment Rating - The report maintains a "Buy" rating for the company, suggesting a potential upside of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a premium income of 8 billion yuan in Q1, reflecting a year-on-year growth of 12.3%, with March alone generating 2.9 billion yuan, up 15.1% year-on-year [2]. - The insurance business is expected to see continued profitability optimization, driven by rapid growth in health and auto insurance premiums, with a projected annual premium growth rate exceeding 10% [3]. - The bank segment is anticipated to break even by 2025, with significant user growth and a comprehensive service offering in the Hong Kong market [3]. - The technology segment is leveraging AI applications to enhance core business operations, with expectations of sustained profitability in 2025 [4]. Summary by Sections Insurance Business - Premium income is expected to grow significantly, with health insurance and auto insurance as key drivers. The company launched a new high-end medical insurance product that generated over 140 million yuan in just ten days [3]. - The overall insurance base is improving, with a forecasted underwriting profit growth in double digits for 2025 [3]. Banking Business - The virtual bank is projected to achieve breakeven in 2025, following a substantial reduction in losses in 2024. The user base has surpassed 800,000, positioning the bank as a leader in the Asian market for retail services [3]. Technology Business - AI applications are being integrated into core business functions, with significant cost reduction and revenue enhancement potential. The demand for AI solutions is expected to grow, particularly in the context of the IFRS 17 transition [4]. Financial Projections - The company is projected to achieve a net profit of approximately 900 million yuan in 2025, up from 600 million yuan in 2024, indicating high growth elasticity [5]. - The projected price-to-book (PB) ratio for 2025 is 0.67, suggesting a favorable valuation opportunity [5].

事件 4 月 11 日，公司披露原保费收入情况，Q1 实现保费收入 80 亿元， 同比 12.3%；3 月当月保费收入 29 亿元，同比 15.1%。 经营分析 保险业务：盈利持续优化。预计 Q1 保费较快增长由健康险、车险 保费高增带来，其中健康险由产品创新驱动，公司 2 月上市了覆 盖非标体的中高端医疗险众民保，发售仅十天全网保费即超过 1.4 亿元。全年来看，保险基本盘持续优化，25 年承保盈利预计实现 双位数增长：1）全年保费预期增速 10%以上，其中健康险和车险 是重要发力点，退运险将压缩，保证险将审慎发展。2）COR 预期 较 2024 年略有优化，来源于退运险的压缩、健康险费用率的降低、 以及保证险赔付改善。 银行业务：预计 25 年实现盈亏平衡。众安银行香港市场领先的虚 拟银行，25 年预计将实现盈亏平衡（24 年银行净亏损 2.32 亿港 元实现大幅减亏）。用户数量超 80 万人，是当前亚洲唯一同时提 供基金、美股及虚拟资产交易零售服务的持牌银行，业务布局趋 于完善投入减少叠加规模效应显现，预计 2025 年有望实现扭亏为 盈，长期增长潜力大。 科技业务：对内 AI 应用赋能核心业务且 25 ...

重大事项： 长江生命科技(00775)：针对 TROP2(滋养层细胞表面抗原 2)的新型癌症疫苗取得良好的早期成果 4月11 日复牌 赣锋锂业(01772)与LAR签署了合作开发盐湖意向书 中国同辐(01763)：氟化钠注射液通过药品GMP符合性检查 兆科眼科-B(06622)：BRIMOCHOL™PF第II期临床试验入组首名患者 创维集团(00751)：深圳创维光伏与浙江爱旭太阳能及百色市政府订立投资协议 石药集团(01093)：SYH2046片获中国临床试验批准 如祺出行(09680)联手高域科技战略合作 探索"飞行汽车+Robotaxi"智慧交通新场景 九毛九(09922)一季度主要品牌的同店日均销售额同比呈现下降 紫金矿业(02899)一季度归母净利润101.67亿元，同比增长62.39% 中国太保(02601)：太平洋人寿保险一季度累计原保险保费收入1002.15亿元，同比增长9.3% 富力地产(02777)3月总销售收入共约11.9亿元，同比增长10.2% 凤祥股份(09977)拟获溢价33.33%提私有化 4月14日复牌 经营业绩： 中国财险(02328)预计一季度净利润同比增加约80%到100 ...

| (人民幣千元) | 2024年 | 2023年 | 2022年 | 2021年 | 2020年 | | --- | --- | --- | --- | --- | --- | | | | 基於香港財務報告準則第17號 | | 基於香港財務報告準則第4號 | | | | | 「保険合同」 | | [保險合同] | | | 保險服務收入 | 31,744,343 | 27,535,275 | 22,189,381 | | | | 淨溢利／(虧損) | 603.456 | 3,845.278 | (1.384.417) | 757.099 | 254.380 | | 歸屬於母公司股東淨溢利／(虧損) | 603.456 | 4.077.855 | (1.112.414) | 1.164.590 | 553.786 | | 每股基本收益/(虧損)(人民幣元) | 0.41 | 2.77 | (0.76) | 0.79 | 0.38 | | 資產總額 | 45,284,579 | 42,863,606 | 47.648.878 | 51,772,329 | 45.673.436 | | 負債總額 | 24,358, ...

证券研究报告·公司点评报告·保险(HS) 众安在线（06060.HK） 2024 年年报点评：财险盈利稳定，科技与银 行业务显著改善 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 27535 | 31744 | 36837 | 42245 | 48506 | | 同比（%） | 24.09% | 15.29% | 16.04% | 14.68% | 14.82% | | 归母净利润（百万元） | 4078 | 603 | 935 | 1154 | 1574 | | 同比（%） | - | -85.2% | 54.9% | 23.4% | 36.4% | | BPS-最新摊薄（元/股） | 13.66 | 14.24 | 15.56 | 16.52 | 17.78 | | P/B（现价&最 ...

[Table_Industry] 金融 [Table_Invest] 评级： 增持 ——众安在线 2024 年年报业绩点评 本报告导读： 公司 24 年净利润同比 105.4%（剔除同期众安国际并表影响），预计主要得益于承保 盈利贡献，投资收益提振，科技及银行盈利改善。维持"增持"。 投资要点： 催化剂：资本市场回暖。 利润显著改善，AI 打造增长曲线 众安在线(6060) | [table_Authors] 刘欣琦(分析师) | 李嘉木(分析师) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 13.82 | | 021-38676647 | 021-38038619 | | | | liuxinqi@gtjas.com | lijiamu026075@gtjas.com | [Table_Market] | | | 登记编号 S0880515050001 | S0880524030003 | 交易数据 | | 风险提示：长端利率下行；赔付率提升；虚拟银行盈利不及预期。 -26% -8% 10% 27% 45% 63% ...

证券研究报告 | 2025年03月20日 众安在线（06060.HK） 优于大市 创新产品生态，巩固科技地位 保费增速稳健，盈利结构优化。2024 年，公司总保费达 334.17 亿元，同比增 长 13.3%，连续四年保持双位数增长。其中，健康生态保费突破百亿，达 103.38 亿元，数字生活生态实现保费收入 161.97 亿元，同比增长 28.9%，汽车生态 实现保费收入 20.51 亿元，同比增长 29.8%，成为增长主力，公司多元化生态 布局成效显著。截至 2024 年末，公司实现归母净利润 6.03 亿元，同比+105.4% （剔除 2023 年一次性投资收益后的可比口径）；实现承保综合成本率 96.9%， 受部分险种赔付率上升影响，同比增长 1.7pct，公司连续四年承保盈利，凸 显风控能力。投资端受益于资本市场回暖，实现总投资收益 13.35 亿元，同比 增粘 85.4%，贡献利润弹性。 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·财报点评 非银金融·保险Ⅱ 科技驱动生态协同，创新产品矩阵扩容。1）健康领域：普惠与高端并行，提 升产品竞争力。公 ...

证券研究报告 | 2025年03月20日 众安在线（06060.HK） 优于大市 创新产品生态，巩固科技地位 科技驱动生态协同，创新产品矩阵扩容。1）健康领域：普惠与高端并行，提 升产品竞争力。公司旗舰产品"尊享 e 生"系列迭代至 2025 版，新增外购药 械责任，覆盖超 1.3 亿用户。非标体人群保障产品"众民保"保费同比+17%， 中高端医疗险上线 10 天保费破 1.4 亿元，差异化分层满足多元医疗需求。2） 数字生活：场景融合加速，新兴赛道增速亮眼。电商退货险依托公司在主流平 台渗透率的持续提升，保费占比提升至 53%。宠物险保费同比增长 129.5%，公 司升级推出宠物大病保险，市占率维持行业首位。3）消费金融：公司采取审 慎风控策略，主动收缩业务规模以应对资产质量的波动。截至 2024 年末，消 费金融保费收入同比下降 13.2%，综合成本率同比改善 6.3pt 至 90.1%，业务 质态显著改善。4）汽车生态：2024 年，公司新能源车险保费同比增长 188.4%， 占车险总保费的 12%。此外，公司已于上海、浙江两地获批交强险独立经营资 质，为汽车生态提供新的增长动能。 科技输出与国际化，技 ...

Financial Performance - Insurance service revenue for the year ended December 31, 2024, reached RMB 31,744.34 million, a 15.3% increase from RMB 27,521 million in 2023[7] - Net profit attributable to shareholders for 2024 was RMB 603.46 million, a decrease of 85.2% from RMB 4,077.86 million in 2023, primarily due to a one-time investment gain in the previous year[7][10] - Total assets as of December 31, 2024, amounted to RMB 45,284.58 million, up from RMB 42,863.61 million in 2023[7] - The comprehensive solvency adequacy ratio decreased to 227% in 2024 from 240% in 2023, reflecting regulatory changes[7] - The combined underwriting cost ratio for 2024 was 96.9%, an increase of 1.7 percentage points from 95.2% in 2023[9] - Total premium income for 2024 reached RMB 33.417 billion, a year-on-year increase of 13.3%, with a combined underwriting cost ratio of 96.9%, achieving underwriting profitability for the fourth consecutive year[14] - The underwriting combined ratio for 2024 was 96.9%, with a combined loss ratio of 58.3% and a combined expense ratio of 38.6%, resulting in an underwriting profit of RMB 990 million[27] - In 2024, the total premium income from the automotive ecosystem reached RMB 2.051 billion, representing a year-on-year growth of 29.8%, exceeding the industry average growth of 5.4%[50] - The total premium for the health ecosystem is expected to exceed RMB 100 billion by December 2024, ranking the company eighth in the national property insurance industry[23] Technology and Innovation - The company aims to focus on new economic sectors such as low-carbon economy, silver economy, pet economy, digital economy, green energy, and sharing economy[11] - The company continues to innovate in digital insurance solutions, providing comprehensive coverage for cross-border e-commerce ecosystems[11] - Technology output revenue increased by 105.4% to RMB 603 million in 2024 from RMB 294 million in 2023[9] - The technology business generated total revenue of RMB 956 million, reflecting a year-on-year growth of 15.3%, driven by expansion into new sectors such as banking and retail[28] - The company is committed to a "technology-driven" strategy, focusing on providing efficient and inclusive insurance services[12] - The company is focused on digital transformation for the insurance industry through technology output, leveraging its experience and capabilities in insurance technology[66] - The AI customer service system achieved an average accuracy rate of 98% in automatic speech recognition and over 90% in semantic recognition[63] - The intelligent claims processing system improved the material identification pass rate to 90%, with the fastest case closure time reduced to 15 seconds, enhancing customer satisfaction[64] - The company has filed a total of 463 patent applications, including 168 overseas applications, and has been granted 103 patents, with 37 being overseas[59] Market Expansion and User Engagement - The company aims to continue expanding its market presence and enhancing user engagement through innovative technology and service models[13] - The company has developed a product matrix covering over 20 emerging fields, serving more than 1 million small and micro enterprises[11] - The company has served over 125 million users in its health ecosystem as of the end of 2023, along with over 4.65 million pet owners through ecosystem partners[23] - The company launched multiple inclusive insurance products targeting low-income groups, the elderly, and disabled individuals[12] - The company is considering strategic acquisitions to enhance its market position, with potential targets identified in the fintech sector[140] Investment and Financial Strategy - The total investment income from insurance assets rose to RMB 1,335 million in 2024, a significant increase of 85.4% from RMB 720 million in 2023[9] - The total investment return rate and net investment return rate were approximately 3.4% and 2.3%, respectively, both improving from 2023[88] - The company's investment income net amount grew by 41.3% to RMB 349 million in 2024[87] - The total investment assets amount to RMB 39,775.66 million, with fixed income investments comprising 76.6% of the total, up from 75.3% in 2023[90] - The company’s bond investments increased to approximately RMB 21.60 billion in 2024 from RMB 18.44 billion in 2023, with 99.3% rated AA or above[107] Corporate Governance and Management - The company has established a compliance management framework in accordance with regulatory requirements, with Zhang Yongbo serving as the Chief Compliance Officer since November 8, 2013[132] - The company has a strategic and investment decision-making committee that includes key executives such as Jiang Xing and Li Gaofeng[134] - The company emphasizes effective internal control measures and increased transparency in board operations[152] - The board consists of 2 executive directors, 5 non-executive directors, and 4 independent non-executive directors, with independent non-executive directors exceeding one-third of the board[155] - The company has implemented a code of conduct for securities trading by directors, ensuring compliance throughout the reporting period[153] Employee and Director Engagement - Research and development investment reached RMB 846 million in 2024, with 1,077 engineers and technical personnel, making up 45.0% of the total workforce[59] - The company has organized multiple training sessions for directors, with a focus on improving the capabilities of insurance institution executives[197] - The company has established measurable goals for achieving board diversity, which were recommended for adoption by the board[175] - The company has a structured approach to board member contributions and responsibilities, regularly reviewing their commitments[154] - The average monthly call volume for the AI platform reached 50 million, leading the industry in the utilization of mainstream general models[62] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[140] - New product launches are expected to contribute an additional 200 million in revenue over the next year[140] - Market expansion plans include entering two new international markets, aiming for a 5% market share within the first year[140] - The company is investing heavily in technology development, with a budget allocation of 50 million for R&D in the upcoming year[140]