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 ...

Financial Performance - In the first half of 2024, the company achieved total premiums of RMB 15.238 billion, issuing 9.133 billion policies, with insurance service revenue of RMB 15.088 billion, representing a year-on-year growth of 19.0%[12]. - The net profit attributable to the parent company shareholders for the first half of 2024 was RMB 55,467 thousand, a decrease of RMB 166,000 thousand from RMB 221,471 thousand in the same period last year[21]. - Total revenue for the first half of 2024 reached approximately RMB 16.04 billion, reflecting a year-on-year growth of 12.7%[75]. - The company reported a total comprehensive income of RMB 163,231 thousand for the first half of 2024, compared to RMB 207,565 thousand in the same period of 2023, a decline of about 21.4%[142]. - The company’s insurance service performance showed a profit of RMB 346,486 thousand for the first half of 2024, down from RMB 581,241 thousand in the same period of 2023[159]. Underwriting and Loss Ratios - The company's underwriting combined cost ratio was 97.9%, with a combined loss ratio of 60.7% and a combined expense ratio of 37.2%, resulting in an underwriting profit of RMB 314 million[13]. - The underwriting profit was impacted by a 3.6 percentage point increase in the combined loss ratio compared to the same period last year[13]. - The combined loss ratio for the health segment increased to 95.7% in 2024 from 92.5% in 2023, indicating a rise in underwriting costs[24]. - The overall combined loss ratio for the consumer finance segment increased to 99.1% in 2024 from 90.7% in 2023, indicating challenges in underwriting profitability[24]. Technology and Innovation - The company aims to leverage its technology capabilities to support the digital transformation of the insurance industry globally[11]. - The technology output business segment generated total revenue of RMB 442 million, a year-on-year increase of 65.5%, with domestic technology output revenue reaching RMB 319 million, growing by 112.7%[13]. - The company focuses on technology output in artificial intelligence, big data, and cloud computing, providing digital transformation solutions for clients in the insurance industry[50]. - The new generation core system "Wujieshan Mate" has empowered multiple insurance companies, improving operational efficiency and service capabilities[54]. Investment and Financial Assets - The total amount of domestic insurance fund investment assets reached approximately RMB 37.698 billion as of June 30, 2024, with fixed income investments accounting for 75.4%[70]. - Total investment income for the first half of 2024 was RMB 620 million, down from RMB 723 million in the same period of 2023, representing a decrease of approximately 14.3%[72]. - The annualized total investment return rate decreased to 3.3% in the first half of 2024 from 4.0% in the same period of 2023[72]. - The company’s bond investments were approximately RMB 18.53 billion as of June 30, 2024, with 99.2% rated AA or above[91]. Customer Segments and Product Offerings - The strategic focus includes expanding into new customer segments in finance, retail, and manufacturing, enhancing business growth and operational efficiency[13]. - The total premium for the health ecosystem segment was RMB 4,538,314 thousand, a decrease of 9.6% from RMB 5,017,983 thousand in the previous year[21][24]. - The total premium for the automotive segment increased by 34.0% to RMB 1,101,927 thousand compared to RMB 822,491 thousand in the previous year[21][24]. - The company expanded its product matrix to include over 100 dedicated products for chronic diseases and 35 products specifically for women[26]. Operational Efficiency - The company maintained a solvency ratio of 224%, indicating strong capital adequacy[14]. - The self-operated channel generated total premiums of RMB 3.162 billion, accounting for 20.8% of total premiums, with renewal premium contribution reaching approximately 82.2%[45]. - The average number of policies per paying user in the self-operated channel reached 1.6, with a customer renewal rate improving by 3.2 percentage points to 90.5%[45]. - The online reporting ratio for health insurance reached 99%, with a claims submission completeness rate of 88% using smart camera materials[48]. Market Recognition and Growth - The company ranked 460th in the "2023 China Top 500" list, improving by 37 places due to technological advancements and strong business performance[13]. - ZA Bank reported net income of HKD 725.5 million, a year-on-year increase of 45.9%, while the net loss ratio narrowed by 71.7 percentage points to 42.9%[14]. - ZA Bank became the first digital bank in Hong Kong to receive the "Rising Star" award from Euromoney, recognizing its innovative financial solutions[65]. Challenges and Risks - The company faces foreign exchange risks due to operations in multiple currencies, including HKD, USD, JPY, SGD, and EUR[111]. - The company has no significant contingent liabilities as of June 30, 2024[112]. - The company has not been involved in any significant litigation or arbitration as of June 30, 2024[131]. Corporate Governance - The company has adopted a corporate governance code as a benchmark for its corporate governance practices, ensuring compliance with applicable rules throughout the reporting period[122]. - The audit and consumer rights protection committee has reviewed the group's interim report for the six months ending June 30, 2024, and discussed accounting policies and internal controls with senior management and external auditors[124]. - The company has established various committees, including the nomination and remuneration committee, strategic and investment decision committee, and risk management and related party transaction control committee[125].

Investment Rating - The report maintains a "Buy" rating for ZhongAn Online (06060.HK) with a target price of HKD 23.28, while the current price is HKD 14.58 [1]. Core Views - The successful completion of a USD 35 million Series A financing for ZA Tech, now renamed Peak3, highlights the market's recognition of its business model and growth potential [1]. - ZhongAn Online is a leading internet insurance company with a solid foundation for profitability, as evidenced by a total premium income of CNY 29.501 billion in 2023, reflecting a year-on-year increase of 24.7% [1]. - The company is focusing on building a second growth curve through its technology and banking segments, with expectations of gradually achieving breakeven [1][2]. Summary by Sections Financing and Business Development - ZA Tech's financing round led by EQT and the recognition of its business model indicate strong market confidence [1]. - The restructuring of ZhongAn International allows for greater flexibility and autonomy in financing and business development [1]. Insurance Business Performance - In 2023, ZhongAn Online's total premium income reached CNY 29.501 billion, with insurance service revenue of CNY 27.521 billion, both showing significant year-on-year growth [1]. - The four major insurance segments—Healthy Ecosystem, Digital Life, Consumer Finance, and Automotive Ecosystem—reported premium income of CNY 9.806 billion, CNY 12.563 billion, CNY 5.551 billion, and CNY 1.580 billion, respectively, with growth rates of 9.2%, 41.6%, 22.5%, and 24.7% [1]. Technology and Banking Segments - ZA Tech operates a light-asset model in the insurance technology sector, generating CNY 325 million in revenue in 2023, with a gross margin of 46% [1]. - ZA Bank, as one of Hong Kong's first virtual banks, has achieved a deposit balance exceeding HKD 10 billion, with a loan-to-deposit ratio of 46.4% [2]. - The bank's net interest margin improved from 1.84% in 2022 to 1.94% in 2023, indicating enhanced asset quality and operational efficiency [2]. Future Outlook - The report anticipates that the self-operated channel construction and business structure optimization will continue to drive performance in the insurance segments [1]. - The technology and banking segments are expected to create a second growth curve, with gradual improvements in key performance indicators [2].

Financial Performance - Total premiums for 2023 reached RMB 29,684.639 million, a 24.7% increase from RMB 23,651 million in 2022[2] - Net profit attributable to shareholders for 2023 was RMB 4,077.855 million, compared to a loss of RMB 1,112.414 million in 2022[2] - Total insurance service revenue for 2023 reached RMB 27.54 billion, a 24.7% increase from RMB 22.19 billion in 2022[35] - Investment income net amount for 2023 was RMB 4.19 billion, a significant increase from RMB 1.76 billion in 2022[35] - Total revenue for the year ended December 31, 2023, reached approximately RMB 33.54 billion, a year-on-year increase of 44.2%[99] - The company recorded a net profit of approximately RMB 3.84 billion for the year ended December 31, 2023, compared to a net loss of about RMB 1.38 billion for the year ended December 31, 2022[120] Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 42,863.606 million, down from RMB 47,648.878 million in 2022[2] - The total liabilities decreased to RMB 22,790.183 million in 2023 from RMB 30,033.758 million in 2022[2] - The total equity attributable to shareholders increased by 27.3% to RMB 20,073.423 million in 2023 from RMB 15,766.090 million in 2022[5] - The company's asset-liability ratio decreased by 9.8 percentage points to approximately 53.2% as of December 31, 2023, from about 63.0% as of December 31, 2022[129] Premiums by Ecosystem - Total premium for the health ecosystem reached 9.806 billion yuan in 2023, providing health coverage for over 125 million insured users[14] - The digital lifestyle ecosystem's total premium exceeded 12.563 billion yuan in 2023, a year-on-year growth of 41.6%[15] - The consumer finance ecosystem's total premium reached 5.551 billion yuan in 2023, with a year-on-year increase of 22.5%[16] - The auto insurance ecosystem's total premium was 1.58 billion yuan in 2023, growing by 24.7% year-on-year, significantly above the industry average[17] Technology and Innovation - The company aims to continue leveraging technology to enhance user experience and drive sustainable growth[12] - The company plans to focus on technology-driven innovation and high-quality service to create greater value for users and investors[10] - R&D investment amounted to 1.192 billion yuan in 2023, representing 4.0% of total premiums, enhancing technological capabilities[19] - The company launched the first AIGC (Generative AI Technology) application white paper in the domestic insurance industry in May 2023[26] - The company has filed a total of 588 patent applications, including 167 overseas, with 199 patents granted, a year-on-year increase of 19.9%[61] Market Position and Recognition - The company ranked ninth in China's property insurance industry by total premiums, with a market share of 24.4% in the domestic internet property insurance market, the highest in the sector[30] - The company was included in the "2023 China Top 500" list by Fortune magazine, marking its first appearance and recognition as the only insurtech company on the list[30] Governance and Management - The company has a diverse management team with extensive experience in finance and technology sectors[138] - The board of directors consists of 2 executive directors, 5 non-executive directors, and 3 independent non-executive directors, ensuring a balanced governance structure[157] - The company has adopted corporate governance codes to enhance transparency and accountability to shareholders and clients[155][156] - The management team has extensive experience in the insurance industry, contributing to informed decision-making and strategic planning[147][148][149] Risk Management - The company faces foreign exchange risks due to operations primarily in China, with assets and liabilities denominated in various foreign currencies[130] - The company emphasizes the importance of risk management strategies and has provided independent reviews to ensure alignment with overall business objectives[186] Employee and Compensation - The company has 2,679 full-time employees as of December 31, 2023, with numbers fluctuating based on business needs[134] - The total employee benefits cost, including directors and supervisors' remuneration, amounted to RMB 2.317 billion[134] Future Outlook - The company plans to continue focusing on the "insurance + technology" dual-engine strategy to enhance brand building and optimize underwriting efficiency[98] - The company aims to maintain a gender diversity ratio of at least 41.4% female employees, with a total workforce of 2,679[194]

Investment Rating - The report assigns an "Accumulate" rating for ZhongAn Online (06060) with a target price based on the closing price of 12.54 on April 12, 2024 [1]. Core Insights - ZhongAn Online's 2023 annual report shows a total premium of 29.685 billion, a year-on-year increase of 23.7%, and an insurance service revenue of 27.535 billion, up 24.1%. The net profit attributable to shareholders was 4.079 billion, turning positive after excluding a one-time gain from the conversion of ZhongAn International to an associate [2][3]. - The company is focusing on the synergy of its four ecosystems: health, digital life, consumer finance, and automotive, which contributed to the premium growth [2][3]. - The report anticipates revenue growth for 2024-2026 to be 33.070 billion, 38.626 billion, and 44.690 billion respectively, with net profits expected to be 0.854 billion, 1.079 billion, and 1.324 billion respectively [3]. Summary by Sections Premium and Revenue Growth - Total premium reached 29.685 billion, with significant contributions from digital life (12.563 billion, +41.6%) and consumer finance (5.551 billion, +22.5%) [2]. - Health ecosystem premiums were 9.806 billion (+9.2%), while automotive premiums were 1.580 billion (+24.7%) [2]. Profitability Metrics - The comprehensive loss ratio (COR) for health was 87.2%, digital life was 99.5%, consumer finance was 96.4%, and automotive was 95.4% [2]. - The net profit margin showed a significant increase, with net profit growth of 466.58% in 2023, although a decline is expected in 2024 [3]. Investment Performance - The investment portfolio saw a total investment income of 720 million, turning positive from a loss, primarily due to fair value changes [2]. - The company increased its bond investments significantly, with a 42.0% year-on-year increase to 18.436 billion [2]. Future Projections - Earnings per share (EPS) are projected to be 0.58, 0.73, and 0.90 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 19.93x, 15.78x, and 12.86x [3].

公司研 究 证 券研究 报 告 非银行金融 2024年04月04日 众 安在线（06060.HK）2023年报点评 推 荐 （维持） 目标价：23.73港元 核心业务保持高增，投资收益大幅改善 当前价：13.68港元 事项： 华创证券研究所  2023年公司实现归母净利润为40.78亿元，实现扭亏为盈；报告期末归母净资 证券分析师：徐康 产 200.73 亿元，同比+27.3%。2023 年公司实现保费收入 295.01 亿元，同比 +24.7%；综合成本率同比+1.0pct 至 95.2%。净/总投资收益率 2.2%/1.9%，同 电话：021-20572556 比-1.0pct/+2.9pct。 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 评论： 联系人：陈海椰  积极推进自营渠道建设，推动保费高速增长。2023 年，公司自营渠道总保费 76.14亿元，同比+31.0%；占总保费比重同比+1.3pct至25.8%。报告期内，公 邮箱： chenhaiye@hcyjs.com 司持续深化市场布局，实施多场景、多维度策略，专注自营渠道建设，为用户 提供全方位保障。报告期 ...

2024年4月1日 公司研究 保费维持高增，利润由亏转盈 ——众安在线（6060.HK）2023 年年报点评 买入（维持） 要点 当前价：12.5元港币 事件： 作者 2023年，众安在线实现营业收入335.4亿元，同比+44.2%；保险服务收入275.4 分析师：王一峰 亿元，同比+24.1%；归母净利润 40.8 亿元，同比扭亏为盈；承保利润（境内） 执业证书编号：S0930519050002 13.1 亿元，同比+1.7%；集团净投资收益率 2.2%，同比-1.1pct，总投资收益率 010-57378038 wangyf@ebscn.com 2.7%，同比+2.9pct。 联系人：黄怡婷 010-57378023 点评： huangyiting@ebscn.com 投资收益显著改善，归母净利润扭亏为盈。2023 年，公司实现归母净利润 40.8 市场数据 亿元，同比扭亏为盈（22年亏损11.1亿元），其中23H1/H2分别盈利2.2/38.6 总股本(亿股) 14.70 亿元，主要受益于投资收益大幅改善、承保利润同比增厚以及众安国际由附属公 总市值(亿元港币)： 183.73 一年最低/最高(元港币) ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [3][4]. Core Insights - The company achieved a net profit of 4.08 billion RMB in 2023, recovering from a loss of 1.11 billion RMB in 2022. After adjustments related to the transition of a subsidiary to an associate, the adjusted net profit stands at 290 million RMB [2][4]. - The insurance segment turned profitable, while the banking segment's losses narrowed. The net profits for the insurance, technology, and banking segments in 2023 were 550 million RMB, -470 million RMB, and -280 million RMB, respectively [2][4]. - Total premiums reached 29.5 billion RMB, reflecting a year-on-year growth of 24.7%. The health, digital life, consumer finance, and automotive segments saw premium growth rates of 9%, 42%, 23%, and 25%, respectively [2][4][7]. - The comprehensive cost ratio improved to 95.2%, with a claims ratio of 56.8% and an expense ratio of 38.4% [2][4][8]. Financial Performance Summary - Insurance service revenue is projected to grow from 27.54 billion RMB in 2023 to 39.71 billion RMB by 2026, with a year-on-year growth rate of 24.09% in 2023 [4][10]. - The net profit is expected to decline significantly by 90.1% in 2024, followed by a recovery in subsequent years, reaching 712 million RMB by 2026 [4][10]. - The earnings per share (EPS) is forecasted to be 2.77 RMB in 2023, dropping to 0.28 RMB in 2024, and gradually increasing thereafter [4][10]. Valuation Metrics - The report assigns a comparable company valuation multiple of 1.29x to 1.36x for the 2024E price-to-book (PB) ratio, suggesting a reasonable value range of 18.26 RMB to 19.23 RMB, equivalent to 20.13 HKD to 21.20 HKD [2][4][6]. - The current stock price corresponds to a valuation of 0.8x PB for 2024E, indicating potential upside [2][4].