Macro and Strategy - The Federal Reserve maintained the federal funds rate target range at 4.25-4.5% and announced a slowdown in balance sheet reduction, lowering the monthly limit for Treasury redemptions from $25 billion to $5 billion [7] - The high-tech manufacturing macro report indicates that the diffusion index for high-tech manufacturing remains stable, with a slight decline in certain sectors such as aerospace and new energy [7][8] - The AI-enabled asset allocation strategy highlights the integration of ESG factors into traditional investment theories, suggesting that incorporating ESG constraints can enhance portfolio performance [9][10] Industry and Company Insights - The social services sector is expected to benefit from recent consumption policies aimed at boosting domestic demand, with a focus on service consumption [10][11] - Data tracking shows a positive trend in retail sales and hiring demand, indicating a gradual economic recovery [11][12] - The textile and apparel sector has seen a rebound in retail sales growth, with notable increases in exports from Vietnam [13][14] - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with a focus on innovative business growth and a stable traditional business [16][17] - Xingyu Co. achieved a 34% year-on-year increase in net profit for Q4 2024, driven by strong demand for automotive lighting products [21][22] - Xtep International reported a 20% increase in net profit for 2024, with significant growth in its professional sports brand [24][25] - Anta Sports saw a 16.5% increase in core profit for 2024, supported by a diverse brand portfolio [28][29] - ZhongAn Online's total premium income reached 33.42 billion yuan in 2024, with a 13.3% year-on-year growth, driven by its diversified product ecosystem [30][31] - Ping An Insurance reported a 47.8% year-on-year increase in net profit for 2024, supported by a robust strategic layout in comprehensive finance and healthcare [33][34]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has shown stable profitability in property and casualty insurance, with significant improvements in technology and banking operations [1]. - The net profit attributable to shareholders for 2024 is projected at 600 million yuan, reflecting a 105% year-on-year increase when excluding one-time accounting adjustments from 2023 [1]. - The company is expected to maintain a competitive advantage in the internet property and casualty insurance market, with substantial growth potential in technology output and digital banking operations [1]. Financial Performance Summary - Total revenue for 2023 is reported at 27,535 million yuan, with a projected increase to 31,744 million yuan in 2024, representing a year-on-year growth of 15.29% [1]. - The net profit attributable to shareholders is forecasted to decline significantly in 2024 to 603 million yuan, down 85.2% from the previous year, but is expected to recover in subsequent years [1]. - The company's book value per share (BPS) is projected to increase from 14.24 yuan in 2024 to 17.78 yuan by 2027 [1]. Business Segment Performance - The insurance segment reported a total premium of 33.4 billion yuan in 2024, a 13.3% increase year-on-year, with health and digital life insurance showing strong growth [1][12]. - The technology segment achieved a revenue of 960 million yuan, marking a 15% increase, while the banking segment's net income improved significantly, with a 53% increase in revenue to 550 million HKD [1]. - The overall investment income for the company rose to 1.34 billion yuan in 2024, an 85% increase year-on-year, driven by favorable market conditions [1].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][10]. Core Insights - The company is expected to achieve a net profit of 603 million RMB in 2024, representing a year-on-year increase of 105.4% after excluding the impact of consolidating Zhong An International [3][10]. - The profit improvement is attributed to three main factors: stable underwriting profit, significant investment income boost due to market recovery, and the technology segment turning profitable [10]. Financial Summary - **Revenue**: The company reported revenue of 19,314 million RMB in 2024, a 15% increase from 2023 [8]. - **Net Profit**: The net profit for 2024 is projected at 603 million RMB, a substantial recovery from a loss of 13.56 million RMB in 2022 [8][11]. - **Investment Returns**: Total investment income increased to 13.35 billion RMB in 2024, with a total investment return rate of 3.4%, up by 1.5 percentage points year-on-year [10][11]. - **Premium Income**: The company achieved premium income of 334.17 billion RMB in 2024, reflecting a 13.3% year-on-year growth [11]. Business Segments Performance - **Health Ecosystem**: Premium income reached 103.38 billion RMB, growing by 5.4% year-on-year, with significant contributions from critical illness insurance and outpatient insurance [10][11]. - **Digital Life Ecosystem**: This segment saw a 28.9% increase in premium income to 161.97 billion RMB, driven by e-commerce return insurance and travel business [10][11]. - **Consumer Finance Ecosystem**: Premium income decreased by 12.9% to 48.32 billion RMB as the company reduced business scale to manage credit risk [10][11]. - **Automotive Financial Ecosystem**: Premium income grew by 29.8% to 20.51 billion RMB, with new growth expected from compulsory traffic accident insurance [10][11]. Technology and Banking Improvements - The technology segment generated revenue of 9.56 billion RMB, marking a 15.3% increase, and turned profitable with a net profit of 0.78 billion RMB [10][11]. - Zhong An Bank's net income rose by 52.6% to 5.48 billion HKD, with the net loss rate narrowing significantly [10][11]. - The application of AI technology across business scenarios is expected to enhance operational efficiency and open new growth avenues for technology output [10].

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]

中国经济网北京3月14日讯 众安在线（6060.HK）昨日晚间发布关于保费收入的公告。 该公司于2025年1月1日至2025年2月28日所获得的原保险保费收入总额约为50.29亿元，同比增长 10.7%。 上述资料未经审核及未经该公司审计与消费者权益保护委员会审阅。 ...

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

| | | | 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 | 在國際權威財經雜誌《財富》(Fortune)公佈的「2023年中國 500強排行榜」中，眾安保險憑藉長期的技術進取和近年來 的優異業務表現再次上榜，排名提升37名，位列460名。 2 眾安在綫財產保險股份有限公司 / 2024 年中期報告 管理層討論與分析 1 本集團已自2023年1月1日起採納香港財務報告準則第 17號「保險合同」以取代香港財務報告準則第 4號「保險合 同」。本中期報告中，除總保費相關披露外，財務數據均按 照香港財務報告準則第17號「保險合同」口徑披露。 我們的使命 科技驅動金融，做有溫度的保險。 ...