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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted down from HKD 18 to HKD 15, indicating a potential upside of 44.0% from the current price of HKD 10.42 [1][2][8]. Core Insights - The company's profitability has been impacted by a year-on-year decline in underwriting profit, with a reported net profit of RMB 0.55 billion for the first half of 2024, down from RMB 2.2 billion in the same period last year. The underwriting profit decreased by 41%, and total investment income fell by 14% [1][2]. - Premium income grew by 5.4% year-on-year, primarily driven by the digital life and automotive ecosystems, contributing 10.9 and 1.9 percentage points to the growth, respectively. However, health insurance premiums declined by 9.6%, and consumer finance premiums dropped by 21.6% due to external factors and a strategic business contraction [2][5]. - The combined ratio increased to 97.9%, up 2.1 percentage points year-on-year, with significant increases in the consumer finance and health ecosystems. The technology and banking segments showed a notable reduction in net losses, with technology output revenue increasing by 65.5% [2][3]. - Total investment income decreased to RMB 6.2 billion from RMB 7.23 billion year-on-year, with an annualized net investment return rate of 2.3%, remaining stable, while the annualized total investment return rate fell by 0.7 percentage points to 3.3% [2][3]. Financial Summary - The company reported insurance service revenue of RMB 27.535 billion in 2023, with projected growth to RMB 30.912 billion in 2024, reflecting a year-on-year growth rate of 12.3% [3][9]. - Adjusted net profit attributable to shareholders is forecasted to be RMB 283 million in 2024, down from RMB 294 million in 2023, indicating a decline of 3.8% [3][6]. - The price-to-earnings ratio is projected to be 49.5 times in 2024, while the price-to-book ratio is expected to be 0.69 [3][9].

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 ...

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].