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。 ...

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 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][5] Core Views - The company has shown a significant decline in net profit, with a 75% year-on-year decrease to 0.55 billion yuan, driven by declines in both underwriting profit and investment income [2][6] - The company is expected to have a long-term development potential, distinguishing itself from traditional insurance companies and aligning more closely with internet technology firms [2][6] - The estimated reasonable value range for the company's stock is between 16.85 yuan and 17.58 yuan, corresponding to a price-to-book (PB) ratio of 1.20x-1.25x for 2024E [2][6] Financial Performance Summary - The company reported a net profit of 0.55 billion yuan for the first half of 2024, down 75% year-on-year, with the insurance segment contributing a net profit of 1.4 billion yuan, a 69% decline [2][5] - Total assets increased by 0.8% to 202.4 billion yuan, while the comprehensive cost ratio rose by 2.1 percentage points to 97.9% [2][5] - The total premium income for the insurance segment was 15.2 billion yuan, a 5.4% increase year-on-year, with notable growth in the digital life and automotive ecosystems [2][7] Insurance Segment Analysis - The health ecosystem's premium decreased by 9.6% to 4.5 billion yuan, while the digital life ecosystem saw a 27% increase to 7.4 billion yuan, now accounting for 48.7% of total premiums [2][7] - The comprehensive cost ratio for the health ecosystem increased by 3.2 percentage points to 95.7%, while the automotive ecosystem improved its cost management, reducing its cost ratio by 10.7 percentage points [2][8] Technology and Banking Segment - The technology output revenue grew by 65.5% to 440 million yuan, with domestic revenue increasing by 112.7% [2][6] - The banking segment, ZA Bank, showed significant growth with total assets and deposits increasing by 43% and 44% respectively, and net income rising by 46% [2][6] Investment Strategy - The company is adjusting its investment strategy by increasing allocations to bonds and stocks while reducing exposure to funds, with total investment income decreasing to 3.3% [2][6] - The investment asset composition includes 49.1% in bonds, 4.2% in stocks, and 18.1% in funds, reflecting slight changes from the previous year [2][6]

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].