众安在线2024年中报业绩点评：盈利承压，科技和银行减亏超预期

Investment Rating - The report maintains an "Accumulate" rating and lowers the target price to HKD 22.34 per share, corresponding to a P/B of 1.6 times for 2024 [5]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 decreased by 75.0% year-on-year, impacted by declines in both underwriting and investment income [4][5]. - The main driver for premium growth is the digital life segment, while the company is actively reducing its consumer finance business due to profitability concerns [5]. Summary by Sections Financial Performance - For 24H1, the net profit attributable to shareholders was RMB 0.55 billion, down 75.0% year-on-year, affected by a decline in underwriting profit and investment income [5]. - Underwriting profit was RMB 3.1 billion, down 39.9% year-on-year, with a combined ratio of 97.9%, an increase of 2.1 percentage points, primarily due to a rise in the loss ratio to 60.7% [5][12]. - Investment income for 24H1 was RMB 6.2 billion, down 14.2% year-on-year, mainly due to fluctuations in the equity market [5][12]. Premium Income Breakdown - Total premium income for 24H1 was RMB 152.38 billion, an increase of 5.4% year-on-year [5][12]. - The health ecosystem premium income was RMB 45.4 billion, down 9.6% year-on-year, while the digital life ecosystem saw premium income of RMB 74.1 billion, up 27.0% year-on-year [5][12]. - The consumer finance ecosystem reported premium income of RMB 21.84 billion, down 21.6% year-on-year, reflecting a strategic contraction in business scale [5][12]. Technology and Banking Performance - Technology output revenue grew by 65.5% year-on-year to RMB 4.42 billion, driven by an increase in domestic clients and overseas digital transformation needs [5][12]. - The virtual bank's net income was HKD 2.55 billion, up 45.9% year-on-year, with the net loss rate narrowing to 42.9% [5][12]. Market Outlook - The report suggests that a recovery in the capital market could act as a catalyst for future performance [5].