Workflow
众安在线(06060):2025 年半年报点评:利润高增,ZABank实现半年度盈利
Huachuang Securities·2025-08-21 15:25

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of HKD 22.87 to HKD 25.39 [2][12][12]. Core Views - The company has demonstrated significant profit growth, with a net profit of HKD 668 million for the first half of 2025, reflecting a year-on-year increase of 1103.5% [2][3]. - The insurance business is driven by four distinct ecosystems, each contributing to premium growth and overall profitability [12][12]. Summary by Sections Basic Operations - Total premium income for the first half of 2025 reached HKD 16.661 billion, a year-on-year increase of 9.3% [2][3]. - The combined cost ratio improved by 2.3 percentage points to 95.6%, with a claims ratio improvement of 6.0 percentage points to 54.7% [3]. Health Ecosystem - The health ecosystem generated total premium income of HKD 6.275 billion, up 38.3% year-on-year, accounting for 37.7% of total premiums [3]. - The flagship product "Zunxiang e Sheng" achieved a premium scale of HKD 4.25 billion, while the "Zhongminbao" series saw a remarkable growth of 638.8% to HKD 1.03 billion [3]. Digital Life Ecosystem - The digital life ecosystem reported total premium income of HKD 6.209 billion, down 16.3% year-on-year, primarily due to a decline in e-commerce related policies [4]. - Innovative businesses contributed significantly, with pet insurance premiums growing by 51.3% to HKD 563 million [4]. Consumer Finance Ecosystem - The consumer finance ecosystem achieved total premium income of HKD 2.699 billion, a year-on-year increase of 23.6% [5]. - The underwriting balance rose to HKD 27.7 billion, up 14.6% from the end of the previous year [5]. Automotive Ecosystem - The automotive ecosystem generated total premium income of HKD 1.478 billion, reflecting a year-on-year increase of 34.2% [6]. - Premiums from new energy vehicles surged by 125.4%, with independent operations for compulsory insurance launched in Shanghai and Zhejiang [6]. ZA Bank Performance - ZA Bank achieved a net income of HKD 457 million, marking an 82.1% year-on-year increase, and recorded its first half-year profit of HKD 49 million [6]. - The net interest margin expanded, with net interest income rising by 43% to HKD 297 million [6]. Financial Projections - The report adjusts the EPS forecast for 2025-2027 to HKD 0.7, 0.9, and 1.1 respectively, with a corresponding BPS forecast of HKD 13.4, 14.5, and 15.7 [12][12]. - The valuation method includes a 1.5x PB for insurance and other businesses, 3-6x PB for digital banking, and 2-3x PS for technology output [12].