2023年报点评：核心业务保持高增，投资收益大幅改善

Investment Rating - The report maintains a "Buy" rating for ZhongAn Online (06060.HK) with a target price of HKD 23.73, compared to the current price of HKD 13.68 [2][4]. Core Insights - In 2023, ZhongAn Online achieved a net profit attributable to shareholders of CNY 4.078 billion, marking a turnaround from losses; the total equity attributable to shareholders reached CNY 20.073 billion, up 27.3% year-on-year [2][4]. - The company reported premium income of CNY 29.501 billion, an increase of 24.7% year-on-year, with a combined cost ratio of 95.2%, up 1.0 percentage points [2][4]. - The net and total investment returns were 2.2% and 1.9%, respectively, with a decrease of 1.0 percentage points in net returns but an increase of 2.9 percentage points in total returns [2][4]. Summary by Sections Business Performance - The self-operated channel's total premium reached CNY 7.614 billion, growing by 31.0% year-on-year, accounting for 25.8% of total premiums, up 1.3 percentage points [2]. - The health ecosystem generated premium income of CNY 9.806 billion, a 9.2% increase, with significant growth in critical illness and outpatient insurance, at 130.6% and 157.3%, respectively [2]. - The digital life ecosystem saw premium income of CNY 12.563 billion, up 41.6%, driven by e-commerce and travel insurance, with the latter growing by 89.0% [2]. Financial Performance - The company’s total investment assets reached CNY 38.204 billion, a 4.6% increase year-on-year, with a focus on fixed income investments, which accounted for 75% of the portfolio [4]. - The bank segment, ZA Bank, reported net income of HKD 366 million, a 42.9% increase, with a loan-to-deposit ratio improvement and a net interest margin of 1.94% [4]. Future Outlook - The report anticipates continued growth in the insurance segment driven by the self-operated channel, while the technology and banking segments are expected to improve, potentially creating a second growth curve for the company [4][5]. - The earnings per share (EPS) estimates for 2024-2026 have been adjusted to CNY 0.8, 1.0, and 1.2, respectively, reflecting the impact of a one-time income from the sale of ZhongAn International in 2023 [4][5].