机构：华泰证券 研究员：李健 汽车生态方面，保费同比增长高增34%至14.8 亿元，COR 同比改善3.0pcts至91.2%。2024 年底公司获批 上海、浙江两地的交强险经营资质，1H25完成两地交强险独立经营落地，同时2025 年中开始在上海独 立经营商业车险，带动车险保费快速提升。考虑到车险业务质量提升，我们预计2025 年车险COR 为 92.9%。消费金融生态方面，1H25 实现保费增长24%，与1H24基数较低有关；COR 同比下降5.1pcts 至 94.0%，体现公司审慎经营策略下底层资产质量的改善。预计该业务COR 表现平稳，2025 年为94%。数 字生活生态方面，1H25 总保费下降16%，但是宠物险等创新业务保费同比增长40.0%；COR 维持99.9% 的微盈利水平。预计数字生活的COR 在2025年维持99.9%。 银行扭亏为盈，科技亏损收窄 众安银行实现扭亏，1H25 盈利0.49 亿港元。截至1H25，客户存款为211亿港元（同比+8.8%），净息差 同比提升至2.38%（1H24 2.28%）。众安银行覆盖银行、证券、加密货币交易等业务，并成为首家为稳 定币沙盒发行人提供专 ...

证券研究报告 众安在线 (6060 HK) 港股通 1H25：业绩亮眼，承保利润高增 | 华泰研究 | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | | 2025 年 | 8 月 21 日│中国香港 | 保险 | 目标价(港币): | 28.00 | 李健，PhD 研究员 SAC No. S0570521010001 SFC No. AWF297 lijian@htsc.com +(852) 3658 6112 于明汇* 联系人 SAC No. S0570124070107 yuminghui@htsc.com +(86) 21 2897 2228 基本数据 | 目标价 (港币) | 28.00 | | --- | --- | | 收盘价 (港币 截至 8 月 20 日) | 18.77 | | 市值 (港币百万) | 31,624 | | 6 个月平均日成交额 (港币百万) | 821.27 | | 52 周价格范围 (港币) | 9.29-22.75 | | BVPS (人民币) | 14.67 | 股价走势图 众安公布 1H25 业绩 ...

Core Insights - The third Chain Expo showcased 651 participating companies from 75 countries and regions, with foreign exhibitors accounting for 35% of the total, indicating an increase in international participation [1] - The event highlighted the importance of collaboration in the supply chain, with a focus on digitalization and sustainability, as well as the establishment of exhibitor alliances [1][5] - The presence of major global companies like Apple and Nvidia underscored the significance of China's supply chain in the global market [2][5] Group 1: Event Overview - The Chain Expo featured over 1200 companies engaged in industry chain cooperation, emphasizing the international character of the event [1] - The event included more than 70 specialized activities aimed at addressing specific business needs, showcasing innovations in supply chain technology [1] - The participation of foreign companies has increased, reflecting China's growing attractiveness as a destination for foreign investment [1][5] Group 2: Key Exhibitors and Innovations - Apple collaborated with suppliers like Sunwoda, Shandong Innovation, and Jieshida to showcase advancements in smart manufacturing and renewable energy [2] - Sunwoda presented its self-developed magnetic levitation conveyor line, achieving 100% domestic production [3] - Nvidia's participation marked its first at the Chain Expo, focusing on collaborative solutions across various sectors, including automotive and industrial digitalization [4] Group 3: Industry Perspectives - Industry experts noted that the joint participation of companies illustrates a symbiotic relationship within the supply chain, enhancing collaboration and efficiency [4] - The increasing presence of foreign exhibitors, particularly from Europe and the US, indicates that global companies view China as an essential partner in resource allocation [5] - Executives from companies like Cargill and Qualcomm emphasized the importance of collaboration and innovation in driving growth within the Chinese market [6] Group 4: Policy and Future Outlook - Chinese authorities are actively promoting policies to ensure the stability of global supply chains, including optimizing the business environment and expanding financing channels [7] - The Chain Expo aims to foster long-term cooperative relationships rather than focusing solely on immediate sales, highlighting the importance of sustained partnerships [7] - The event serves as a platform for enhancing global supply chain cooperation, with a vision of creating a win-win scenario for all participants [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively expanding into the new energy market and developing high value-added new products, with a significant year-on-year growth in non-recurring profit [7] - The company reported a revenue of 286 million yuan for 2024, representing a year-on-year increase of 23.63%, and a net profit of 63 million yuan, up 56.86% year-on-year [7] - The company is enhancing its market share in the new energy vehicle sector while improving product quality and production efficiency through digital transformation [7] Financial Performance Summary - Total revenue is projected to grow from 231.19 million yuan in 2023 to 606.45 million yuan in 2027, with a compound annual growth rate (CAGR) of 23.15% [1][8] - The net profit attributable to the parent company is expected to increase from 39.85 million yuan in 2023 to 128.82 million yuan in 2027, reflecting a CAGR of 25.25% [1][8] - The latest diluted EPS is forecasted to rise from 0.60 yuan in 2023 to 1.94 yuan in 2027 [1] Business Segmentation Summary - The company has adjusted its business classification, with significant growth in the automotive window system components, which saw a revenue increase of 60.54% year-on-year [7] - The precision transmission system generated revenue of 94 million yuan, up 25.85%, accounting for 32.78% of total revenue [7] - The automotive vision system contributed 78 million yuan in revenue, a 10.51% increase, representing 27.24% of total revenue [7] Client and Market Strategy - The company has established strong ties with leading downstream clients, including Valeo and Bosch, which enhances its market position [7] - The new energy precision component manufacturing project is expected to generate annual revenue of 165 million yuan upon reaching full capacity [7] - The company has expanded its international market presence, with overseas revenue growing by 20.14% year-on-year [7]