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].

【平安证券】行业半年度策略报告-非银行金融-高 质量发展引领价值重估，头部公司更具韧性——非 银金融行业 2025 年中期策略报告-强于大市 20250701 【平安证券】行业点评-非银行金融-国有险企长周 期考核再加强，助力长期稳健投资-强于大市 20250713 【平安证券】行业点评-非银行金融-人身险预定利 率再下调，分红险具备比较优势-强于大市 20250727 非银行金融 2025 年 08 月 21 日 行业点评 保险银行科技业绩共振，众安 25H1 利润高增 强于大市（维持） 行情走势图 相关研究报告 证券分析师 事项： 众安在线发布 2025 半年报，25H1 实现总保费 166.61 亿元（YoY+9.3%），净 资产 215.59 亿元，归母净利润 6.68 亿元（YoY+1103.5%）。 平安观点： 保险、银行、科技业绩均有明显改善。25H1 保险分部净利润 6.73 亿元 （YoY+387.7%）；科技分部受益于数字化转型，净亏损同比改善 32.2%； 银行分部业务质量提升、扭亏为盈。保险方面，25H1 承保综合 成本率 95.6%（YoY-2.3pct）、承保利润 6.27 亿元（ ...

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 ...

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Insights - The company demonstrates resilience in its insurance business, driven by four core ecosystems that support high-quality growth. The total premium income is projected to reach 33.417 billion yuan in 2024, with a CAGR of 19.9% from 2018 to 2024, ranking eighth in the domestic property insurance industry and first in the internet property insurance market [1][2] Summary by Sections 1. Insurance Business Performance - The company has established four ecosystems: Digital Life, Health, Consumer Finance, and Automotive, with Digital Life contributing 48.5% of total premiums, expected to reach 16.197 billion yuan in 2024, growing by 28.9% year-on-year. Health ecosystem premiums are projected at 10.338 billion yuan, with a CAGR of 23.8% [2][29] - The company has achieved underwriting profitability for four consecutive years, with a combined cost ratio of 96.9% in 2024, reflecting improvements in operational efficiency and risk control [30][72] 2. Technology Business - The technology segment has shown significant growth, with a revenue CAGR of 43% over six years, reaching 956 million yuan in 2024, marking a 15.3% year-on-year increase and achieving profitability for the first time [3][8] 3. Digital Banking - The digital bank, ZA Bank, leads in Hong Kong with total assets of 22.3 billion HKD in 2024, a 60% increase year-on-year, and a net income of 548 million HKD, narrowing its net loss by 42% to 232 million HKD [4][8] 4. Financial Forecasts - The company expects premium service revenue growth rates of 11%, 14%, and 14% for 2025 to 2027. Total operating revenue is projected to be 3.715 billion yuan in 2025, with net profit attributable to shareholders expected to reach 904 million yuan [9][11]

Macro and Strategy - The Federal Reserve maintained the federal funds rate target range at 4.25-4.5% and announced a slowdown in balance sheet reduction, lowering the monthly limit for Treasury redemptions from $25 billion to $5 billion [7] - The high-tech manufacturing macro report indicates that the diffusion index for high-tech manufacturing remains stable, with a slight decline in certain sectors such as aerospace and new energy [7][8] - The AI-enabled asset allocation strategy highlights the integration of ESG factors into traditional investment theories, suggesting that incorporating ESG constraints can enhance portfolio performance [9][10] Industry and Company Insights - The social services sector is expected to benefit from recent consumption policies aimed at boosting domestic demand, with a focus on service consumption [10][11] - Data tracking shows a positive trend in retail sales and hiring demand, indicating a gradual economic recovery [11][12] - The textile and apparel sector has seen a rebound in retail sales growth, with notable increases in exports from Vietnam [13][14] - China Unicom reported a 10.5% year-on-year increase in net profit for 2024, with a focus on innovative business growth and a stable traditional business [16][17] - Xingyu Co. achieved a 34% year-on-year increase in net profit for Q4 2024, driven by strong demand for automotive lighting products [21][22] - Xtep International reported a 20% increase in net profit for 2024, with significant growth in its professional sports brand [24][25] - Anta Sports saw a 16.5% increase in core profit for 2024, supported by a diverse brand portfolio [28][29] - ZhongAn Online's total premium income reached 33.42 billion yuan in 2024, with a 13.3% year-on-year growth, driven by its diversified product ecosystem [30][31] - Ping An Insurance reported a 47.8% year-on-year increase in net profit for 2024, supported by a robust strategic layout in comprehensive finance and healthcare [33][34]