中國平安(2318.HK)公佈中期業績和百億回購計劃獲多家機構看好 目標價最高上望至118港元
中國平安(2318.HK)昨晚公佈2021年上半年業績顯示，公司整體業績保持穩健增長，期內實現歸屬於母公司股東的營運利潤818.36億元，同比增長10.1%；年化營運ROE達21.0%；淨利潤679.63億元；歸屬於母公司股東的淨利潤580.05億元，同比下降15.5%。平安注重股東回報，持續提升分紅水平，向股東派發中期股息每股現金人民幣0.88元，同比增長10%。此外，中國平安宣佈，擬使用自有資金實施50-100億元A股股份回購。
業績發佈後，目前分別有大摩、瑞銀和高盛對中國平安給出了最新評級。其中：
大摩：重申中國平安“增持”評級 目標價118港元瑞銀：維持中國平安“買入”評級 目標價90港元高盛：維持中國平安H股目標價117港元及A股目標價123元人民幣
大摩：回購展示管理層對中期展望有信心 重申“增持”評級及目標價118港元
摩根士丹利表示，重申對中國平安“增持”評級及目標價118港元。該行指，中國平安持續在核心壽險業務面對挑戰，中期新業務價值按年跌12%，縱使利率及撥備壓力，盈利及派息仍升一成，公司宣佈50億至100億元人民幣股份回購，顯示管理層對中期展望有信心。該行又指，中國平安業務經營趨勢好壞參半，次季壽險新業務價值較首季挫42%，中期首年保費收入僅按年升4%，新業務價值利潤率跌5.5點子至31.2%。代理人數較去年底減少14%，但生產力回穩，每名代理新業務價值仍升1%並繼續領先同業。中國平安的財險及平安銀行業務亦見改善。
瑞銀：平安的保險+健康模式有助其脱穎而出 予目標價90港元及“買入”評級
瑞銀髮研報指，中國平安上半年業績憂喜參半，税後經營溢利增長穩健，上半年税後經營溢利增長 10%，即年化經營股本回報率為 21%，略高於市場預期，資產質量穩定，但新業務價值表現疲軟。該行指出，在充滿挑戰的市場中，平安上半年新業務價值下降 12%，符合市場預期，第二季度對華夏幸福計提減值，對税後淨利產生108 億元人民幣的影響。此外，平安宣佈A 股回購計劃，主要用於員工持股。瑞銀將其2021年新業務價值預測下調 2%至按年跌11%，並將目標價從91港元下調至90港元。瑞銀表示，平安的保險+健康模式應有助於其在全行業挑戰中脱穎而出，認為市場過度關注近期新業務的疲軟表現，維持“買入”評級。
高盛：中國平安中期業績符合預期 料新業務價值將復甦
高盛發研報指，中國平安的中期業績表現符合預期，大部分業務穩健，雖然淨利潤因重估損失及投資資產減值錄得按年下降，但營業利潤按年增長10%，大致符合公司預期，隨着第三季度因基數效應而開始改善，預期新業務價值將開始復甦，予平保確信買入評級，維持H股目標價117港元，A股目標價123元人民幣。該行表示，公司今年第二季度新業務價值按年下降42%，主要反映出代理人數下降及長期保障產品的需求減弱，但在產品層面上，新業務價值利潤率保持穩定，將重點關注未來的代理人數目、以醫療保健生態系統來推動增長的措施及客户分層發展計劃等。
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