《大行报告》瑞银下调平安(02318.HK)目标价至88元 评级「买入」
瑞银发表报告,指中国平安(02318.HK)第三季度新业务价值按年下降约34%,与市场预期基本一致,认为主要是由公司正在进行的代理机构精简工作和产品组合改变而带来的利润率压力所导致。将其2021至2023年度每股盈利预测下调1%至2%,目标价相应由90元下调至88元,维持「买入」评级。
报告表示,第三季平安税后经营溢利按年增长7%,主要由银行和资产管理部门推动,而寿险经营溢利则继续受到新业务销售放缓的影响,料其全年的新业务价值下跌17%,意味著第四季跌12%。虽然近期的销售可能仍然具有挑战性,但相信平安在医疗生态系统和整合方面的领先定位有助于提高长期竞争力。
瑞银指,参加了平安的分析师简报会,认为医疗整合已成为集团战略层面发展,可能会支持其长期竞争力;预计2022年「开门红」将在11月开始,第一阶段的重点可能是储蓄产品,第二阶段是保障产品;潜在的「偿二代」二期不会对公司的资本管理产生重大影响。
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