《大行報告》瑞信下調平安(02318.HK)目標價至80元 評級「跑贏大市」
中國平安(02318.HK)公布第三季季績,瑞信發表報告指其首九個月新業務價值按年跌18%,符該行預期,估算單計第三季按年跌34%,主要受到首年保費收入下跌24%及利潤率收窄至29%影響。經紀人數亦減少,該行認為中國平安看重改革多於短期增長。產險業務綜合成本率表現好於預期,惟相信第四季汽車綜合成本率應繼續受壓。首九個月稅後淨利潤按年倒退21%至820億元人民幣,遜預期並只達市場對其全年預測之64%。
基於季績表現,該行下調中國平安今明兩年盈利預測8%,目標價自85元下調至80元,維持「跑贏大市」評級。
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