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中信證券: 料中國再保險(1508.HK)ROE步入漸進改善週期 首次覆蓋給予“增持”評級
格隆匯7月12日丨中信證券發研報指,中國再保險(1508.HK)是中國再保險市場絕對龍頭,主要業務來自於境內,長期位居境內市場第一,領先優勢明顯。其中,再保險業務為其核心業務,財產再保險和人身再保險業務為公司全資持股,2021年二者利潤貢獻均為42%。該行認為,目前公司估值和基本面築底,2023年預期股息率已經達到9%,預計ROE步入漸進改善週期。參考國際同業的現金回報水平,給予公司2022年0.3x PB估值,首次覆蓋給予“增持”評級。財產再保險方面,境內業務將長期受益於非車險增長和分保需求提高,境外業務通過僑社有望分享全球承保和投資向上週期,2021年綜合成本率為99.39%。人身再保險方面,預計保障型業務將是公司長期增長點,數據和產品創設優勢實現品類擴張。中再壽險2021年實現保費收入693億元人民幣,其中境內業務保費收入為553億元,同比增長0.7%,佔比80%;境外業務保費收入為140億元,同比增長21%,佔比20%;其中,2021年公司境內保障型再保險實現保費收入260億元,同比增長25.9%,佔境內業務比重達到47%。
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