Market Brief

The articles are produced in Chinese only.

Author

陳招富先生 (Anthony Chan)
助理經理

現任職輝立助理經理,樂意與客戶研究買賣策略。歡迎各位來電交流心得
Phone:
22776655

中國平安(02318.HK)

Friday, June 21, 2019 Views938

業績回顧

淨利潤同比增長逾七成

公司披露2019年第一季度,公司營業收入 3781.61 億元,同比增長 21.5%;歸屬母公司股東營運利潤 341.19 億元,同比增長 21%;歸屬於母公司股東淨利潤 455.17 億元,同比增長 77.1%;基本每股盈利 2.55 元,同比增長 77.1%;加權平均股本回報率7.9%,同比上升 2.6 個百分點;歸母淨資產達 5990.79 億元,較年初增長 7.6%。2019年第一季度,公司保費收入 2743.86 億元,同比增長 8.41%。

 

財險業務保費收入 692.20 億元,同比增長9.5%。其中,車險業務保費收入 478.28 億元,同比增長 8.4%;非車險業務保費收入 179.81 億元,同比增長 7.4%。受益於投資收益增長和所得稅下降,平安產險淨利潤同比增長 77.3%,超出市場預期。

 

平安銀行零售業務轉型

2019年第一季度,平安銀行淨利潤 74.46 億元,同比增長 12.9%。零售業務轉型,個人業務比重進一步提升,截至 2019 年 3 月,個人存款和個人貸款占比分別為 22.81%、58.03%,較年初分別提升 1.12% 和 0.26%;零售客戶數 8701 萬,較年初增長 3.7%。資產品質持續向好。截至 2019 年 3 月末,公司不良貸款率 1.73%,較年初下降0.02%。

 

資產管理業務表現突出

2019 年一季度,實現淨利潤 50.46 億元,同比增長 19.9%,主要源於信託業務、證券業務及其他資產管理業務經營業績的穩健增長。

 

整體指標穩中向好,產險、投資等業務增速超預期,優質金融龍頭,把握核心資產,長期看,公司估值將進一步提高。

 

風險

  1. 保險產品銷售低於預期。
  2. 經濟復蘇低於預期
  3. 股票市場震盪下行

 

筆者建議在82元附近建倉, 止蝕價 77元。

 

註:本人陳招富為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。

 

 

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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