> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # ZhongAn (6060 HK) Summary ## Core Content ZhongAn reported a strong first-half (1H26) performance, with a net profit of RMB1.55bn, more than doubling from the previous year and significantly exceeding market expectations of RMB550mn. The outperformance is attributed to two key drivers: strong underwriting results and equity-driven fair value gains. ### Key Highlights of 1H26 - **Underwriting Profit**: RMB773mn, up 17.8% YoY, with a combined ratio (CoR) improving to 95.5% (from 95.6% in 1H25). - **Investment Income**: Surged to RMB1.6bn, up 150% YoY, primarily due to fair value gains from TPL equities amid a strong stock market. - **Core Equity Exposure**: Increased to 13.2% of the insurance portfolio, up from 9.1% in FY25, but management indicated this level is unlikely to rise further in 3Q. - **ZA Bank Performance**: Net profit reached HK\$71mn, up from HK\$49mn in 1H25, with a net margin of 12.2% and a net interest margin (NIM) of 2.99%. - **Technology Segment**: Turned a profit of RMB17mn in 1H26, marking a significant turnaround. ## Earnings & Financial Performance ### Earnings Summary (YE 31 Dec) | Metric | FY24A | FY25A | FY26E | FY27E | FY28E | |---------------------------|--------|--------|--------|--------|--------| | Net Profit (RMB mn) | 603 | 1,102 | 1,781 | 1,514 | 1,674 | | EPS (Reported) (RMB) | 0.41 | 0.70 | 1.06 | 0.90 | 0.99 | | Consensus EPS (RMB) | n.a | n.a | 0.83 | 0.91 | 0.98 | | Combined Ratio (%) | 96.9 | 95.8 | 95.6 | 95.4 | 95.2 | | P/B (x) | 0.7 | 0.6 | 0.6 | 0.5 | 0.5 | | ROE (%) | 2.9 | 4.8 | 6.8 | 5.4 | 5.7 | ### Financial Summary (YE 31 Dec) - **Insurance Revenue**: RMB34.5bn in 1H26, up from RMB33.5bn in 1H25. - **Total Assets**: RMB48.7bn in 1H26, up from RMB46.7bn in FY25. - **Total Liabilities**: RMB21.5bn in 1H26, down from RMB24.4bn in FY25. - **Shareholders' Equity**: RMB27.2bn in 1H26, up from RMB25.4bn in FY25. - **Net Profit Attributable to Shareholders**: RMB1.781bn in FY26E, up from RMB1.102bn in FY25A. ## Earnings Drivers - **P&C Underwriting**: Improved CoR to 95.5%, with gains in Health and Digital Lifestyle ecosystems. - **Investment Gains**: Strong fair value changes in equity holdings, with net investment income and fair value changes in roughly equal split. - **ZA Bank**: Continued profitability with net revenue of HK\$578mn and a net margin of 12.2%. - **Technology Segment**: Turned a profit of RMB17mn, a positive development for the company. ## Key Performance Metrics - **GWP by Ecosystems**: - Digital Lifestyle: RMB7.7bn (+25% YoY) - Health: RMB6.7bn (+7% YoY) - Auto: RMB1.5bn (+4% YoY) - Consumer Finance: RMB0.56bn (-79% YoY) - **Insurance Premiums**: Total premiums slightly declined by 0.6% YoY to RMB16.6bn. ## Valuation & Price Target - **Current Price**: HK\$10.92 - **Target Price**: HK\$18.00 (unchanged) - **Valuation Metric (P/B)**: 0.6x FY26E, close to its historical low. - **Earnings Forecast Adjustment**: Raised FY26-28E EPS forecasts to RMB1.06/0.90/0.99 from previous RMB0.80/0.88/0.99. ## Strategic Focus & Outlook - **ZA Bank**: Strategic focus on retail wealth management is expected to drive AUM growth and further earnings upside. - **Auto & Health**: Expected to see growth in GWP and insurance revenue, though Auto growth lagged the 30% guidance due to weak new vehicle sales. - **Consumer Finance**: GWP and insurance revenue are expected to fall to a low-single digit contribution as the de-risking process continues. - **Investment Income**: Expected to normalize from a high base in 2H26E. ## Key Risks - Intensified industry competition impacting premium sales and wallet share. - Deteriorated loss ratio due to economic shocks or increasing catastrophic claims. - Expense overruns. - Prolonged low-interest rate environment and equity market volatility. - Slower-than-expected topline growth for ZA Bank and margin deterioration. ## Analyst Ratings - **CMBIGM Rating**: BUY - **Potential Return**: Over 15% over next 12 months. ## Related Reports 1. Net earnings weakened in 2H; ZA Bank hit first full-year profit, Mar 24, 2026 2. 1H earnings a clear beat; ZA Bank turned profit faster than expected; raise TP to HK\$23, Aug 26, 2025 3. Placement may cause limited downside despite short-term volatilities, Jun 26, 2025 4. HK Stablecoins outlook opens up the headroom for valuation re-rating: uplift TP to HK\$20.4, Jun 3 2025 5. Tech export out of the red; ZA Bank on track for breakeven, 24 Mar 2025 6. Digital lifestyle leading growth; ZA Bank and technology export breakeven on track, 28 Mar 2024 ## Shareholding Structure | Shareholder | % Ownership | |---------------------------|-------------| | Ping An Insurance Group | 9.2% | | Shenzhen Jiadexin Inv Co Ltd | 8.2% | ## Stock Data | Metric | Value (HK$) | |---------------------------|------------| | Market Cap (mn) | 17,224.3 | | Avg 3 mths t/o (mn) | 99.1 | | 52w High/Low | 20.20/9.00 | | Total Issued Shares (mn) | 1,577.3 | ## Share Performance | Period | Absolute | Relative | |----------------|----------|----------| | 1-mth | 2.6% | 0.4% | | 3-mth | 2.7% | 3.1% | | 6-mth | -30.6% | -27.2% | ```