CICC: Maintains "Outperform" rating for Zhongan Online (06060), raises target price to HK$21.

According to the Zhitong Finance and Economics APP, Zhongan Online (06060) is currently trading at 1.3x P/B, as stated in a research report released by Zhongjin. The company's profit forecast for 2025-2026 remains basically unchanged. Considering the potential for improved sentiment in the Hong Kong stock market to drive the company's valuation recovery, the bank has raised the company's target price by 31% to HK$21, corresponding to 1.5x 2025e P/B and an upside potential of 14.13%. The bank maintains an outperform rating on the company. The bank expects Zhongan Online's net profit in 1H25 to increase by 870% year-on-year to RMB 540 million, with the comprehensive cost ratio (CoR) improving by 1.0 percentage point to 96.9% year-on-year, while investment income remains roughly the same.