CICC International: Upgrades Zhongan Online (06060.HK) Target Price to HK$23, Mid-Term Profit Exceeds Expectations.

According to the Securities Times app, CICC released a research report stating that Zhongan Online (06060.HK) had a net profit of 668 million RMB in the first half of the year, exceeding last year's full-year performance and surpassing expectations. The company's underwriting profit in the first half of the year exceeded expectations, so the bank lowered its full-year comprehensive cost ratio forecast; Zhongan Bank turned from loss to profit and is expected to enter a profitable cycle, increasing its profit contribution. The bank raised its profit forecast for Zhongan Online, expecting the company to make a profit of 1.23 billion RMB this year, double that of the previous year, with the target price raised from 16 Hong Kong dollars to 23 Hong Kong dollars, and maintaining a "buy" rating.