多元生态，扭亏转盈

Investment Rating - The report maintains a "Buy" rating for ZhongAn Online (06060 HK) [1][4] Core Views - ZhongAn Online has achieved a turnaround from loss to profit through its "insurance + technology" dual-engine strategy [1] - The company's total premium income reached 29 501 billion yuan in 2023, a year-on-year increase of 24 7% [1] - Net profit attributable to the parent company was 4 078 billion yuan, marking a significant improvement from the previous year [1] - The comprehensive cost ratio improved to 95 2%, down by 1 0 percentage points year-on-year [1] - The company's self-operated channels achieved total premium income of 7 614 billion yuan, up 31 0% year-on-year [1] - ZA Bank, a subsidiary, has shown positive indicators with its interest margin increasing from 1 84% in 2022 to 1 94% in 2023 [1] Business Performance and Strategy - ZhongAn Online has built a diversified product matrix across four ecosystems: health, digital life, consumer finance, and automotive [1] - Health insurance premium income grew by 9 2%, with the "Million Medical" product contributing 6 515 billion yuan [1] - Digital life insurance premium income increased by 41 6%, driven by customized services for e-commerce and travel sectors [1] - Consumer finance premium income rose by 22 5%, with a focus on high-quality small-amount customers [1] - Automotive insurance premium income grew by 24 7%, with new energy vehicle insurance surging by 196% [1] - The company's technology output revenue reached 829 million yuan, up 40% year-on-year [1] - ZA Bank launched US stock trading services in February 2024, expanding its financial service offerings [1] Financial Forecasts - The report raises earnings forecasts for 2024 and 2025, and introduces a new forecast for 2026 [1] - Expected EPS for 2024-2026: 0 63/1 10/1 29 yuan per share [1] - Corresponding PB ratios: 0 82/0 77/0 75 times [1] - Revenue is projected to grow from 32 143 billion yuan in 2024E to 36 374 billion yuan in 2026E [2] - Net profit attributable to the parent company is expected to increase from 855 million yuan in 2024E to 1 761 billion yuan in 2026E [2] Market Position - ZhongAn Online maintains its leading position in the internet property insurance market [1] - The company's pet insurance business ranks at the top of the industry, with a cumulative transaction volume of 500 million yuan and a growth rate of 150% [1]