Shulou(Shulou.com)11/24 Report--

According to the news on December 7, WDH.US released its results for the third quarter of 2022, with revenue of 772 million yuan, an increase of 10.1% over the previous month, and a net profit of 170 million yuan. Goldman Sachs released a research report that raised the target price of Shuidi to $3.30 to maintain its "buy" rating.

Goldman Sachs believes that under the circumstances that Shuidi has accumulated a net profit of 482 million yuan in the first three quarters, the management's annual net profit of about 500 million yuan is relatively cautious, but it also reflects the company's confidence in cost control under the new strategy of pursuing high-quality development, especially on the basis of the continuous improvement of the company's current cash flow.

The research newspaper said that Shuidi's performance this quarter proved that the company's strategic transformation is effective. According to the financial report, the premium of Widi Insurance in the first year of the quarter was 1.785 billion yuan, an increase of 8.4% over the previous quarter, of which the first-year premium contributed by serious illness insurance products accounted for 28.7%, an increase of 7.8% over the previous quarter. The balance of non-current contract assets increased by 23 million yuan in the quarter, which fully shows that the sales of long-term insurance policies are continuing to improve.

According to the research paper, based on 12 times the EV / EBITDA for fiscal year 2026, Goldman Sachs expects Shuidi's revenue to grow at a compound rate of 9% in fiscal year 2022-26. EBITDA profit margin for fiscal year 2026 is 16% (previously 11%), reflecting that the quality of earnings of Shuidi continues to improve. Based on this, Goldman Sachs raised the target price of Shuidi to $3.30 to maintain its "buy rating."

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