Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (2328) and raises the target price to HKD 15.84 per share, corresponding to a 2024 P/B of 1.4 times [3]. Core Views - The company's net profit for the first three quarters of 2024 increased by 38% year-on-year, primarily driven by improved investment profits, while the underwriting side faced pressure [2][3]. - The report highlights a "Matthew Effect" in auto insurance, which has led to an improvement in the combined ratio (COR), while non-auto insurance has been adversely affected by catastrophic claims, resulting in a higher COR [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a net profit of CNY 26.75 billion, a year-on-year increase of 38.0%, mainly due to improved investment profits. The total investment return rate (not annualized) was 4.4%, up by 1.7 percentage points year-on-year [3]. - The underwriting profit decreased by 12.3% year-on-year, attributed to increased catastrophic claims, with the combined ratio rising by 0.3 percentage points to 98.2% [3]. Auto Insurance - Auto insurance premiums grew by 3.2% year-on-year in the first three quarters of 2024, driven by stable growth in the number of insured vehicles. However, the average premium per vehicle decreased by 1.1% year-on-year, although it improved by 0.8% compared to the first half of 2024 [3]. - The auto insurance COR for the first three quarters was 96.8%, a decrease of 0.6 percentage points year-on-year, benefiting from the company's scale effect and effective risk reduction measures [3]. Non-Auto Insurance - Non-auto insurance premium income increased by 5.9% year-on-year, primarily driven by health and liability insurance, which grew by 8.0% and 11.8% respectively. However, agricultural insurance saw a slowdown in growth, increasing by only 1.0% year-on-year [3]. - The underwriting loss for non-auto insurance was CNY 676 million, with a combined ratio of 100.5%, an increase of 1.9 percentage points year-on-year, largely due to natural disasters [3]. Future Outlook - The report anticipates that the recovery in the equity market will serve as a catalyst for improved performance [3].

Investment Rating - The report maintains a "Recommend" rating for China P&C Insurance (02328 HK) with a target price of HKD 15 2 [1] Core Views - China P&C Insurance achieved insurance service revenue of RMB 364 306 billion in 2024Q1-3, a year-on-year increase of 5 3% Net profit reached RMB 26 750 billion, up 38 0% year-on-year, close to the upper limit of the previous performance forecast [1] - The comprehensive cost ratio (COR) for the first three quarters was 98 2%, up 0 3 percentage points year-on-year, mainly due to frequent natural disasters such as typhoons [1] - The total investment yield for the first three quarters was 4 4% (not annualized), an increase of 1 7 percentage points year-on-year, driven by the recovery of the equity market [1] - The company's premium growth accelerated, with motor insurance, health insurance, and liability insurance showing significant growth [1] Business Performance - In 2024Q1-3, the company's original premium income reached RMB 428 330 billion, a year-on-year increase of 4 6% Motor insurance contributed 49 8% of the original premium income, with a year-on-year growth of 3 2% [1] - Non-motor insurance premium income increased by 5 9% year-on-year, with health insurance and liability insurance growing by 8 0% and 11 8% respectively [1] - The COR for motor insurance was 96 8%, within the target range of 97%, while the COR for non-motor insurance was 100 5%, mainly affected by natural disasters [1] Investment Performance - The company's investment income significantly improved, with a total investment yield of 4 4% in 2024Q1-3, up 1 7 percentage points year-on-year [1] - The recovery of the equity market, especially after the "924" market rally, contributed to the increase in investment income [1] - The company's net profit growth was close to the upper limit of the forecast, driven by investment income [1] Financial Forecast - The report revised the EPS forecast for 2024-2026 to RMB 1 51/1 59/1 70, up from the previous forecast of RMB 1 37/1 54/1 70 [1] - The target PB ratio for 2025 is set at 1 1x, corresponding to a target price of HKD 15 2 [1] Market Performance - The current price of China P&C Insurance is HKD 12 08, with a total market capitalization of HKD 268 7 billion and a circulating market capitalization of HKD 83 3 billion [3] - The company's 12-month high/low price range is HKD 14 04/8 08 [3]

上 市 公 司 证 券 研 究 报 告 非银金融 公 司 研 究/ 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（港币） | 12.20 | | 恒生中国企业指数 | 7417.53 | | 52 周最高/最低（港币） | 14.12/8.55 | | H 股市值（亿港币） | 2,713.62 | | 流通 H 股（百万股） | 6,899.29 | | 汇率（人民币/港币） | 1.0902 | 一年内股价与基准指数对比走势： -16% 34% 84% 10/3011/3012/3101/3102/2903/3104/3005/3106/3007/3108/3109/30 HSCEI 中国财险 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch. ...

证券研究报告·公司点评报告·保险(HS) 中国财险（02328.HK） 2024 年三季报点评：投资浮盈拉动利润增速 接近预增上沿 2024 年 10 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 保险服务收入（百万元） | 424,355 | 457,203 | 494,002 | 529,798 | 569,764 | | 同比 | 6.9% | 7.7% | 8.0% | 7.2% | 7.5% | | 归母净利润（百万元） | 29,163 | 24,585 | 29,641 | 32,330 | 34,478 | | 同比 | 30.4% | -15.7% | 20.6% | 9.1% | 6.6% | | 净资产收益率 | 13.4% | 10.8 ...

开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 开源证券 非银金融/保险Ⅱ 公 司 研 究 中国财险（02328.HK） 2024 年 10 月 29 日 投资端驱动业绩同比高增，灾害事故拖累3季度COR ——中国财险 2024 年 3 季报点评 | --- | --- | |-------------------------------|--------------| | 投资评级：买入（维持） \n日期 | 2024/10/29 | | 当前股价 ( 港元 ) | 12.200 | | 一年最高最低 ( 港元 ) | 14.120/8.550 | | 总市值 ( 亿港元 ) | 2,713.62 | | 流通市值 ( 亿港元 ) | 841.71 | | 总股本 ( 亿股 ) | 222.43 | | 流通港股 亿股 | | | ( ) | 68.99 | | 近 3 个月换手率 (%) | 25.95 | -20% 0% 20% 40% 60% 80% 2023-10 2024-02 2024-06 中国财险 恒生指数 数据来源：聚源 相关研究报告 《综合成本率环比改善，首次中期分 红 — ...

证券研究报告 港股公司|公司点评|中国财险（02328） COR 略有抬升，投资收益改善支撑净利 润实现较好增长 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月29日 证券研究报告 |报告要点 中国财险发布 2024 年三季报，前三季度公司实现原保险保费收入 4283.3 亿元，同比+4.6%； 实现净利润 267.5 亿元，同比+38.0%；综合成本率为 98.2%，同比抬升 0.3PCT。2024 年前三 季度公司整体取得较好的业绩表现，鉴于公司稀缺的商业模式和较高的 ROE，我们维持"买入" 评级。 三 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年10月29日 中国财险(02328) COR 略有抬升，投资收益改善支撑净利润实现 较好增长 | --- | --- | |--------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ ...

证券研究报告 | 2024年10月29日 中国财险（02328.HK） 优于大市 资产估值修复，利润同比改善 资产收益回暖带动利润同比改善。中国财险持续推进"保险+风险减量服务+ 科技"的新商业模式，优化保险全流程营运水平，2024 年前三季度实现保险 服务收入 3643.1 亿元，同比增长 5.5%，增幅较年中进一步扩大。公司承保 盈利空间充足，前三季度实现承保盈利 64.4 亿元，对应 COR 为 98.2%。利润 表现方面，受三季度资本市场回暖及上端利率企稳回升等因素影响，上半年 公司实现净利润 267.5 亿元，同比上升 38.0%。 车险保持稳健增速，承保盈利能力维持健康水平。前三季度，随着汽车保有 量的稳步提升，中国财险车险实现保险服务收入 2195.1 亿元，同比增长 4.7%。公司持续加强科技赋能及风险管理水平，打造"产品供给-保前-保中 -灾前-灾中-灾后"全流程服务闭环，前三季度公司车险业务实现承保利润 71.2 亿元，对应 COR 为 96.8%，同比优化 0.6pt 大灾频发拖累非车险 COR 水平。非车险业务保持较好增速，上半年实现保险 服务收入 1448.0 亿元，同比增长 6.1 ...

2024 年 10 月 29 日 市场数据 收益表现 % 1M 3M 1Y 相对 8.6 0.0 21.3 绝对 8.9 21.8 40.3 资料来源：Wind 公司研究 投资改善推动盈利同比增长 38% ——中国财险（2328.HK）2024 年三季报点评 买入（维持） 当前价：12.20 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 要点 事件： 2024 年前三季度，中国财险实现营业收入 3922.7 亿元，同比+7.9%；保险服务收 入 3643.1 亿元，同比+5.3%；净利润 267.5 亿元，同比+38.0%；承保综合成本率 98.2%，同比+0.3pct；总投资收益率（非年化）4.4%，同比+1.7pct。 点评： 保险服务收入稳健增长，业务结构持续优化。2024 年前三季度，公司实现保险服务 收入 3643.1 亿元，同比+5.3%，增幅较上半年扩大 0.2pct，维持较好增长态 ...

Investment Rating - The report maintains a "Buy" rating for China Property & Casualty Insurance (02328 HK) [1] Core Views - China Property & Casualty Insurance's 9M24 performance is expected to show significant improvement with cumulative net profit increasing by 20-40% YoY, driven by capital market recovery and improved investment returns [2] - The company's 9M24 ROE is expected to reach 10 4%, up 1 6 pct YoY, primarily due to improved investment yield and stable underwriting performance [2] - The report highlights the company's focus on high-quality development and its new business model of "insurance + risk reduction services + technology" [2] Financial Performance - 9M24 cumulative net profit is expected to grow by 30% YoY, with 3Q24 net profit reaching 7 745 billion yuan (3Q23: 153 million yuan) [2] - 9M24 cumulative investment yield is expected to improve to 3 4% from 2 7% in 9M23, driving a 32% YoY increase in cumulative investment income [2] - The company's 9M24 COR is expected to be 97 7%, slightly improved from 97 9% in 9M23 [2] Business Segment Analysis Auto Insurance - 9M24 cumulative auto insurance COR is expected to be 96 6%, with premium growth of 3 2% YoY [2] - The improvement in auto insurance profitability is attributed to the expansion of commercial auto insurance pricing coefficients and the increasing penetration of new energy vehicles [2] Non-Auto Insurance - 9M24 cumulative non-auto insurance COR is expected to be 99 4%, impacted by natural disasters and macroeconomic fluctuations [2] - Non-auto insurance premium growth is led by property insurance (3 3% YoY) and agricultural insurance (1 0% YoY), while credit insurance premiums declined by 5 9% YoY [2] Financial Projections - The report forecasts 2024-2026 net profit attributable to parent company shareholders to be 29 6 billion yuan, 32 3 billion yuan, and 34 5 billion yuan respectively [2] - Insurance service revenue is expected to grow from 494 billion yuan in 2024E to 569 8 billion yuan in 2026E, with a CAGR of 7 5% [2] - ROE is projected to remain stable at around 12% from 2024E to 2026E [2]

证券研究报告 资料来源：S&P 中国财险 (2328 HK) 港股通 1-3Q24 业绩预喜，同比增长 20-40% 华泰研究 动态点评 2024 年 10 月 16 日│中国香港 保险 预计 1-3Q24 净利润同比增长 20-40% 10 月 15 日，中国财险发布业绩预增公告，24 年前三季度净利润预计同比 增长约 20-40%。保险业务方面，公司业务规模稳健增长，1-3Q 原保险保 费收入同比增长 4.6%。投资业务方面，受益于 9 月末股市上涨，公司总投 资收益大幅增长，有望驱动投资业绩大幅上升。考虑到投资收益超预期，我 们上调 EPS 至 RMB1.33/1.39/1.50（前值：RMB1.25/1.38/1.50），上调基 于 DCF 的目标价 HKD13.6（前值：11.0）和"买入"评级。 股市上涨有望推高保险公司利润 在 9 月底政策刺激下，市场情绪高昂，股票市场出现较大涨幅。1H24 上市 保险公司股票及基金的投资比例在 9%-18%之间，当股市大幅上涨，险资的 投资收益有望改善，推动净利润、净资产和内含价值上升（《股市上涨或提 振保险公司盈利》，2024 年 10 月 7 日）。保险公 ...