Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's net profit for the first three quarters of 2024 reached 26.75 billion, a year-on-year increase of 38%, showing significant improvement compared to a decline of 8.7% in the first half of the year [4]. - The total investment income was 27.498 billion, an increase of 11.358 billion year-on-year, with an annualized total investment return rate of 4.4%, up by 1.7 percentage points [4]. - The insurance service revenue for the first three quarters was 364.306 billion, growing by 5.3% year-on-year, with a slight improvement from 5.1% in the first half [4]. - The comprehensive cost ratio for the first three quarters was 98.2%, up by 0.3 percentage points year-on-year, with the non-auto insurance cost ratio at 100.5%, indicating underwriting losses [5]. - The core solvency ratio stood at 201.6%, exceeding industry peers and regulatory requirements, providing a strong foundation for future dividend capabilities [5]. - The company is expected to benefit from improved asset-liability dynamics and valuation upside despite short-term pressures from natural disasters and market fluctuations [5]. Summary by Sections Financial Performance - Net profit for Q1-Q3 2024: 26.75 billion, +38% YoY [4] - Total investment income: 27.498 billion, +11.358 billion YoY [4] - Insurance service revenue: 364.306 billion, +5.3% YoY [4] Cost and Solvency - Comprehensive cost ratio: 98.2%, +0.3 percentage points YoY [5] - Core solvency ratio: 201.6%, above industry standards [5] Market Outlook - Positive outlook on asset-liability improvements and valuation growth potential [5]

Investment Rating - The report maintains an "Outperform the Market" rating for China Pacific Insurance (2328.HK) [6][5] Core Views - The company has shown robust growth in total premium income, with non-auto insurance growth outpacing auto insurance. For the first three quarters, total premium income increased by 4.6% year-on-year, with auto insurance and non-auto insurance growing by 3.2% and 5.9%, respectively [2][10] - Investment income has significantly improved, with total investment income reaching 27.5 billion yuan, a year-on-year increase of 70.4%. The annualized total investment return rate is 4.4%, up by 1.7 percentage points year-on-year [5][6] - The company’s competitive advantage in property and casualty insurance is expected to strengthen, particularly in the auto insurance sector, where the company has a higher proportion of low-loss vehicles and controllable channel costs [5][6] Summary by Sections Market Performance - Total premium income for the first three quarters was 409.57 billion yuan, with a year-on-year growth of 4.6%. Auto insurance premiums grew by 3.2%, while non-auto insurance premiums grew by 5.9% [2][10] - In Q3 alone, non-auto insurance premiums saw a significant increase of 11.8% year-on-year [2] Financial Performance - The company achieved a net profit of 26.8 billion yuan in the first three quarters, representing a year-on-year increase of 38.0%. The net profit for Q3 was 9.3 billion yuan, a remarkable growth of 59.7% year-on-year [6][5] - The comprehensive cost ratio for the first three quarters was 98.2%, an increase of 0.3 percentage points year-on-year, with auto insurance and non-auto insurance ratios at 96.8% and 100.5%, respectively [6][11] Investment Insights - The report highlights that the company’s current stock price corresponds to a 2024E price-to-book (PB) ratio of 0.98, indicating a low valuation. The estimated reasonable value range is between 13.71 and 14.95 HKD based on comparable company valuations [5][6]

Investment Rating - The report maintains a "BUY" rating for PICC P&C, with a revised target price of HK$14.00, representing a 15.9% upside from the current price of HK$12.08 [1][4]. Core Insights - The company's net profit after tax (NPAT) grew 38.0% year-on-year to RMB26.75 billion for the first nine months of 2024, with a record high NPAT of RMB8.26 billion in Q3 2024, driven by significant fair value gains of RMB7.4 billion [1]. - The combined ratio (CoR) for non-auto insurance deteriorated to 100.5% in the first nine months of 2024, with Q3 CoR reaching 105.3%, attributed to increased catastrophic losses from non-auto claims [1][3]. - Auto CoR improved to 96.8% in the first nine months of 2024, contributing to a 30.6% year-on-year growth in auto underwriting premium (UWP) to RMB71.2 billion [1][3]. Financial Performance - Total investment income surged 70.4% year-on-year to RMB27.5 billion in the first nine months of 2024, with a significant increase in Q3 investment income driven by fair value gains [1][6]. - The report forecasts EPS for FY24E at RMB1.44, with subsequent years projected at RMB1.51 for FY25E and RMB1.60 for FY26E, reflecting an upward revision of 8% for FY24E [2][3]. - The combined ratio is expected to be 97.7% for FY24E, slightly improving to 97.4% in FY25E and 97.2% in FY26E [3][9]. Valuation Metrics - The stock is currently trading at 1.0x FY24E P/B, which is above the historical average, indicating a premium valuation [1][5]. - The dividend yield is projected to increase to 5.2% in FY24E, with further growth expected in subsequent years [2][9]. - The report highlights a long-term ROE of 13.5% and a target valuation of RMB275.7 billion for FY24E [5][9].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (2328 HK) with a target price raised from HKD 12.0 to HKD 14.9, indicating a potential upside of 22.1% [1][2][7]. Core Insights - The significant growth in net profit for the third quarter is primarily driven by investment income, with a year-on-year increase of 38% for the first three quarters, aligning with the company's previous earnings forecast [1][2]. - The insurance service revenue growth remains stable, with a 5.3% year-on-year increase in the first three quarters, while the growth rates for auto and non-auto insurance are 4.7% and 6.1%, respectively [1][2]. - The combined ratio for auto insurance improved to 96.8%, a decrease of 0.6 percentage points year-on-year, while the non-auto insurance segment experienced underwriting losses, leading to a combined ratio of 100.5% for the first three quarters, an increase of 1.9 percentage points year-on-year [1][2]. Financial Performance Summary - Total investment income for the first three quarters increased by 70% year-on-year, exceeding the annual total investment income forecast for 2023 by 32%. The annualized total investment return stands at 4.4%, up by 1.7 percentage points year-on-year [2][4]. - The report projects a 31% year-on-year increase in net profit for 2024, with a return on equity (ROE) expected to reach 13% [2][5]. - The forecast for insurance service revenue is set at RMB 483,629 million for 2024, reflecting a year-on-year growth rate of 5.8% [4][5]. - The underwriting profit is expected to decline by 3.2% in 2024, with total investment income projected to rise by 51.5% [5][6]. Stock Performance Metrics - The stock has shown a year-to-date increase of 31.47%, with a market capitalization of approximately HKD 84.17 billion and an average daily trading volume of 18.79 million shares [3][8]. - The stock's 52-week high and low are HKD 14.04 and HKD 8.69, respectively [3].

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 ...