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 ...

证券研究报告 港股公司|公司点评|中国财险（02328） 车险继续提速，非车险增速延续向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月15日 证券研究报告 |报告要点 公司发布 2024 年 9 月保费收入公告，9 月当月公司实现保费收入 461.79 亿元，同比+6.7%， 其中车险同比+5.3%、非车险同比+8.9%。9 月公司的车险保费增速继续提升，非车险保费增速 延续向好。鉴于公司稀缺的商业模式和较高的 ROE，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 SAC：S0590524080001 刘雨辰 朱丽芳 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15日 中国财险(02328) 车险继续提速，非车险增速延续向好 | --- | --- | |--------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 11.90 港元 | | ...

Investment Rating - The report maintains a "Buy" rating for China Property & Casualty Insurance (02328) [1] Core Views - China Property & Casualty Insurance achieved steady growth in premium income and continued optimization in cost control during H1 2024 [1] - The company's market share remained leading in the property insurance market, despite a slight decline of 0.3pct YoY to 34.0% [2] - The comprehensive cost ratio was maintained at a good level of 96.2%, with effective cost control measures in place [2] - The company's investment income improved QoQ, with a stable solvency position [2] Business Performance - In H1 2024, the company achieved original insurance premium income of RMB 311.996 billion, up 3.7% YoY [2] - Insurance service income reached RMB 235.841 billion, up 5.1% YoY, driven by growth in motor vehicle insurance (RMB 145.157 billion, +5.3% YoY), accident and health insurance (RMB 24.751 billion, +7.5% YoY), and liability insurance (RMB 18.339 billion, +8.4% YoY) [2] - Net profit attributable to shareholders was RMB 18.491 billion, down 8.7% YoY, mainly due to high-frequency natural disasters impacting non-auto insurance profitability [2] Cost Control - The comprehensive cost ratio for auto insurance was 96.4%, down 0.3pct YoY, with a comprehensive loss ratio of 71.2% (+1.5pct YoY) and a comprehensive expense ratio of 25.2% (-1.8pct YoY) [2] - Non-auto insurance had a comprehensive cost ratio of 95.8%, up 1.5pct YoY, with agricultural insurance showing improvement at 89.0% (-2.0pct YoY) due to business structure optimization [2] Investment Performance - Investment income in H1 2024 was RMB 13.971 billion, down 7.8% YoY, with an annualized total investment yield of 4.4% (-0.8pct YoY but +1.2pct QoQ) [2] - Investment assets totaled RMB 641.834 billion, up 6.8% YoY, with fixed-income assets at RMB 387.962 billion (+10.9% from the beginning of the year) and equity investment assets at RMB 154.936 billion (-2.2% YoY) [2] Financial Projections - Revenue is expected to grow by 5.50%, 6.15%, and 6.32% YoY in 2024, 2025, and 2026, respectively [3] - Net profit attributable to shareholders is projected to grow by 7.63%, 9.17%, and 12.41% YoY in 2024, 2025, and 2026, respectively [3] - EPS is forecasted to be RMB 1.19, RMB 1.30, and RMB 1.46 in 2024, 2025, and 2026, respectively [3] Valuation - The stock's PE ratio is estimated at 7.82x, 7.17x, and 6.37x for 2024, 2025, and 2026, respectively, based on the closing price as of September 17 [3]

证券研究报告 港股公司|公司点评|中国财险（02328） 车险及非车险保费增速均延续向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月17日 证券研究报告 |报告要点 公司发布 2024 年 8 月保费收入公告，8 月当月公司实现保费收入 373.75 亿元，同比+7.0%， 其中车险同比+4.4%、非车险同比+12.2%，车险及非车险保费增速均延续向好。鉴于公司稀缺 的商业模式和较高的 ROE，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 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09月17日 中国财险(02328) 车险及非车险保费增速均延续向好 | --- | --- | --- | |------------|---------------------|----------------| | | | | | | 行 业： | 非银金融/保险Ⅱ | | | 投资评级： | 买入（维持） | | | 当前价格： | 10.08 港元 | | 基本数据 | | | | 总 ...

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------|------------------------- ...

PICC 中国人民财产保险股份有限公司 PICC PROPERTY AND CASUALTY COMPANY LIMITED 股份代號: 2328 2024 中期報告 . 公司簡介 本公司於2003年7月由中國人民保險集團獨家發起設立，是中國內 地最大的財產保險公司。本公司於2003年11月6日成功在香港聯交 所主板掛牌上市，成為中國內地第一家在海外上市的金融企業。目 前，本公司總股本為22,242,765,303股，其中中國人民保險集團持 有68.98%的股份，H股股東持有31.02%的股份。 主要業務 機動車輛保險、企業財產保險、貨物運輸保險、責任保險、意外傷害保 險、短期健康保險、農業保險、信用保險、保證保險、家庭財產保險、船舶 保險等人民幣及外幣保險業務；與上述業務相關的再保險業務；國家法律法 規允許的投資和資金運用業務。 目錄 財務摘要 2 經營業績和財務狀況的 討論與分析 | --- | |------------------| | | | | | 業績概覽 | | 主要業務經營分析 | | 專項分析 | | 展望 | 公司治理及 其他資料 28 未經審計中期簡 明合併財務資料 中期簡明合併利潤表 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of HKD 11.59-12.20, based on a 2024E PB of 0.95-1.0x [3][4] Core Views - The company's property and casualty insurance business, particularly auto insurance, demonstrates strong competitive advantages, with a higher proportion of low-claim-rate household auto insurance and controllable channel costs [3] - Despite the impact of natural disasters and other factors, the company's comprehensive cost ratio remains superior to industry peers [1][3] - The company's Q2 net profit showed significant improvement, with a YoY increase of 17.4%, partially offsetting the 38.3% decline in Q1 [1][4] Financial Performance - H1 2024 net profit attributable to shareholders was RMB 18.49 billion, a YoY decrease of 8.7%, with underwriting profit of RMB 9.0 billion, down 5.0% YoY [1] - The company's net assets attributable to shareholders reached RMB 242.8 billion, a 4.9% increase from the beginning of the year, with an unannualized ROE of 7.7%, down 1.3 percentage points YoY [1] - The comprehensive cost ratio increased by 0.4 percentage points YoY to 96.2%, with the auto insurance and agricultural insurance ratios improving by 0.3 and 2.0 percentage points, respectively [3][7] Business Operations - H1 2024 premium income grew steadily, with a YoY increase of 3.7%, and the company's market share rose by 1.5 percentage points to 34.0% [1] - Auto insurance service income increased by 5.3% YoY, with household auto insurance policies up 6.5% and new car insurance policies up 5.2% [1] - New energy vehicle insurance policies surged by 59.3% YoY, with household auto insurance policies in this segment up 60.6% [1] - Non-auto insurance service income grew by 4.9% YoY, with liability insurance and accident/health insurance up 8.4% and 7.5%, respectively, while agricultural insurance declined by 7.0% [1][6] Investment Strategy - The company significantly increased its allocation to fixed deposits, government bonds, and treasury bonds, while reducing its allocation to funds [4] - As of H1 2024, the total investment asset size reached RMB 641.8 billion, a 6.8% increase from the beginning of the year, with fixed income and equity investments accounting for 60.5% and 24.1%, respectively [4] - The total investment income was RMB 14.0 billion, a YoY decrease of 7.8%, with an unannualized investment return rate of 2.2%, down 0.4 percentage points YoY [4] Valuation and Forecast - The company's current stock price corresponds to a 2024E PB of 0.83x, which is at a low valuation level [3] - The report forecasts a 2024E EPS of RMB 1.16, with a YoY increase of 5.1%, and a 2024E BVPS of RMB 11.13, up 7.0% YoY [5][11] - The company's net profit is expected to grow by 9.3% and 11.5% in 2025 and 2026, respectively, with EPS reaching RMB 1.27 and RMB 1.42 [5][11] Industry Comparison - The company's 2024E PB of 0.83x is lower than the average PB of 1.44x for comparable property and casualty insurance companies [10] - The company's 2023 ROE of 10.6% is slightly below the average ROE of 11.37% for comparable companies [10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 12.00, indicating a potential upside of 19.0% from the current price of HKD 10.08 [1][6]. Core Insights - The company's profit performance is in line with expectations, with a year-on-year decline in net profit of 8.7% for the first half of the year, but a recovery is anticipated in the second half due to a low comparative base [1]. - Insurance service revenue increased by 5% year-on-year, primarily driven by a 5% growth in auto insurance, while agricultural insurance saw a decline of 7% [1]. - The combined cost ratio (COR) improved for auto and agricultural insurance, with the overall COR at 96.2%, up 0.4 percentage points year-on-year [1]. - Total investment income decreased by 7.8% year-on-year, but a more stable performance is expected in the second half due to adjustments in asset allocation [1]. - The company announced an interim dividend of HKD 0.208 per share, with a payout ratio of 25% [1]. Financial Overview - For the first half of 2023, the company reported a net profit of RMB 24,585 million, down 8.7% year-on-year, with total investment income of RMB 20,807 million [5][8]. - The projected net profit for 2024 is expected to grow by 7% year-on-year, with earnings per share (EPS) forecasted at RMB 1.19 [4][8]. - The company’s total assets are projected to grow at a rate of 5.2% annually, with insurance service revenue expected to increase by 7.0% in 2024 [9].

公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 一年内股价与基准指数对比走势： -20% 0% 20% 40% HSCEI 中国财险 资料来源：Bloomberg 证券分析师 孙冀齐 A0230523110001 sunjq@swsresearch.com 罗钻辉 A0230523090004 luozh@swsresearch.com 联系人 孙冀齐 (8621)23297818× sunjq@swsresearch.com 2024 年 08 月 29 日 中国财险 (02328) —— COR 优于预期，净利润降幅环比显著收窄 买入（维持）1H24 净利润降幅环比显著收窄。公司 1H24 实现净利润 184.91 亿元，yoy-8.7%，同比降幅 较 1Q24 收窄 29.6%；其中，2Q24 净利润 yoy+17.4%至 126.20 亿元。净资产收益率（未年 化）yoy-1.3pct 至 7.7%。公司拟派发中期分红 0.208 人民币/股，股利支付率为 25.02%。 降本增效成效显著，COR 表现超预期。1H24 公司保险服务收入 yoy+5.1%至 2358.41 亿元， C ...