Core Viewpoint - UBS believes that the competitive threat from automotive manufacturers' affiliated insurance companies is limited, and expects China Pacific Insurance (02328) to benefit from strong pricing and claims capabilities, predicting a faster turnaround than peers by 2025 [1] Company Summary - UBS has raised the net profit forecast for China Pacific Insurance for 2025 to 2029 by 3% to 8%, and increased the target price from HKD 20.7 to HKD 21.8, maintaining a "Buy" rating [1] Industry Summary - From 2024 to 2030, the average annual compound growth rate (CAGR) of insurance premiums for new energy vehicles in mainland China is projected to be 27%, reaching RMB 592 billion, primarily driven by fleet size [1] - The comprehensive cost ratio (CoR) for the new energy vehicle industry is expected to be 107% in 2024, with a turnaround anticipated by 2027, leading to an expected underwriting profit of RMB 17 billion by 2030 [1]
瑞银：升中国财险(02328)目标价至21.8港元 新能源车保费上升推动盈利能力