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