Zhi Tong Cai Jing·2025-10-30 03:08Core Viewpoint - Goldman Sachs has slightly raised the target price for Ping An Insurance (601318) H-shares by 1.6%, from HKD 63 to HKD 64, while maintaining a "Buy" rating for both H-shares and A-shares [1] Group 1: Earnings Forecast Adjustments - Goldman Sachs updated its forecasts for Ping An to reflect the performance in Q3 2025 and the latest investment market trends [1] - The net profit expectations for the fiscal years 2025-2027 have been increased by 3-19%, which corresponds to a 2-3% upward adjustment in the forecast for shareholder equity at the group level [1] - The premium forecasts for the fiscal years 2025-2027 have been raised by 5-9%, along with a similar increase of 5-9% in the expected value of new business (VONB) for the same period [1] Group 2: Q3 Performance Highlights - Ping An's Q3 performance exceeded both Goldman Sachs' and market expectations, indicating significant growth in stock investment returns [1] - The sales momentum for new policies remains strong, contributing positively to the overall performance [1] - Losses in the asset management business have significantly decreased, further enhancing the company's financial outlook [1] - The after-tax operating profit (OPAT) for Q3 increased by 9% year-on-year to RMB 38.5 billion, with life insurance profits surpassing expectations and strong growth in sales and new business value [1]