智通财经网·2025-10-30 03:08Core Viewpoint - Goldman Sachs has slightly raised the target price for Ping An Insurance (02318) 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 profit forecasts for Ping An to reflect the performance in Q3 2025, increasing net profit expectations for FY2025-2027 by 3-19%, which translates to a 2-3% increase in shareholder equity predictions for the same period [1] - The premium forecasts for FY2025-2027 have been raised by 5-9%, alongside a similar increase of 5-9% in the expected value of new business (VONB) for the same fiscal years [1] Group 2: Q3 Performance Highlights - Ping An's Q3 performance exceeded both Goldman Sachs' and market expectations, driven by significant growth in stock investment returns, strong momentum in new policy sales, and a substantial reduction in asset management losses [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 a strong growth trend in sales and new business value [1]