Core Viewpoint - China Pacific Insurance's strong performance in Q3, with net profit increasing by 91.5% year-on-year to 15.8 billion yuan, contributing to a 50.5% year-on-year growth in net profit for the first nine months to 40.3 billion yuan, driven by improved underwriting profitability and significant growth in investment income [1] Group 1 - The forecast for earnings per share for China Pacific Insurance for 2025 to 2027 has been raised by 11%, 6%, and 6% respectively, to 1.86 yuan, 1.94 yuan, and 2.17 yuan [1] - The full-year combined ratio (COR) forecast for auto insurance has been revised down to 95.1% from the previous 95.8%, while the non-auto insurance COR forecast remains at 99% [1] - The company aims to achieve a full-year COR target of below 96% for auto insurance and below 99% for non-auto insurance [1] Group 2 - The investment bank maintains a "Buy" rating for China Pacific Insurance, with the target price increased from 21.6 HKD to 23.6 HKD [1]
大行评级丨招银国际：中国财险第三季业绩强劲 目标价上调至23.6港元