Core Viewpoint - China Pacific Insurance (02328) reported strong third-quarter performance with a net profit increase of 91.5% year-on-year to RMB 15.8 billion, contributing to a 50.5% year-on-year growth in net profit for the first nine months to RMB 40.3 billion, driven by improved underwriting profitability and significant investment income growth [1] Group 1: Financial Performance - The net profit for the third quarter reached RMB 15.8 billion, marking a 91.5% increase compared to the same period last year [1] - For the first nine months, the net profit totaled RMB 40.3 billion, reflecting a 50.5% year-on-year growth [1] Group 2: Forecast Adjustments - The target price for China Pacific Insurance has been raised from HKD 21.6 to HKD 23.6, maintaining a "Buy" rating [1] - Earnings per share forecasts for 2025 to 2027 have been adjusted upwards by 11%, 6%, and 6%, reaching RMB 1.86, RMB 1.94, and RMB 2.17 respectively [1] Group 3: Cost Ratio Predictions - The forecast for the full-year combined ratio (COR) for auto insurance has been revised down to 95.1% from the previous 95.8% [1] - The non-auto insurance COR forecast remains at 99%, with expectations to meet the full-year targets of below 96% and 99% for COR [1] - The impact of the integration of non-auto insurance is expected to gradually improve the non-auto COR by 2026 [1]
招银国际：升中国财险目标价至23.6港元 维持“买入”评级