Core Viewpoint - China Pacific Insurance (02328) reported strong Q3 performance with a net profit increase of 91.5% year-on-year to 15.8 billion RMB, contributing to a 50.5% year-on-year growth in net profit for the first nine months to 40.3 billion RMB, driven by improved underwriting profitability and significant investment income growth [1] Financial Performance - Q3 net profit increased by 91.5% to 15.8 billion RMB [1] - Net profit for the first nine months reached 40.3 billion RMB, up 50.5% year-on-year [1] - The company adjusted its earnings per share forecasts for 2025 to 1.86 RMB, 2026 to 1.94 RMB, and 2027 to 2.17 RMB, reflecting increases of 11%, 6%, and 6% respectively [1] Ratios and Targets - The current price-to-book ratio for China Pacific Insurance is 1.35 times [1] - The target price has been raised from 21.6 HKD to 23.6 HKD [1] - The forecast for the combined ratio (COR) for auto insurance has been revised down to 95.1% from 95.8% [1] - The non-auto insurance COR forecast remains at 99%, with expectations to meet annual targets of below 96% and 99% for COR [1] Future Outlook - The positive effects of the integration of non-auto insurance are expected to gradually manifest in 2026 [1]
招银国际：升中国财险(02328)目标价至23.6港元 维持“买入”评级