研报掘金丨中金：上调中国财险目标价至19.1港元 维持“跑赢行业”评级

Core Insights - The report from CICC indicates that China Pacific Insurance's net profit for Q3 and the first three quarters increased by 91.5% and 50.5% year-on-year, reaching 15.81 billion yuan and 40.27 billion yuan respectively, aligning with market expectations [1] - The company's net assets grew by 12.3% from the beginning of the year to 289.9 billion yuan [1] - CICC maintains an "outperform" rating for the property insurance sector, raising the earnings per share forecasts for 2025 and 2026 by 25% and 7% to 2.14 yuan and 1.89 yuan respectively [1] - The valuation basis has been extended to 2026, with the forecasted price-to-book ratio increased from 1.2 times to 1.3 times, and the target price raised by 23% to 19.1 HKD [1]