Zhi Tong Cai Jing·2025-11-10 09:08Core Viewpoint - Goldman Sachs updated its forecasts for China Pacific Insurance (601601)(02601) following the release of its Q3 2025 earnings, adjusting the net profit forecast for FY2025 upwards by 11% after incorporating the expected investment income from Q3 [1] Group 1: Profit Forecast Adjustments - The profit forecasts for FY2026 and FY2027 were slightly adjusted upwards by 2% to 3% [1] - The new business value forecast for FY2025 to FY2027 was increased by 7% to 11%, reflecting the continued expansion of profit margins in FY2025 and positive prospects for new policy sales in FY2026 and FY2027 [1] Group 2: Shareholder Equity and Cost Ratios - The forecast for shareholder equity for FY2025 to FY2027 was revised downwards by 2% due to lower-than-expected growth in book value for Q3 2025 [1] - The comprehensive cost ratio forecast for the property and casualty insurance business for FY2025 was slightly adjusted upwards by 0.1 percentage points to 97.8% [1] Group 3: Target Price and Rating - The target price for China Pacific Insurance was raised from HKD 32.5 to HKD 34, while maintaining a "Buy" rating [1]