Group 1 - The company expects that short-term personnel changes will not affect long-term operational stability, maintaining a positive outlook on underwriting profitability improvement driven by clear strategies in both auto and non-auto insurance [1][2] - The company maintains EPS forecasts for 2025-2027 at 2.14, 2.40, and 2.55 yuan, with a target price of 22.82 HKD based on a P/B ratio of 1.6 for 2025 [1] - The appointment of a temporary leader, Mr. Zhang Daoming, is expected to ensure stable operations in core business areas, given his 27 years of management experience in the insurance industry [1] Group 2 - The company anticipates sustained growth in premium income and profitability, supported by optimized cost structures in auto insurance and further growth opportunities in non-auto insurance and overseas markets [2] - The company is proactively responding to regulatory changes in non-auto insurance, implementing measures to enhance underwriting profitability through product innovation and cost management [2] - The company has initiated overseas business models focusing on serving Chinese enterprises and products, with significant progress in projects related to the Belt and Road Initiative and expansion of new energy vehicle insurance in markets like Hong Kong and Thailand [2]
中国财险(2328.HK)更新报告：短期人事变动不改经营战略稳定 预计承保盈利持续向好