Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (2328.HK) with a current price of HKD 12.20 [2] Core Views - The company achieved a net profit of CNY 26.75 billion, representing a year-on-year growth of 38% [2][5] - Total operating revenue for the first three quarters of 2024 reached CNY 392.27 billion, an increase of 7.9% year-on-year [2] - The company continues to optimize its business structure, with non-auto insurance service revenue growing by 6.1% year-on-year [3] Summary by Sections Financial Performance - Insurance service revenue for the first three quarters was CNY 364.31 billion, up 5.3% year-on-year, with auto insurance revenue at CNY 219.51 billion, growing 4.7% [2][3] - The comprehensive cost ratio (COR) increased by 0.3 percentage points to 98.2%, primarily due to natural disasters impacting non-auto insurance profitability [4] - Total investment income reached CNY 27.5 billion, a significant increase of 70.4% year-on-year, driven by a recovery in equity markets [5] Business Strategy and Outlook - The company is focusing on a new business model integrating "insurance + risk reduction services + technology," enhancing its competitive edge in the market [6] - The market share in the property insurance sector reached 32.8%, maintaining its industry leadership [6] - Future net profit estimates for 2024-2026 have been revised upwards to CNY 33.1 billion, CNY 36.9 billion, and CNY 41.3 billion respectively, reflecting strong growth potential [6][9]
中国财险：2024年三季报点评：投资改善推动盈利同比增长38%