Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's net profit for the first three quarters increased by 38.0% year-on-year to 26.75 billion yuan, primarily driven by a significant rise in total investment income due to a recovery in the capital market [3][4] - The underwriting performance was under pressure due to the impact of major disasters, with the combined cost ratio rising to 98.2%, higher than expected [4][5] - The company is expected to continue its high-quality transformation, optimizing its business structure and improving risk identification capabilities [6] Summary by Sections Market Data - Closing price (HKD): 12.20 - H-share market value (billion HKD): 2,713.62 - 52-week high/low (HKD): 14.12/8.55 [2] Financial Performance - Insurance service income for the first three quarters increased by 5.3% year-on-year to 364.31 billion yuan [4] - The combined cost ratio for non-auto insurance increased by 2.3 percentage points to 108.3% in Q3 2024, leading to a significant underwriting loss [5] - The company’s total investment return rate for the first three quarters was 4.4%, an increase of 1.7 percentage points year-on-year [5] Profit Forecast - The profit forecast for 2024-2026 has been raised to 32.67 billion, 34.84 billion, and 38.03 billion yuan respectively [6][7] - The company’s price-to-book ratio for 2024E is 0.97x, indicating a relatively safe valuation cushion [6]
中国财险：投资驱动利润增速亮眼，大灾影响下承保表现承压