Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (02328) [2] Core Views - The underwriting performance is strong, with a significant increase in underwriting profit by 44.6% year-on-year [5] - The company’s net profit for the first half of 2025 increased by 32.3% year-on-year to CNY 24.455 billion, with a second quarter net profit growth of 4.1% year-on-year to CNY 13.143 billion [5] - The combined ratio (COR) improved by 1.4 percentage points year-on-year to 94.8%, aligning with expectations [5] - The company has increased its stock allocation by 2 percentage points since the beginning of the year, indicating a positive shift in investment strategy [5] Financial Data and Profit Forecast - The company’s total investment assets reached CNY 711.48 billion, a 5.2% increase from the end of 2024 [5] - The report projects net profits for 2025-2027 to be CNY 36.852 billion, CNY 40.899 billion, and CNY 47.124 billion respectively, up from previous forecasts [6] - The projected earnings per share (EPS) for 2025 is CNY 1.66, with a price-to-earnings (P/E) ratio of 10.25 [7] Business Segments - In the auto insurance segment, premium income increased by 3.4% year-on-year to CNY 144.065 billion, with underwriting profit rising by 67.7% year-on-year to CNY 8.726 billion [8] - The non-auto insurance segment also saw growth, with premium income up by 3.8% year-on-year to CNY 179.217 billion, and underwriting profit increasing by 13.0% year-on-year to CNY 4.289 billion [8]
中国财险（02328）：承保表现亮眼，股票配置比例较年初+2pct