Investment Rating - The report maintains a rating of "Buy" for the company [2][11]. Core Insights - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year, driven by improvements in underwriting profit and investment income, with a continued improvement in the Combined Operating Ratio (COR) [3][11]. - The report projects a target price of HKD 22.82 for 2025, based on a price-to-book (P/B) ratio of 1.6 times [11]. Financial Summary - Insurance service revenue is expected to grow from RMB 457,203 million in 2023 to RMB 559,006 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 5% [5]. - Net profit is forecasted to rise from RMB 24,585 million in 2023 to RMB 56,609 million in 2027, with a significant increase of 47.9% in 2025 [5]. - The P/E ratio is projected to decrease from 15.64 in 2023 to 6.79 in 2027, indicating improved valuation metrics over time [5]. Underwriting and Investment Performance - The company's insurance premium income for the first three quarters of 2025 increased by 3.5% year-on-year, with motor insurance premiums up by 3.1% and non-motor insurance premiums up by 3.8% [11]. - The COR improved by 2.1 percentage points to 96.1% in the same period, attributed to reduced catastrophe claims and enhanced cost control measures [11]. - The total investment return for the first three quarters of 2025 was 5.4%, an increase of 0.8 percentage points year-on-year, driven by a favorable capital market and optimized asset allocation [11].
中国财险（02328）：2025 年三季报业绩点评：盈利显著提振，COR延续改善