Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Insights - The company reported a net profit of 40.3 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 50.5%. The underwriting profit and total investment income were 14.9 billion yuan and 35.9 billion yuan, respectively, with year-on-year increases of 130.7% and 33% [5][6] - The comprehensive cost ratio (COR) decreased year-on-year, driven by rate optimization and strong growth in both underwriting and investment income. The company is expected to further improve its COR with the implementation of non-auto insurance integration [5][6] - The company’s total investment income for the first three quarters of 2025 was 35.9 billion yuan, a year-on-year increase of 33%, benefiting from a significant improvement in the equity market [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved insurance service revenue of 385.9 billion yuan, a year-on-year increase of 5.9%. The breakdown includes 227.6 billion yuan from auto insurance and 158.3 billion yuan from non-auto insurance, with respective year-on-year increases of 3.7% and 9.3% [6] - The projected net profits for 2025, 2026, and 2027 are 50.1 billion yuan, 57.6 billion yuan, and 63.4 billion yuan, respectively, with year-on-year growth rates of 55.7%, 15.0%, and 10.0% [5][8] - The current price-to-earnings (P/E) ratios are projected to be 7.4, 6.5, and 5.9 for 2025, 2026, and 2027, respectively, while the price-to-book (P/B) ratios are expected to be 1.2, 1.0, and 1.0 [5][8]
中国财险（02328）：费率优化带动COR下降，承保和投资收益双高增