Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (2328) [8] Core Views - The report suggests that short-term personnel changes will not affect the long-term operational stability of the company, with a positive outlook on the clear strategic planning for both auto and non-auto insurance, which is expected to drive continuous improvement in underwriting profitability [3][12] - The report forecasts EPS for 2025-2027 to be 2.14, 2.40, and 2.55 RMB respectively, with a target price of 22.82 HKD for 2025 [12] Financial Summary - Insurance Service Revenue (Million RMB): - 2023A: 457,203 - 2024A: 485,223 (+6%) - 2025E: 507,552 (+5%) - 2026E: 532,082 (+5%) - 2027E: 559,006 (+5%) [6] - Net Profit (Attributable to Parent) (Million RMB): - 2023A: 24,585 - 2024A: 32,173 (+30.9%) - 2025E: 47,582 (+47.9%) - 2026E: 53,294 (+12.0%) - 2027E: 56,609 (+6.2%) [6] - Price-to-Earnings (PE) Ratio: - 2023A: 13.97 - 2024A: 10.67 - 2025E: 7.22 - 2026E: 6.44 - 2027E: 6.07 [6] - Price-to-Book (PB) Ratio: - 2023A: 1.48 - 2024A: 1.33 - 2025E: 1.19 - 2026E: 1.05 - 2027E: 0.94 [6] Strategic Insights - The company is expected to maintain stable operations in its core business despite recent personnel changes, with the appointment of Zhang Daoming as the interim head, who has 27 years of management experience in the insurance industry [12] - The report highlights a clear strategic plan that is expected to enhance both premium income and profitability in the long term, particularly through the optimization of the auto insurance cost structure and the governance of non-auto insurance [12] - The company is actively responding to national policies to develop overseas business models, focusing on serving "Chinese enterprises" and "Chinese products," with significant progress in underwriting key projects along the Belt and Road Initiative [12]
中国财险（02328）：更新报告：短期人事变动不改经营战略稳定，预计承保盈利持续向好