中国财险（02328）：港股公司信息更新报告：费用率改善带动COR下降，保费保持“头雁”身位

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a net profit attributable to shareholders of 40.37 billion, a year-on-year increase of 25.5%, with underwriting profit reaching 12.5 billion, up 119% year-on-year. Total investment income was 38.6 billion, reflecting a 12.8% increase year-on-year, with an investment return rate of 5.8%, up 0.1 percentage points year-on-year [5] - The company maintains a leading position in the industry, with a continuous decline in the combined ratio (COR). The implementation of unified pricing for non-auto insurance is expected to further improve the COR, solidifying its status as an industry leader [5] - The company plans to distribute a dividend of 0.68 HKD per share, a year-on-year increase of 26%, with a current dividend yield of 5.2%. The current stock price corresponds to a price-to-earnings (PE) ratio of 6.3/5.8/5.3 for 2026-2028 and a price-to-book (PB) ratio of 0.9/0.7/0.6 for the same period [5] Financial Performance Summary - The company achieved original insurance premium income of 555.8 billion, a year-on-year increase of 3.3%, with a market share of 31.6% in the Chinese property insurance market. The insurance service income was 511.6 billion, up 5.4% year-on-year [6] - The overall premium income growth was primarily driven by non-auto insurance, with the new energy vehicle insurance premium income reaching 67.1 billion, a year-on-year increase of 31.9%, accounting for 22.1% of total premiums [6] - The comprehensive cost ratio improved to 97.5%, down 1.3 percentage points year-on-year, while the comprehensive expense ratio decreased to 23.6%, down 2.2 percentage points year-on-year, indicating effective cost control [6] Investment Asset Growth - The company's total investment assets reached 760.4 billion, a year-on-year increase of 12.4%, with total investment income of 38.6 billion, up 12.8% year-on-year. The investment return rate remained at 5.8%, reflecting a slight year-on-year increase [7] - The proportion of equity investments increased to 27.9%, up 2.8 percentage points year-on-year, with stock assets accounting for 11.3%, an increase of 4.0 percentage points year-on-year [7] Valuation Metrics - The financial summary indicates projected insurance service income for 2026 at 540.75 billion, with a year-on-year growth of 5.7%. The net profit attributable to shareholders is expected to reach 45.97 billion in 2026, reflecting a year-on-year increase of 13.9% [8] - The projected comprehensive cost ratio for 2026 is 97.0%, with a payout ratio of 73.5%. The return on equity (ROE) is expected to be 15.0% [8]