Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.00, while the current price is HKD 10.56 [1]. Core Insights - The company reported a premium income of CNY 36.518 billion in April 2024, a year-on-year decline of 1.4%. The auto insurance segment grew by 3.5%, while non-auto insurance saw a decline of 7.8% [5]. - The growth in auto insurance premiums is attributed to contributions from new policies and renewals, with expectations of around 5% growth for the year due to increased vehicle sales and government policies [6]. - Non-auto insurance premiums declined primarily due to pressure on government and corporate business, with expectations for recovery as government business selections progress and the economy continues to recover [7]. - The company is expected to achieve a return on equity (ROE) of over 12% and a continuous improvement in combined operating ratio (COR) for 2024, with projected net profits of CNY 28.224 billion, CNY 31.365 billion, and CNY 33.301 billion for 2024, 2025, and 2026 respectively [8]. Financial Data Summary - Total share capital is 22,242.77 million shares, with a circulating market value of HKD 72,856.54 million. The net asset value per share is HKD 11.10, and the debt-to-asset ratio stands at 66.72% [2]. - The company's main revenue for 2024 is projected at CNY 482.705 billion, with a year-on-year growth of 5.6% [9]. - The earnings per share (EPS) for 2024 is estimated at CNY 1.27, with a price-to-earnings (PE) ratio of 7.57 [9].
中国财险：车险业务增速稳健，非车业务受政策影响增速回落