机构：国泰海通证券 研究员：刘欣琦/李嘉木 本报告导读： 临时负责人任命落地，预计公司核心业务经营平稳。12 月9 日，公司发布公告，指定张道明先生为临时 负责人。临时负责公司全面工作，张道明先生在保险行业拥有27 年管理工作经验，长期参与公司运 营。此前公司发布公告称，于泽因个人原因停止履职，辞任公司执行董事、副董事长、总裁等职务。我 们认为短期人事变动不会改变公司围绕集团"建设一流"的战略要求，持续深化改革创新，完善经营管理 的既定发展路线，预计车险/非车险等核心业务将持续平稳运营。 预计公司短期人事变动不改长期经营稳定，看好清晰的车险及非车战略规划推动承保盈利持续改善，维 持"增持"。 投资要点： 投资建议我 们认为公司短期人事变动不改长期经营战略稳定，看好承保盈利持续改善。维持2025-2027 年EPS 预测为2.14/2.40/2.55元，维持2025 年P/B 为1.6 倍，维持目标价22.82 港元。 催化剂：权益市场超预期回暖。 风险提示：大灾频发；长端利率下行；权益市场波动。 战略规划清晰，看好保费及盈利长期向好增长。我们预计公司车险承保盈利优势持续巩固，非车险综合 治理及出海业务将进一步 ...

Core Viewpoint - The high insurance premiums and refusal to insure electric vehicles (EVs) have become significant issues for both EV owners and insurance companies, leading to dissatisfaction on both sides [1][2][7]. Group 1: Insurance Premiums and Trends - The insurance premiums for electric vehicles are notably high, with examples showing first-year premiums for various models: 5,500 yuan for Leap B10, 8,000 yuan for Avita 06, and 8,900 yuan for Tesla Model Y L [1][6]. - In 2023, the average insurance premium for electric vehicles was approximately 21% higher than that for gasoline vehicles, with pure electric vehicles costing an average of 1,687 yuan more annually [6][7]. - The insurance industry reported a loss of 57 billion yuan from insuring 31.05 million electric vehicles, despite generating 140.9 billion yuan in premium income [7][10]. Group 2: Refusal to Insure and Market Dynamics - Insurance companies are increasingly refusing to insure electric commercial vehicles, citing that it is a loss-making business [2][8]. - The refusal to insure extends to both commercial and passenger electric vehicles, with some companies not offering coverage for operational vehicles at all [2][3]. - The insurance market is facing a mismatch between vehicle usage and insurance pricing, leading to inadequate premium coverage for high-risk vehicles [9][12]. Group 3: Factors Influencing High Premiums - High repair costs for electric vehicles, particularly for components like batteries and integrated parts, contribute to elevated insurance premiums [8][9]. - The higher accident rates among younger electric vehicle owners, who tend to have less driving experience, further exacerbate the situation [8][9]. - The lack of standardized data and risk assessment for electric vehicles complicates the pricing and underwriting process for insurers [9][14]. Group 4: Industry Responses and Future Outlook - Some insurance companies, like China Ping An and China Pacific Insurance, have reported profitability in their electric vehicle insurance segments by selectively choosing clients and business [10][12]. - Regulatory bodies have introduced measures to improve the insurance landscape for electric vehicles, including a new platform to facilitate easier access to insurance [13][14]. - The industry is exploring solutions such as improved collaboration between automakers and insurers, standardization of parts, and alternative repair methods to reduce costs [14].