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【券商聚焦】开源证券维持中国财险(02328)“买入”评级 指公司在格局优化下龙头地位凸显

[Brokerage Focus] Guotai Jun'an Securities maintains a "buy" rating on PICC P&C (02328), indicating that the company's leading position is highlighted under the optimization of its structure.

Jingu Finance News ·  Oct 30, 2024 05:40  · Ratings

Jingu Financial News | Open Source Securities released research reports stating that PICC P&C (02328) disclosed its 2024 first three quarters report, with a net income attributable to the parent company of 26.75 billion yuan, a year-on-year increase of 38%, in line with the bank's expectations. Underwriting profit/total investment income were 6.44/27.5 billion yuan respectively, representing a year-on-year change of -13%/+70%. In Q3, net income attributable to the parent company reached 8.26 billion, turning a profit compared to a loss of 0.87 billion in Q3 2023, a decrease of 35% from the previous quarter. Underwriting profit in Q3 was a loss of 2.56 billion (compared to a loss of 2.09 billion in Q3 2023), while total investment income was 13.53 billion, an increase of 1261% year-on-year. The year-on-year comprehensive cost ratio for the first three quarters of 2024 rose by 0.8 percentage points to 98.2%, slightly higher than the 96.2% in the first half of 2024.

The bank continued to point out that the total investment income for the first three quarters of 2024 was 27.5 billion yuan, up 70% year-on-year. Q3 total investment income increased by 1261% year-on-year, with an annualized total investment income rate of 5.9%, a increase of 2.3 percentage points year-on-year, expected to mainly benefit from a significant improvement in the equity market in the third quarter. In September 2024, the sales volumes of passenger vehicles/ new energy vehicles increased by 1.5%/42.4% year-on-year respectively, with cumulative growth rates of 1.5%/32.5%. On August 13th, new regulations for internet-oriented insurance were implemented, limiting the solvency and operational years of internet-oriented insurance and clarifying that car insurance can be conducted online in areas without branch offices, while agricultural insurance and ship insurance cannot be operated through the internet. The bank believes that the new regulations raise the threshold for internet-oriented insurance operations, highlighting PICC P&C's leading position amidst an optimized industry landscape.

The bank stated that considering the improvement in the investment side driven by the equity market, it has raised its net income forecast for the years 2024-2026 to 36.5/36.8/38.9 billion yuan (previously 30.6/34/36.2 billion yuan), representing year-on-year changes of +48.4%/+0.9%/+5.8%, with corresponding EPS of 1.6/1.7/1.7 yuan. As a leader in the P&C insurance industry, the company's competitive advantage is evident, with a current dividend yield (TTM) of 4.39%. The current stock prices correspond to PE ratios of 6.8/6.8/6.4 and PB ratios of 1.0/0.9/0.8 respectively. The bank maintains a “buy” rating.

The translation is provided by third-party software.


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