新华保险(01336)交易性金融资产占比相对高于同业，投资收益和盈利呈现出相对较高的波动性和弹性，但公司2025年资产、负债端在高基数上可能面临增长压力。该行上调盈利预测，预计2024年盈利在低基数上增长2倍。基于0.65倍2025年市净率，该行将公司目标价从20.5港币上调至30.5港币，维持买入评级。Golden Finance News | Bocom Intl raises target prices for multiple insurance stocks.
China Life Insurance (02628) investment income and earnings demonstrate relatively high elasticity. The bank has raised profit forecasts, expecting a 1.78x year-on-year increase in profit for the company in 2024. Based on a 0.7x 2025 PB ratio, the bank has raised the company's target price from HK$14 to HK$19, maintaining a buy rating.
China Pacific Insurance (02601) has rich experience in selling participating insurance products and is making good progress in transforming to participating insurance products. The bank has raised profit forecasts, expecting a 69% year-on-year increase in profit for the company in 2024. Based on a 0.9x 2025 PB ratio, the bank has raised the target price from HK$25 to HK$32, maintaining a buy rating.
New China Life Insurance (01336) has a relatively high proportion of trading financial assets compared to peers, with investment income and earnings showing relatively high volatility and elasticity. However, the company may face growth pressure in its assets and liabilities in 2025 due to a high base. The bank has raised profit forecasts, expecting a twofold increase in profit for the company in 2024 from a low base. Based on a 0.65x 2025 PB ratio, the bank has raised the company's target price from HK$20.5 to HK$30.5, maintaining a buy rating.
In addition, China Picc P&C (02328) has raised investment income and profit forecasts, expecting a 31% year-on-year increase in profit for the company in 2024 with the potential for ROE to reach 13%. Based on a 1.1x 2025 PB ratio, the bank has raised the target price from HK$12.0 to HK$14.9, maintaining a buy rating.
