Investment Rating - The report maintains a rating of "Accumulate" for China Pacific Insurance (2328) [1]. Core Views - The company is actively exploring high-quality development paths for new energy vehicle insurance, leveraging advantages in pricing, channels, and claims to continuously optimize the comprehensive cost ratio, achieving better underwriting profitability than the industry average [3][4]. Summary by Sections Company Overview - China Pacific Insurance held a 2024 Capital Market Open Day on November 8, showcasing its exploration and practices in the high-quality development of new energy vehicle insurance [4]. Investment Recommendations - The company is committed to providing comprehensive risk protection for new energy vehicles, benefiting from its strengths in pricing, channels, claims, risk reduction, and integration, which positively impacts its underwriting profitability [4]. - The projected EPS for 2024-2026 is set at 1.56, 1.63, and 1.70 RMB, with a target price of 15.84 HKD per share, corresponding to a P/B of 1.4 times for 2024 [4]. Market Performance - Since 2020, the retail sales of new energy vehicles in China have grown at a compound annual growth rate (CAGR) of 59%, with the penetration rate of new energy passenger vehicles reaching 45.79% in the first nine months of 2024 [4]. - The company has effectively implemented the new national policy focusing on commercial insurance for new energy vehicles, enhancing the quality and scope of underwriting and improving profitability levels [4]. Strategic Initiatives - The company has established a group-level strategic project team focusing on new energy vehicle insurance, with a development strategy that includes pricing, channels, claims, risk reduction, and ecological integration [4]. - The company’s market share in new energy vehicle commercial insurance reached 34.45% in the first nine months of 2024, an increase of 1.49 basis points year-on-year, with a comprehensive cost ratio better than the industry average [4]. Financial Projections - The insurance revenue for 2024 is projected at 484,097 million RMB, reflecting a growth of 6% from 2023 [7]. - The net profit for 2024 is expected to be 34,653 million RMB, representing a significant increase of 41% compared to 2023 [7].
中国财险2024年投资者开放日点评：新能源车险增效降赔，预计龙头更具优势