Shenwan Hongyuan: Maintains "buy" rating on Chinese property insurance (023238) Investment-driven profit growth bright

According to the Intelligence Financial APP, Shenwan Hongyuan has released a research report stating that it maintains a "buy" rating on China Property Insurance (023238) and has raised its profit forecast. The company's performance in terms of assets and liabilities in the first three quarters exceeded expectations. The bank has raised its net profit forecast for 2025-2027 to 48.116/49.883/57.217 billion yuan (previously forecasted at 36.852/40.899/47.124 billion yuan). The company's cost control effectiveness continues to be evident, with the automobile insurance combined ratio (COR) maintaining a low position under the impact of major disasters, and the non-automobile insurance COR showing unexpected improvement. It is optimistic about the positive impact of the new regulations on new energy vehicle insurance and the "reporting and underwriting integration" on the liability side of non-automobile insurance in the future.