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[Brokerage Focus] Haitong Sec maintains a 'outperform the market' rating on PICC P&C (02328), bullish on the company's competitive advantage in P&C insurance business.
King W Finance News | Haitong Sec issued a research report indicating that PICC P&C (02328) released its 2024 third-quarter performance: 1) Achieved a net income of 26.8 billion yuan in the first three quarters, a year-on-year increase of +38.0%; Q3 single-quarter net income of 9.3 billion yuan, a year-on-year growth of 59.7 times, mainly driven by the significant increase in investment income. 2) Net assets at the end of Q3 were 253.1 billion yuan, an increase of 9.9% compared to the beginning of the year. The bank points out that total premiums are growing steadily, with non-auto insurance still growing faster than auto insurance. Due to factors such as major disasters, non-auto insurance underwriting losses were significant in the third quarter. Due to the recovery of the capital markets and the company's timely increase in secondary equity allocation, investment income has significantly improved.
[Brokerage Focus] Bocom Intl raises picc p&c (02328) target price by 24.2%, with investment income driving significant profit growth.
King Wencun | Bocom Intl released a research report stating that PICC P&C (02328) net income increased by 38% year-on-year in the first three quarters, in line with the company's previous performance forecast. The profit growth in the third quarter mainly came from investment income. The growth rate of premium service income remains stable. The comprehensive cost ratio of auto insurance has improved, while non-auto insurance has incurred underwriting losses. Investment income has significantly increased, benefiting from policy expectations driving a significant rebound in the stock market at the end of the third quarter. The company moderately increased stock investments in the third quarter, leading to a significant increase in the fair value of stock investments. The bank expects continued policy measures to support the real economy and stabilize the capital markets in the future, with the stock market likely to continue its evaluation.
[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 | Open Source Securities released a research report stating that PICC P&C (02328) disclosed its 2024 third-quarter report, with a net income attributable to the mother of 26.75 billion yuan in the first three quarters of 2024, a year-on-year increase of 38%, performance in line with the bank's expectations. Underwriting profit/total investment income were 6.44/27.5 billion yuan respectively, down 13%/up 70% year-on-year. Q3 single-quarter net profit attributable to the mother realized 8.26 billion, reversing the year-on-year loss (0.87 billion loss in Q3 2023), a quarter-on-quarter decrease of 35%, and a single-quarter underwriting loss of 2.56 billion (2.09 billion loss in Q3 2023), total investment income 13.53 billion.
[Brokerage Focus] Guolian Securities maintains a 'buy' rating on PICC P&C (02328), expecting the integration of motor insurance to drive improvement in year-on-year COR.
Jingu Finance News | Guolian Securities issued research reports, indicating that PICC P&C (02328) released the third quarter report of 2024, achieving 428.33 billion yuan in original insurance premium income in the first three quarters, +4.6% year-on-year; achieving a net income of 26.75 billion yuan, +38.0% year-on-year; comprehensive cost ratio is 98.2%, up by 0.3 percentage points year-on-year. The bank stated that the overall COR of the company in the first three quarters of 2024 was 98.2%, up by 0.3 percentage points year-on-year. The COR for motor insurance and non-motor insurance were 96.8%/100.5% respectively, down by 0.6 percentage points and up by 1.9 percentage points year-on-year.
The Smart Hong Kong Stock Early Access | Xiaomi autos delivered 0.02 million units in October, with gold prices continuing to rise.
Gold prices continue to rise, comex gold futures up 1.12%, trading at $2786.70 per ounce. Comex silver futures rose 1.84%, trading at $34.625 per ounce.
picc p&c (02328) will distribute a mid-term dividend of 0.208 yuan per share on December 27.
picc p&c (02328) announced that the company will distribute a interim dividend of 0 per share on December 27, 2024...
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