Guosen: Maintaining PICC P&C (02328) "outperform" rating, new energy vehicle insurance improves quality and efficiency.

Guosen released a research report stating that it maintains its profit forecast for PICC P&C (02328), with an estimated EPS of 1.33/1.49/1.60 yuan per share for the years 2024 to 2026. The current stock price corresponds to a PB ratio of 1.04/0.96/0.90 times, and the "outperform the market" rating is maintained. The bank expects that as the new energy vehicle industry matures and the renewal rate for the company's new energy vehicle insurance improves, the claim rate may gradually stabilize, leading to a significant optimization of the business quality and benefiting the overall COR level of the company. The report states that in recent years, the rapid increase in sales of new energy vehicles has driven the rapid increase in demand for new energy vehicle insurance. However, due to factors such as changes in the owner structure, high repair barriers, and insufficient data volume, the new energy vehicle insurance business still faces challenges of high premiums and underwriting losses. Leveraging its business layout and leading effects, PICC P&C continues to build a comprehensive risk protection system for new energy vehicles, achieving significant advantages in data reserves, marketing models, product supply, and claims services.