Guotai Junan: maintains a "buy" rating on PICC Property and Casualty (02328.HK) with a target price of HK$22.82.

Wisdom Finance APP learned that Guotai Haitong released a research report stating that China Pacific Insurance (02328.HK) actively responded to the call for the integration of non-auto insurance and the expansion of overseas markets, optimistic about the improvement of premiums and COR. Maintain EPS forecast for 2025-2027 at 2.14/2.40/2.55 yuan, maintain P/B ratio for 2025 at 1.6 times, and maintain target price of 22.82 Hong Kong dollars. The bank is optimistic about the further improvement of underwriting profitability guided by non-auto insurance comprehensive management. It is expected that the company will strictly implement regulatory requirements to deepen the comprehensive management of non-auto insurance, promote COR improvement (preliminary forecast improvement space of 1pt), continue to achieve underwriting profitability better than the industry, and maintain the company's "hold" rating.