Zhongtai Securities: Maintains "Buy" rating on PICC P&C (02328.HK); product development rules upgraded from "guidelines" to "regulations"

Zhitong Finance APP has learned that Zhongtai Securities has issued a research report stating that it maintains its earnings forecasts and expects China Property & Casualty Insurance (02328.HK) to report net profit attributable to shareholders of RMB 41.660 billion, RMB 44.204 billion, and RMB 46.691 billion for 2026-28, with year-on-year growth rates of 3.2%, 6.1%, and 5.6%. The company combines the characteristics of high dividend yield and upward cyclical momentum, and its valuation multiple is expected to be further released, maintaining a "Buy" rating; the bank believes that the regulatory extension of comprehensive governance for non-auto insurance raises compliance thresholds and benefits large property and casualty insurance companies. As a leading institution, China Property & Casualty Insurance is expected to further demonstrate its advantages in risk pricing capability.