金吾财讯 | 中信建投研报指，前三季度中国财险(02328)归母净利润同比+50.5%至402.68亿元，主因承保利润同比+130.7%至148.65亿元、总投资收益同比+33.0%至359.0亿元。 从前三季度看，公司坚持车险业务内涵式发展、商业非车险创新发展，公司车险与非车险业务均实现强劲的盈利增长，受益于公司深化经营管理降本提质增效，持续提升核保理赔质效，加强销售费用精细化管理，不断优化费用投入，带动公司整体承保利润同比+130.7%，而且总投资收益率在去年同期高基数下进一步改善，带动归母净利润同比+50.5%，资负两端均有亮眼表现。 估值方面，截至11月24日收盘，公司2025年PB为1.23倍，股息率为4.2%。该机构预计公司2025/2026/2027年的归母净利润增速分别为43.5%/13.7%/9.7%，给予公司未来12个月目标价23.09港元，维持“买入”评级。
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