---
title: "In \"The Big Banks,\" CITIC Securities raised the target price for Zhongjin Property & Casualty Insurance to 19.1 yuan and adjusted the earnings forecast upward, indicating significant potential for overseas expansion"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/265065000.md"
description: "CICC released a report stating that PICC P&C's net profit for the third quarter and the first three quarters increased by 91.5% and 50.5%, reaching RMB 15.81 billion and RMB 40.27 billion, respectively. Net assets grew by 12.3% from the beginning of the year to RMB 289.9 billion. The report pointed out that there is potential for business growth in the process of Chinese enterprises going overseas, with 30% of incremental premiums in the next five years expected to come from abroad. CICC raised its earnings per share forecasts for 2025 and 2026 by 25% and 7%, respectively, and increased the target price by 23% to HKD 19.1, maintaining an \"outperform industry\" rating"
datetime: "2025-11-10T03:48:35.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265065000.md)
  - [en](https://longbridge.com/en/news/265065000.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265065000.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/265065000.md) | [繁體中文](https://longbridge.com/zh-HK/news/265065000.md)


# In "The Big Banks," CITIC Securities raised the target price for Zhongjin Property & Casualty Insurance to 19.1 yuan and adjusted the earnings forecast upward, indicating significant potential for overseas expansion

CICC published a report stating that PICC P&C (02328.HK) announced its third-quarter results, with net profit for the third quarter and the first three quarters increasing by 91.5% and 50.5% year-on-year to RMB 15.81 billion and RMB 40.27 billion, respectively. It had previously disclosed positive earnings guidance, in line with market expectations; net assets increased by 12.3% from the beginning of the year to RMB 289.9 billion.

The report indicated that recently, People’s Insurance Group (01339.HK) held a capital market open day, showcasing several high-quality development paths for the company's non-auto business. One of these paths is the collaborative promotion of business overseas in the process of serving Chinese enterprises going global, which includes two main lines: enterprises going abroad and products going abroad. The company has made systematic organizational planning and arrangements to achieve business expansion in these two directions and anticipates that 30% of the incremental premiums in the next five years will come from overseas business contributions. The firm believes that under the trend of Chinese enterprises going global during the 14th Five-Year Plan period, the expansion of P&C insurance overseas will have great potential and bring upward revision space for the company's valuation.

CICC maintains a "outperform industry" rating for P&C insurance. Due to better-than-expected investment performance, it raised the company's earnings per share forecasts for 2025 and 2026 by 25% and 7% to RMB 2.14 and RMB 1.89, respectively, and extended the valuation basis to 2026, raising the valuation basis from the previously predicted price-to-book ratio of 1.2 times to 1.3 times, with the target price raised by 23% to HKD 19.1

### Related Stocks

- [PICC P&C (02328.HK)](https://longbridge.com/en/quote/02328.HK.md)

## Related News & Research

- [PICC P&C proposes final dividend of RMB 0.44/share, payment set for Aug. 28](https://longbridge.com/en/news/281334244.md)
- [PICC P&C posts 2025 annual report, net profit RMB 40,377 million rises 25.5%](https://longbridge.com/en/news/281330177.md)
- [PICC P&C publishes 2025 sustainability report](https://longbridge.com/en/news/281336566.md)
- [PICC's Profit Rises 9.6% in 2025; Dividend Declared](https://longbridge.com/en/news/280633202.md)
- [Citychamp trims Min Xin stake in HK$15.37 million connected share sale](https://longbridge.com/en/news/281299673.md)