金吾财讯 | 国联证券发研报指，中国财险(02328)发布2024年三季报，前三季度公司实现原保险保费收入4283.3亿元，同比+4.6%；实现净利润267.5亿元，同比+38.0%；综合成本率为98.2%，同比抬升0.3PCT。该行表示，2024前三季度公司整体COR为98.2%，同比抬升0.3PCT。其中车险、非车险COR分别为96.8%/100.5%，同比分别-0.6PCT/+1.9PCT。车险COR延续向好，预计主要系车险执行“报行合一”推动费用率同比改善；非车险COR同比有所抬升，预计主要系大灾损失同比增加。展望后续，在车险“报行合一”推动费用率改善、公司加强风险管控推动赔付率维持稳定的背景下，公司全年有望达成年初制定的“车险COR在97%左右，非车险COR＜100%”的目标。该行续指，考虑到车险执行“报行合一”以及公司加强风险管控有望带动COR同比改善、权益市场回暖有望带动投资收益同比正增，该行预计公司2024-2026年归母净利润分别为339/357/398亿，对应增速分别为38%/6%/11%。鉴于公司稀缺的商业模式和较高的ROE，该行维持“买入”评级。
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