PICC Property & Casualty Co (2328) AI Stock Analysis

• Market Cap: HK$387.69B
• Dividend Yield: 3.6%
• Average Volume (3M): 21.53M
• Price to Earnings (P/E): 9.4
• Beta (1Y): 0.60
• Revenue Growth: 6.42%
• EPS Growth: 66.35%
• Country: HK
• Employees: 162,787
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Property & Casualty
• EPS (TTM): N/A
• Shares Outstanding: 6,899,294,000
• 10 Day Avg. Volume: 23,889,799
• 30 Day Avg. Volume: 21,525,247
• PEG Ratio: 0.26
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 0.53
• P/FCF Ratio: 7.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$21.25
• Price Target Upside: 21.92% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: HK$21.50 ▲(23.35% Upside)

PICC Property & Casualty Co's overall stock score is driven by its strong financial performance, characterized by robust revenue growth, solid balance sheet, and impressive cash flow generation. Technical analysis supports a positive outlook with strong market momentum, although caution is advised due to potential overbought conditions. The valuation is reasonable, with a fair P/E ratio and attractive dividend yield, making it a compelling investment option in the insurance sector.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion and stability.

Cash Flow Generation

Robust cash flow generation enhances financial flexibility, enabling the company to fund growth initiatives and manage operations efficiently.

Balance Sheet Health

A strong balance sheet with low leverage ensures financial resilience and the ability to withstand economic fluctuations, supporting long-term viability.

Negative Factors

EBIT Margin Pressure

Low EBIT margins can constrain profitability, limiting the company's ability to reinvest in growth and potentially affecting long-term financial performance.

Profitability Concerns

Concerns over profitability due to low EBIT margins may hinder the company's competitive positioning and ability to generate sustainable returns.

Margin Sustainability

While net margins improved, sustaining this level amidst competitive pressures and cost challenges remains a risk to long-term profitability.

PICC Property & Casualty Co Business Overview & Revenue Model

Company Description

PICC Property & Casualty Co (2328) is one of the leading property and casualty insurance companies in China, offering a comprehensive range of insurance products across various sectors. The company primarily operates in the non-life insurance sector, providing services such as automobile insurance, commercial property insurance, liability insurance, and personal accident insurance. With a strong market presence and a vast distribution network, PICC aims to meet the diverse insurance needs of individuals and businesses throughout China.

How the Company Makes Money

PICC Property & Casualty Co generates revenue primarily through the underwriting of insurance premiums collected from customers. The company's key revenue streams include premiums from automobile insurance, which is a significant portion of its business, as well as commercial and personal property insurance. Additionally, the company earns income from investment activities, where it invests the premiums received in various financial instruments to yield returns. Partnerships with banks and other financial institutions also enhance its distribution capabilities, allowing it to reach a broader customer base. Furthermore, strategic initiatives to expand its product offerings and enhance customer service contribute to its overall revenue growth.

PICC Property & Casualty Co Financial Statement Overview

Summary

PICC Property & Casualty Co presents a strong financial profile with consistent revenue growth and sound profitability, albeit with some pressure on EBIT margins. The balance sheet is robust, characterized by low leverage and substantial equity. Cash flow generation is impressive, providing the company with the flexibility to fund growth and manage operations effectively. While the EBIT margin is a concern, overall financial health remains solid.

Income Statement

PICC Property & Casualty Co demonstrates robust revenue growth with a 9.37% increase in 2024. The gross profit margin remains high at 100% due to the nature of the insurance industry. However, the EBIT margin is notably low, impacting overall profitability. Despite this, the net profit margin improved to 6.68% in 2024, reflecting efficient cost management.

Balance Sheet

The company's financial stability is solid, with a debt-to-equity ratio of 0.08 indicating low leverage and prudent financial management. The equity ratio stands at a healthy 33.14%, ensuring a strong capital base. Return on equity is at 12.47%, showcasing effective utilization of equity. Overall, the balance sheet reflects strong financial health with manageable debt levels.

Cash Flow

The cash flow statement indicates strong operational cash generation, with a significant increase in free cash flow by 86.89% in 2024, enhancing financial flexibility. The operating cash flow to net income ratio of 1.13 and free cash flow to net income ratio of 1.03 suggest efficient cash conversion. These metrics underline the company's capacity to support operations and investment.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	531.40B	481.44B	440.22B	408.20B	417.89B	411.07B
Gross Profit	531.40B	481.44B	537.38B	500.22B	417.89B	411.07B
EBITDA	-441.84B	43.01B	32.94B	38.74B	30.91B	28.58B
Net Income	38.14B	32.17B	24.59B	29.16B	22.36B	20.87B
Balance Sheet
Total Assets	804.61B	778.24B	703.62B	670.35B	682.62B	646.80B
Cash, Cash Equivalents and Short-Term Investments	280.31B	8.56B	192.42B	10.85B	13.31B	14.17B
Total Debt	13.38B	21.73B	9.68B	10.06B	9.84B	24.96B
Total Liabilities	523.54B	517.62B	469.32B	453.09B	476.97B	456.77B
Stockholders Equity	278.32B	257.92B	231.42B	218.71B	202.89B	187.51B
Cash Flow
Free Cash Flow	39.05B	33.28B	17.81B	37.15B	13.92B	3.03B
Operating Cash Flow	42.11B	36.46B	20.54B	42.71B	16.34B	12.81B
Investing Cash Flow	-22.70B	-27.55B	-11.13B	-32.19B	-8.16B	-29.39B
Financing Cash Flow	-23.97B	-6.05B	-14.22B	-7.00B	-16.84B	10.41B

PICC Property & Casualty Co Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 17.43
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2328, the sentiment is Neutral. The current price of 17.43 is below the 20-day moving average (MA) of 18.13, below the 50-day MA of 18.17, and above the 200-day MA of 15.82, indicating a neutral trend. The MACD of -0.33 indicates Positive momentum. The RSI at 42.79 is Neutral, neither overbought nor oversold. The STOCH value of 38.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:2328.

PICC Property & Casualty Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1336	83 Outperform	HK$202.54B	4.72	34.37%	5.92%	49.90%	203.77%
1339	78 Outperform	HK$403.15B	6.33	17.34%	3.00%	9.40%	79.93%
2328	76 Outperform	HK$387.69B	9.43	14.60%	3.60%	6.42%	66.35%
2601	76 Outperform	$342.36B	5.22	18.41%	3.53%	15.08%	23.13%
0966	71 Outperform	$65.16B	7.97	10.74%	1.87%	23.64%	36.32%
1508	71 Outperform	€67.12B	5.62	11.12%	3.38%	2.54%	17.80%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

PICC Property & Casualty Co Corporate Events

PICC Property & Casualty Co’s President Under Investigation, Operations Unaffected

PICC Property & Casualty Co announced that its executive director, Vice Chairperson, and President, Yu Ze, is under disciplinary review and investigation by the Central Commission for Discipline and State Supervisory Committee for suspected serious breaches of discipline and law. Despite this, the company assures that its operations and board functions continue to proceed normally, indicating stability in its governance and operational activities.

PICC Property & Casualty Co Reports Unusual Trading Activity

PICC Property & Casualty Co observed unusual price and trading volume movements of its H shares on December 1, 2025, and is currently verifying market speculations about a senior management member. The company is not aware of any reasons for these movements or any information that requires disclosure to prevent a false market in its shares, advising shareholders and potential investors to exercise caution.

PICC Property & Casualty Co Amends Articles of Association, Dissolves Supervisory Committee

PICC Property & Casualty Co announced that amendments to its Articles of Association have been approved and are now effective, leading to the dissolution of its Supervisory Committee. The company expressed gratitude to the outgoing supervisors and confirmed no disagreements or issues related to their retirement, indicating a smooth transition in its governance structure.

PICC P&C Focuses on Non-Auto Insurance Growth at 2025 Investor Day

PICC Property & Casualty Company Limited, in collaboration with its controlling shareholder, hosted the 2025 Investor Day on November 7, 2025, under the theme ‘Practice and Outlook for the High-Quality Development of Non-Auto Insurance.’ This event underscores the company’s strategic focus on expanding its non-auto insurance segment, potentially strengthening its market position and offering new opportunities for stakeholders.

PICC Property & Casualty Co. Updates Interim Dividend Details

PICC Property & Casualty Co. announced an interim dividend of RMB 0.24 per share for the six months ending June 30, 2025, with payment in Hong Kong dollars at an exchange rate of RMB 1 to HKD 1.096032. This update reflects changes in the default currency and exchange rate, impacting shareholders’ returns and tax obligations, especially for those involved in cross-border investments through China-Hong Kong Stock Connect.

PICC Property & Casualty Co. Approves Interim Dividends at EGM

PICC Property & Casualty Co., Ltd. announced the approval of all resolutions at their Extraordinary General Meeting (EGM), including the distribution of interim dividends. The interim dividends, set at RMB0.24 per share, will be paid on December 12, 2025, to shareholders registered by November 11, 2025. This decision reflects the company’s commitment to shareholder returns and may impact its financial positioning and investor relations positively.

PICC Property & Casualty Co Reports Strong Financial Growth in 2025

PICC Property & Casualty Co announced its unaudited financial results for the first nine months of 2025, reporting an insurance revenue of RMB 385,921 million, a 5.9% increase year-on-year, and a net profit of RMB 40,268 million, marking a 50.5% rise. The company has made strides in high-quality development by optimizing its operational management, enhancing risk prevention, and advancing digital transformation, which has resulted in a significant increase in underwriting profit and investment income, reflecting positively on its market positioning and stakeholder interests.

PICC Property & Casualty Co. Ltd. Schedules Board Meeting for Q3 Results

PICC Property & Casualty Co. Ltd. has announced a board meeting scheduled for October 30, 2025, to review and approve the unaudited third-quarter results for the period ending September 30, 2025. This meeting is crucial for stakeholders as it will provide insights into the company’s financial performance and strategic direction for the remainder of the fiscal year.

PICC Property & Casualty Co. Projects Significant Profit Growth for 2025

PICC Property & Casualty Co., Ltd. announced an estimated net profit increase of 40% to 60% for the first three quarters of 2025 compared to the same period in 2024. This significant growth is attributed to China’s stable economic momentum, the company’s strategic focus on modernization, and optimization of its investment portfolio, which benefited from the capital market upturn, resulting in increased underwriting profit and total investment income.

PICC Property & Casualty Announces Interim Dividend for 2025

PICC Property & Casualty Company Limited has announced an interim dividend of RMB 0.24 per share for the six months ending June 30, 2025. This update includes details on the approval date, book closure period, and payment date, along with information on withholding tax implications for various shareholder categories. The announcement reflects the company’s ongoing commitment to returning value to its shareholders and highlights the tax considerations for both domestic and international investors.

PICC Property & Casualty Co Announces Extraordinary General Meeting for Key Resolutions

PICC Property & Casualty Co has announced an extraordinary general meeting scheduled for October 30, 2025, to discuss and approve the 2025 interim profit distribution plan and the scrapping of information technology equipment for 2024-2025. This meeting is significant as it addresses key operational decisions that could impact the company’s financial strategy and technological infrastructure, potentially influencing stakeholder interests and the company’s market positioning.