中国太保：Steam ahead with doubled 2Q net profit and strong NBV uptrend; revise up TP

Investment Rating - The report maintains a "BUY" rating for CPIC, with a revised target price of HK$28.3, up from HK$24.8, indicating a potential upside of 37.7% from the current price of HK$20.55 [3][5]. Core Insights - CPIC reported a robust 1H24 performance, with a net profit growth of 37.1$28.3, implying a price-to-embedded value (P/EV) of 0.48x and a price-to-book value (P/BV) of 0.89x for FY24E [5][7]. - The stock is currently trading at a P/EV of 0.31x and a P/BV of 0.64x, suggesting a favorable valuation compared to peers [5][7]. Growth Projections - The report anticipates sustained mid-to-high teen growth in FY24E NBV, driven by margin expansion and a shift towards participating policies [2][5]. - The number of core agents stabilized at 60,000 in 1H24, contributing to a 21.5% YoY increase in agency NBV [2][10]. - Management expects traditional and participating products to balance in the product mix, with first-year premiums projected to maintain growth despite recent declines [2][11].