中国太平：NBV同比+108%，归母净利同比+15.4%表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [7]. Core Insights - The company reported a net profit attributable to shareholders of HKD 6.03 billion for the first half of 2024, representing a year-on-year growth of 15.4%. The new business value reached HKD 6.69 billion, up 108.3% year-on-year [2]. - The significant profit growth is driven by a remarkable increase in net investment performance, which surged by 360.7% to HKD 7.503 billion. Various segments, including life insurance, domestic property insurance, overseas property insurance, reinsurance, and asset management, also showed positive profit growth [2]. - The company's embedded value (EV) increased by 8.0% compared to the end of the previous year, reflecting strong operational performance [2]. Summary by Sections Performance Review - The company's net profit for the first half of 2024 was HKD 6.03 billion, a 15.4% increase year-on-year, driven by a 360.7% rise in net investment performance to HKD 7.503 billion [2]. - The life insurance segment saw a 4.9% increase in net profit, while domestic and overseas property insurance profits grew by 100.3% and 74.5%, respectively [2]. Life Insurance Analysis - The new business value (NBV) in RMB terms grew by 108%, with a significant margin improvement driven by product adjustments and reduced costs [2]. - The NBV in HKD terms increased by 85.5%, primarily due to a margin increase of 12.4 percentage points to 24.6%, despite a new policy premium decline of 8.8% [2]. - The individual insurance channel's NBV rose by 59.8%, while the bank insurance channel's NBV surged by 304%, although new policy premiums dropped by 30% due to regulatory changes and high base effects from the previous year [2]. Investment Performance - The annualized net investment yield was 3.47%, a decrease of 0.16 percentage points year-on-year, while the total investment yield increased by 1.38 percentage points to 5.27% [2]. - The company has a limited exposure to real estate debt financial products, amounting to HKD 18.4 billion, which is only 1.1% of total assets [2]. Profit Forecast and Valuation - The report anticipates a slowdown in NBV growth to around 30% for the full year, with profit growth expected to exceed 30% due to a low base in the second half of the year [2]. - The projected EVPS for 2024, 2025, and 2026 is HKD 61.8, HKD 65.8, and HKD 70.3, respectively, with the current stock price reflecting a PEV valuation of 0.14, 0.13, and 0.12 times for the respective years [2].