招商证券(香港)：中国太保（02601）港股公司研究报告-MaintainBUYratingonvaluation

中国太保(02601) 1Q22resultreview CPICpostednegativeprofitgrowthyoyin1Q22.Thedecreaseintheprofitabilityismainlybecauseofahighbasein1Q21andthegloomycapitalmarketin1Q22thataffectedinvestmentreturns.CPIC’sagentforcecontinuedtoscaledownin1Q22and2Q22.WeestimatethatitsNBVmightslumpby~40-50%yoyin1Q22.TherecentCOVID-19resurgenceisexpectedtohaveanegativeimpactonCPIC’sperformance,butitsNBVgrowthislikelytostabilizein2H22givenalowbasefrom2H21. Businessperformanceupdate WeheldadiscussionontheCompany’srecentbusine