大行评级丨中银国际：上调招商银行H股目标价至56.85港元 维持“买入”评级

Core Viewpoint - China International Capital Corporation (CICC) reports that China Merchants Bank's net profit attributable to shareholders in the third quarter grew by 1% year-on-year, a slowdown from the 2.7% growth in the second quarter [1] Group 1: Financial Performance - The asset quality of China Merchants Bank remains excellent, with net interest margin stabilizing [1] - The bank's return on average equity (ROAE) is projected to reach 13.2% by 2025, the highest among peers [1] Group 2: Stock Valuation - CICC raised the target price for China Merchants Bank's H-shares from HKD 54.42 to HKD 56.85, equivalent to a forecasted price-to-book ratio of 1.15 times for this year [1] - The investment rating is maintained at "Buy" [1]