广发证券：维持中金公司“买入”评级 目标价28.43港元

Core Viewpoint - The report from GF Securities projects that China International Capital Corporation (CICC) will achieve a net profit attributable to shareholders of 8.13 billion CNY and 9.47 billion CNY for the years 2025 and 2026 respectively, with a target price of 28.43 HKD per share based on a 1x PB valuation for H-shares in 2026, maintaining a "Buy" rating for H-shares [1] Group 1 - In the short term, the integration plan supports stock price expectations, with the merger process releasing positive catalysts [1] - The review of the merger processes of four listed securities firms from 2023 to date indicates that the pricing scheme supports valuation relative to industry trends, with the merger of CICC marking the beginning of the integration of "Hui Jin" securities firms [1] Group 2 - In the medium to long term, the merger enhances CICC's capabilities to build a first-class investment bank through a strengthened client base and complementary regional networks [2] - The merger significantly boosts capital strength, improving net asset rankings to fourth in the industry and providing more flexibility in funding [2] - CICC's investment banking services extend the full-cycle value chain for corporate clients, enhancing competitiveness in managing non-performing assets and alternative investments [2]