智通财经网·2025-12-23 02:14Core Viewpoint - GF Securities expects CICC's (03908) net profit attributable to shareholders to reach 8.13 billion CNY in 2025 and 9.47 billion CNY in 2026, with a reasonable value of 28.43 HKD per share based on a 1x PB valuation for 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 process of four listed securities firms from 2023 to date shows that the pricing plan supports valuation relative to industry upturns, gradually returning to fundamental pricing [1] - The merger of CICC marks the beginning of the "Hui Jin" securities firms integration, pending approval from exchanges, the CSRC, and board/shareholder meetings [1] Group 2 - In the medium to long term, the merger enhances CICC's capabilities, with a larger customer base and complementary regional networks [2] - The merger significantly strengthens capital strength, improving net asset ranking to fourth in the industry and providing more leverage space [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]