Zhi Tong Cai Jing·2026-01-15 08:41Group 1 - The core viewpoint of the report is that Citic Bank (601998)(00998) is expected to see a positive revenue growth rate by 2026, with stable profit growth throughout the year, leading to a reaffirmation of the "Overweight" rating for its H-shares [1] - Citic Bank's H-shares are currently trading at a forecasted 0.45 times price-to-book ratio for 2026, corresponding to a 9.1% return on equity (ROE) and a 5.9% dividend yield, indicating that the valuation remains relatively attractive [1] - The report anticipates a 3% year-on-year increase in net profit for Citic Bank in 2025, which aligns with Morgan Stanley's expectations but is 2% higher than market forecasts [1] Group 2 - In the fourth quarter, Citic Bank's net profit is projected to grow by 3%, while operating profit is expected to exceed expectations with a year-on-year increase of 9%, surpassing both Morgan Stanley's and market estimates for the quarter by 5% and 2% respectively [1] - The target price for Citic Bank's H-shares is set at HKD 8.85 [1]