智通财经网·2026-03-12 05:53Core Viewpoint - Goldman Sachs maintains a "Buy" rating for China Merchants Bank (03968) due to its high dividend yield and better per-share dividend growth, slightly raising the target price for H-shares from HKD 53.41 to HKD 53.44 and for A-shares from CNY 54.68 to CNY 54.71 [1] Financial Performance - China Merchants Bank reported preliminary results for the previous year, with revenue and net profit at CNY 338 billion and CNY 150 billion, respectively, indicating net profit growth of 1% and 3% for the full year and Q4 of 2025, aligning with Goldman Sachs' forecasts for the four major banks [1] - The bank's revenue and net profit forecasts for 2026 are CNY 355 billion and CNY 163 billion, respectively, exceeding Bloomberg consensus by 3% and 5%, representing year-on-year growth of 7% and 8%, compared to average growth of 5% and 3% for the four major banks [1] Growth Expectations - Goldman Sachs anticipates that 2026 will be a pivotal year for China Merchants Bank, as it is expected to diverge from the profit growth trajectory of the other three major banks, primarily due to the expectation that the bank will not significantly increase provisions, thus accelerating profit growth amid strong revenue momentum [1]