高盛：微升招商银行AH股目标价，维持“买入”评级

Core Viewpoint - Goldman Sachs reports that China Merchants Bank has released preliminary performance for the previous year, with revenue and net profit of 338 billion yuan and 150 billion yuan respectively, indicating projected revenue and net profit of 86 billion yuan and 36 billion yuan for Q4 2025 [1] Group 1 - China Merchants Bank's revenue and net profit for 2026 are forecasted to be 355 billion yuan and 163 billion yuan, exceeding Bloomberg market consensus by 3% and 5% respectively, which corresponds to year-on-year growth of 7% and 8% [1] - The average growth for the four major banks is projected at 5% and 3%, indicating that China Merchants Bank is expected to outperform its peers [1] - Goldman Sachs anticipates that 2026 will be a pivotal year for China Merchants Bank's net profit growth trajectory compared to the four major banks, primarily due to the expectation that the bank is unlikely to significantly increase provisions, thus accelerating profit growth amid strong revenue momentum [1] Group 2 - Goldman Sachs maintains a "Buy" rating for China Merchants Bank, slightly raising the target price for H-shares from 53.41 HKD to 53.44 HKD, and for A-shares from 54.68 CNY to 54.71 CNY [1]